Travel pass: Pros may outweigh cons
IATA’s mobile application will allow travellers to store and manage certifications for Covid-19 tests or ...
Members of the stock brokers association ANMI are blaming the National Stock Exchange (NSE) for the panic sell-off in the stock markets before 3:30 pm on Wednesday.
In a letter to SEBI, the Association of National Exchange Members of India said that its members feel that NSE’s silence or lack of communication up to 3:20 pm on restarting market-wide trading led to panic sell-off by online brokerages of their clients’ positions.
To make up the loss of four hours of trading between 11:40 am and 3:30 pm on Wednesday, the NSE extended trading hours till 5:00 pm. But guring the four-hour downtime, there was no communication from the exchange on restarting the market, brokers said.
Large online brokers such as Zerodha and Upstox auto square-of client positions for intra-day trades. This was initiated by online brokers at around 3.10 pm as there was no communication from the NSE that the bourse would remain open till 5:00 pm. Between 3:10 and 3:30 pm, many large counters. including Bajaj Finance, Maruti, Indian Oil, Tata Steel, Tata Consumer Products, Maruti, NTPC, Infosys and Lupin, witnessed a fall of 5-20 per cent as they crashed sharply due to the auto square-off.
And, when the NSE extended the trading session, almost all the shares that had declined recovered from their lows. But the majority of the brokerage clients could not trade as they were already facing mark-to-market margin calls. The tech-glitch and the lack of communication by the NSE cost many clients their positions, brokers told BusinessLine.
“Major online brokerages informed around 2:45pm that they will square-off intra-day trades by 3:10 pm. However, the exchange remained silent up to 3:20 pm and then announced the restarting of trading. The exchange could have stepped in at 3:10 pm and assured brokers of resumption of trading. That could have averted the panic sell-off by brokers on another exchange, the BSE, and prevented huge loss to investors. All this happened due to lack of clarification by NSE. A simple proactive communication could have averted the panic,” the ANMI letter told SEBI.
ANMI told SEBI that there is greater need for a deeper investigation as the glitch happened just a day ahead of the monthly derivative expiry where client and market positions were at their peak. ANMI letter also raises questions over the failure of the NSE to switch to disaster recovery (DR) site.
ANMI said its members have suggested that Nifty and Sensex should be allowed to be traded on all exchanges. “If there is uniformity of products across exchanges, the problem noticed today would have got automatically resolved due to interoperability features,” the letter said.
IATA’s mobile application will allow travellers to store and manage certifications for Covid-19 tests or ...
A 2010 Act to regulate the medical sector flounders in implementation, even as healthcare remains ...
The scheme to boost local medtech manufacturing is timely, especially given the raging pandemic. But ...
Do pilots sleep on their job?
Fiscal stimulus, friendly monetary policy and firm commodity prices point towards normalcy, says the MD and ...
Price correction is a good opportunity for long-term investors to take the plunge
Q4 earnings, along with progress in controlling Covid-19 spread, will be in focus
Do keep in mind that premium may go up in case one of the members has a pre-existing condition
In an age of falling female workforce participation, worsened by the Covid-19 pandemic, policy makers and ...
Of an injured baby goat, young men on motorcycles and political tensions
It’s the birthday of Muttiah Muralitharan — the man who took a staggering 800 test wickets. What better way to ...
An ode to writer and great-uncle Ved Mehta, and Ekarat, the friend who wrote and quit on his own terms
Monotype’s 2021 type trends report points to a return to hand and the familiar
As ‘ear-points’ between a company and a customer grow, we are witnessing a rise in audio assets
‘Desi Twitter challenger’ Koo on connecting like-minded folks
Coca-Cola has just introduced an oat milk line in the US under its Simply brand. Smart move, say industry ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor