Social Media

How social media reacted to the NSE technical glitch

Hemani Sheth Mumbai | Updated on February 24, 2021

While Twitter was flooded with memes on the glitch, many expressed their concern about possible trading losses

The National Stock Exchange (NSE) was hit by a major technical snag during the first half of the trading session on Wednesday.

“NSE has multiple telecom links with two service providers to ensure redundancy. We have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on NSE system,” NSE India said in a statement posted on its official account.

All the segments of the stock exchange were closed at 11:40 am and trading has been halted.

 

Investors took to social media to express their concerns and anger. Hashtags such as #nseIndia, ##NSETechnicalglitch, and #Trading began trending on Twitter.

While social media users found humour in the situation and Twitter was flooded with jokes and memes, many pulled up NSE for not being responsible, while expressing their concern about possible losses faced owing to the glitch.

“Trades were done in options, and clients could not book as NSE got stuck, if they find their positions in Loss, Who is responsible. This is a daily affair. Technical Glitches,” read a reply to NSE’s statement on the microblogging platform.

“@NSEIndia should provide an exit strategy for the traders who traded in FNO due to incorrect spot price ticks leading to incorrect premium calculations,” a user wrote.

“This will be remembered as a black day of Stock Market, India's largest Stock Exchange couldn't restore it's services even after two hours, whatever is the reason. Who will bear the Losses specially Option buyers. #NSETechnicalglitch @SEBI_India,” wrote another.

Many also called on the Securities and Exchange Board of India to intervene.

“Look at the major fall in last 5-7 minutes before #nseindia closed due to #nseglitch in #Nifty & #BankNifty I believe that large brokers, #DII s & #FII s knew of the shutdown of exchange & closed all their #Trading positions which caused the vertical fall Where are you #Sebi ?,” tweeted a user.

“How come an equipped Exchange which is supposed to be one of the largest trading platforms across the globe not been able to restore normalcy. Earlier also there are incidents alike but to action. Only investor/ traders will suffer @SEBI_India stringent action be taken n penalty sd be levied,” wrote another.

“@SEBI_India This reason doesn't explain why the index halted but stocks and derivatives continued to trade?” a user tweeted.

Many also called for greater transparency and improvement in the technical infrastructure of exchanges.

“Time to audit and have greater transparency on the tech infrastructure of stock exchanges. Trading is as mission critical as Air Travel. #NSETechnicalglitch #nseindia #nsedown,” another user tweeted.

Published on February 24, 2021

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