Sebi chief has assured no repeat of NSE glitch in future: FM Nirmala Sitharaman


Mumbai: Finance Minister Nirmala Sitharaman stated on Friday that Sebi chairman Ajay Tyagi has assured that the technical glitch at NSE on February 24, that resulted in trading shutting down for over 4 hours, won’t be repeated.

“The Sebi chief has assured me that he’s ensuring that such a factor by no means will get repeated. Classes can be learnt, course corrections will occur even after the report is submitted to us,” the finance minister stated at a CNBC TV18 occasion on Friday.

Sitharaman stated there was a dialogue to grasp what transpired and an elaborate report can be submitted by Sebi after the technical advisory committee goes by the main points.

“I’m satisfied that the Sebi chief Ajay Tyagi has taken severe cognisance of it. He has gone by each element and not less than preliminarily positioned his finger on the issue. A few of which might have been sorted out if that they had higher planning. Main points may come earlier than us after the report comes,” the finance minister stated.

On Monday, the finance minister had stated interoperability —a mechanism that permits any clearing company to settle trades, regardless of the trade executing them– between NSE and BSE was a problem on February 24.

“…glitch has prompted us immensely and classes are being learnt,” stated Sitharaman.

In a press launch on February 25, Sebi stated, “It’s pertinent to notice that regardless of the buying and selling halt, the framework of interoperability put in place by Sebi facilitated market contributors to proceed their transactions at different inventory exchanges, thereby permitting them to seamlessly commerce / sq. off their present positions. The identical is obvious from the truth that the buying and selling turnover at BSE in fairness phase jumped to Rs 40,600 crore on February 24, 2021 as in comparison with a median every day buying and selling turnover of roughly Rs 5,200 crore throughout the earlier 30 days.”

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