Tech glitch: Interoperability between NSE, BSE was an issue, says FM

The Finance Minister Nirmala Sitharaman on Monday said glitch on National Stock Exchange (NSE) was not anticipated but cost much.

This is first formal reaction from the Government on this issue. On February 25, technical glitches halted trading at NSE for around four hours. Even on Monday, there were lot of speculations about technical glitches on both NSE and BSE. , However, both refuted these and assured the investors that systems are working well.

While addressing annual day event of Controller General of Accounts (CGA), she said: “Seamlessness of payments is more important. I will bring it here as an example to say even where complete foolproof systems are laid you find in NSE a couple of days ago when there was a glitch, a kind of technology driven glitch which nobody could have anticipated, but that glitch has caused us immensely and lessons are being learnt.

“May be that was an issue of interoperability between the two exchanges, but that is the kind of thing where seamless digital payment is the goal that we have to aspire for.”

Sitharaman further added that it was also an example that tells us about how seamless payment modes or technology driven platforms can face. So taking lessons from that, “I would think seamless digital payment is something you have to clearly have a roadmap for.”

Meanwhile, on Monday, there was lot of speculation about technical glitches on both the exchanges. This started with a tweet by HDFC Securities which at 10 AM tweeted that it has blocked trading in NSE cash due to a technical glitch. However, soon it restored the service. Similarly, both NSE and BSE came out with tweets that their systems are working fine.

COMMENT NOW