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NSE continues to get favoured treatment

In 1992, when the NSE was conceived, the idea was to offer strong competition to the unruly BSE. The situation has long reversed

Topics
National Stock Exchange of India NSE | NSE glitch | BSE Sensex

Debashis Basu 



Debashis Basu

On February 24, stock trading at the National Stock Exchange (NSE) platform started wobbling. At 10.06 am the live ticks for the NSE indices stopped. But the NSE kept the market open. Then at 11.40 am, the NSE shut the derivatives market and, after three minutes, the equities market. There was no prior notice. Then, NSE Clearing Ltd (NCL), a wholly-owned subsidiary of the NSE, responsible for clearing and settling all trades executed on the NSE, and its risk management function, shut. The market remained shut for the next four hours. There was no communication from the NSE. Brokers and investors assumed that the market would not reopen. At around 2.30 pm, Zerodha, India’s largest broker, messaged its customers that it would exit the intraday equity NSE positions on the BSE. Since there were no further updates from the NSE, around 3.10 pm, Zerodha and other big brokers squared off certain types of positions to reduce risk for customers.

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First Published: Mon, March 01 2021. 00:13 IST

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