With NSE shut down, brokers face traders’ ire

Our Bureau Chennai | Updated on February 24, 2021

‘The NSE has not even communicated to us properly about the nature of the problem and when trading will resume’

Brokers feel that the breakdown on the NSE is unfortunate and most of their clients are very upset. “With monthly contracts on F&O expiring tomorrow, most of the clients either close down or roll-over their positions in the last two days. With today’s trading being almost wiped out, traders, whose positions are making losses, are the most upset and vent their anger at us,” said a Mumbai-based broker.

“What upsets us is that the NSE has not even communicated to us properly about the nature of the problem and when trading will resume,” another leading broker from the South said. “We are forced to face clients’ ire directly and are unable to convince some of them,” he added.

Also read: NSE hit by massive tech glitch, markets shut till further notice

“We are facing this problem with NSE, and especially NSDL, very often. At least in the cash segment we were able to move some trades to the BSE. However, F&O deals are stuck, as NSE is the dominant player. For a client who went long on Nifty futures, there should be enough counterparty on the BSE to square off the position. Unfortunately, on the BSE, there are not enough traders,” he added.

“So, despite interoperability in place, we are unable to square off our clients’ positions on the BSE,” he lamented.

“It’s unfortunate, but luckily to a certain extent, there is no volatility today,” said another top broker from Mumbai.

Meanwhile, some took to Twitter to vent their anger.

“Intraday traders on #nseindia are facing a hell lot of difficulties due to sudden non-functioning of National Stock exchange. Many of the traders including me have open positions on the NSE,” said one twitterratti.

#nseindia #Sebi It is time for traders to come together and raise voice against manipulative practices at NSE who is continuously favouring influential option writers. Set #penalise_nse trending and make an uproar, said another.

Markets open till 5 PM today

BSE equity and equity derivatives markets willalso remain open till 5 Pm today as decided jointly between exchanges today. All other markets timings will remain as normal.’

Published on February 24, 2021

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