Yesterday at around 10:08 AM the National Stock Exchange feeds for Nifty, Bank Nifty and other indices stopped across all brokerage firms in India. The glitch occurred as indices & cash market price on NSE stopped updating at 10.08 AM leading to the closure of the F&O segment by 11.40 AM and the cash market by 11.43 AM.
NSE had notified through email that it planned to pre-open at 1:00 PM and hence it would cancel all pending orders before pre-open. You could place fresh orders after the exchange re-opens at 1:15 PM. However, shortly after 1:00 PM the Exchange notified it may not be able to go live at 1.15 PM as they were still working on a resolution.
With no further update from the Exchange, we informed you and started squaring off all open positions on NSE Intraday Equity positions on BSE. An action taken by many of our industry peers to protect the interest of the investor.
Later in the day, the Exchange sent out communication to all brokers and traders that the markets would re-open at 3.45 PM and stay open till 5:00 PM. By then, it was too late since we had already auto-squared off your positions to prevent any further losses, like many of our industry peers.
However, to avoid any inconvenience to you we manually started up our systems so that you could place your orders as per the extended market session.
Please refer to the detailed course of action taken during yesterday and why.
- 10.08 AM: NSE faced connectivity issues due to which rates on the NSE ticker stopped updating. Around 10.36 AM you would have received a notification from our end about the glitch on Nifty & Bank Nifty feeds and that we would update you once the feeds are live.
- 11:40 AM: The Exchange closed all NSE cash, F&O & CDS services across brokers and this information was communicated to you on an immediate basis.
- 12:34 PM: NSE communicated to brokers that the Market will pre-open at 1:00 PM and will be live 1:15 PM.
- 12:44 PM: The Exchange also notified that it will cancel all pending orders before pre-open at 1:00 PM and that fresh orders could be placed after the exchange re-opens at 1:15 PM, which we shared with you as well.
- 1:05 PM: But shortly later, we received a notification that the Exchange may not be able to go LIVE at 1.15 PM as they were still working on a resolution.
- 2:42 PM: Without any further communication from NSE, we were left with no other alternative but to attempt to square off all open NSE Intraday Equity positions on BSE at 2:45 PM today on a best effort basis around 2.42 PM.
- 2:59 PM: With NSE services still down, we informed that all Intraday F&O orders would be carried forward to the next trading session and requested you to manually square them off in the next NSE trading session.
- 3:18 PM: We in fact, waived off all auto square-off charges for the day.
- 3:28 PM: The Exchange communicated to brokers and traders that pre-open for NSE segments will be at 3:30 PM and markets will restart at 3:45 PM and that both BSE and NSE will close at 5:00 PM today. All fresh intraday positions were blocked.
- 3:51 PM: We communicated that you would be able to see a delivery entry for BSE for the opposite leg with a request to ignore the same and to not attempt to square off the same.
- 4:15 PM: Charts and delivery orders on NSE were back up but we ran a few internal checks to ensure everything ran smoothly on the extended market session. You would have been able to log-in and place only delivery trades until 5:00 PM.
- 4:33 PM: You would’ve received communication from our end that all open NSE, F&O and CDS positions were successfully squared-off at 4:30 PM. Once again, auto square-off charges have been waived off.
We have taken you through the entire course of the events as they panned-out in the markets yesterday. However, with no timely heads up on the extended trading session, we had to get into action to protect your interests. The market regulator/SEBI has sought a detailed analysis from the Exchange for today’s issue, and we will update you as soon as we receive clarity. We hope that we’ve been able to address any concern around your trade positions.
We are always at your service, for any additional queries.