Association of National Exchanges Members of India (ANMI) has written a letter to market regulator Securities and Exchange Board of India (SEBI) regarding the trading halt on the NSE, on Wednesday. Trading was stopped for several hours on the largest stock exchange in India after technical glitches emerged. Zee Business’ Brajesh Mishra has a detailed report on this. 

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In chat with Zee Business Managing Editor Anil Singhvi, Mishra said that the association wrote a “strongly worded” letter to SEBI. He said that the tone of the letter was quite strong – something which has never happened. 

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One of the demands made by ANMI is for a serious investigation on why this fault happened. The letter went on to raise doubts about the glitches happening repeatedly at the time of the expiry, Mishra said. 

Quoting the letter, he said that the association also sought investigation on shutting down the entire exchange when the issue was with only two indices.  

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It has also sought investigation on why the trading was not shifted to the disaster recovery site. 

Mishra said that the biggest allegation is related to the failure of NSE in its communication. He said that it was written that a better communication could have reduced problems of small brokers and investors. It was also unhappy over adequate time not given before resuming trading. 

This resulted in a big sell-off, Mishra said quoting the letter.  

It has also spelled out some suggestions in the letter. One such suggestion is to conduct trading on BSE in the event of system failure.  

He said that this is the first time that such a strong language has been used by ANMI.