Sebi discusses mkt development, technical glitch issues with stock exchanges

Markets regulator Sebi today discussed various issues, including instances of technical glitches in trading platforms, with officials of stock exchanges.

However, it could not be confirmed whether Singapore Exchange (SGX) matter was discussed.

The meeting with Sebi Chairman Ajay Tyagi was attended by NSE Managing Director and Chief Executive Officer Vikram Limaye and BSE chief Ashishkumar Chauhan among others, senior exchange officials said.

The exchanges have apprised the Securities and Exchange Board of India (Sebi) about the various developments related to the capital markets, they said.

According to the officials, the issues of recent technical problem with MCX's trading system and "disruption" in NSE's web-based tool NOW, was discussed too.

In July last year, trading was halted for over three hours at the National Stock Exchange (NSE) due to technical glitch, leaving investors with no real time updates. Again on May 24, the exchange saw a "disruption" in its web-based tool NOW, which allows traders to use their own software and hardware for trading on the bourse.

Besides, Multi Commodity Exchange (MCX) had experienced a trading halt in September last year and again trading was stopped on May 25 on its platform due to a technical glitch.

Last month, the Bombay High Court had barred SGX from launching any India derivative contracts and had directed settlement of the matter through arbitration to which the Singapore bourse has agreed.

The matter pertains to a dispute between the NSE and the Singapore bourse over the latter's plan to launch Nifty-based products beginning this June.