Marred by tech glitch, NSE halts migration to new brokers’ platform

PALAK SHAH Mumbai | Updated on February 12, 2020

Stock brokers will be going back to NOW 1.0 from NOW 2.0 on Thursday

The National Stock Exchange (NSE) has put on hold plans to migrate stock brokers to NOW 2.0, the new version of its trading platform. The exchange has told brokers they will be back on NOW 1.0.

It is likely that the NSE has taken this decision due to recurring tech glitches in the new platform, a source close to the development told BusinessLine.

In an email communication to brokers, the NSE said: “In addition to the mail sent on Februry 5, 2020, we would be migrating you on February 13, 2020, from NOW 2.0 to NOW 1.0.”

NOW is operated by the exchange’s subsidiary, NSE Data & Analytics Ltd (earlier known as Dotex). It is an alternative front-end application through which brokers can connect to the exchange to place their orders. Nearly 80 per cent of retail investors in the country are trading via NOW.

The NSE did not respond to an email query on the latest issue.

Earlier glitches

BusinessLine had earlier reported that on February 4, stock market players were hit by the third tech glitch in less than six months. A similar glitch had hit traders in September and November 2019. In fact, such glitches were also reported in 2018, forcing SEBI’s Technical Advisory Committee (TAC) to submit a fact-finding report.

Brokers say that when a glitch occurs, they suddenly start experiencing problems with regard to updating client RMS (risk management solution) details. Many who had logged into the NSE system got logged out automatically and couldn’t login again. Trade order confirmations can’t be received for hours, rendering them helpless, they said.

Published on February 12, 2020

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