Retail stock market players were hit by another tech glitch at the National Stock Exchange (NSE) on Monday. This is the third such incident in less than six months.

Similar tech glitch had hit traders in September and November 2019. In fact, cases of such glitch were also reported in 2018 forcing SEBI’s technical advisory committee (TAC) to submit a fact-finding report.

Today, brokers said they started experiencing problems around noon while updating client RMS (risk management details). Suddenly, many dealers who had logged into the NSE system in the morning were logged out automatically and could not re-connect, several brokers told BusinessLine . They further said that trade order confirmations were delayed rendering them helpless.

‘Servers’ down

When brokers tried to check with the NSE, they were told that ‘servers’ were down and any replacement or uptime could take at least two hours for normal activities to resume.

“We lost all hope as our clients could not trade on Monday till markets closed. Tech glitches have been a recurring problem at the NSE and leads to huge losses. Nearly 70 per cent of retail category brokers use the NSE’s trading platform NOW and such glitches affect market depth,” a Mumbai broker said.

Some brokers charged that NSE officials’ focus had shifted from NOW to building NOW-2 platform. The NOW platform, operated by NSE subsidiary, NSE Data & Analytics Ltd (earlier known as Dotex), is an alternative front-end application through which brokers can connect to the exchange to place their orders.

An e-mail sent to the NSE remained unanswered. Sources close to the exchange said the problem was faced by brokers on Monday between 12.20 pm and 1.37 pm but those who had logged in early could take positions.

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