File Photo: On March 1, 2017, the logo of the Securities and Exchange Commission of India (SEBI) is drawn on the premises of the headquarters in Mumbai, India. REUTERS / Shailesh Andrade / File Photo
July 6, 2021
Mumbai (Reuters) – Indian stock exchanges unable to respond to technical turmoil and resume operations within 45 minutes will face severe penalties, market regulators said.
The announcement late Monday came after the National Stock Exchange (NSE) went offline for nearly four hours in February, forcing investors to sell their holdings without knowing when trading would resume. Called anger.
The Indian Stock Exchange (SEBI) announced in a statement that stock exchanges, clearing institutions, depositaries, and their senior management did not resolve the issue promptly or submitted a root cause analysis within 21 days. He said he would be fined if he did not.
If you do not declare a critical system outage as a “disaster” within 30 minutes, and if you fail to restore operations within 45 minutes, then Rs 20 million ($ 269,070), or an average of the two, There is a 10% penalty. According to SEBI, the higher of the net profits of the previous fiscal year.
According to regulators, the company’s managing director and chief technology officer will also be fined 10% of their annual income.
According to SEBI, penalties allow entities to “always monitor system performance and efficiency” to avoid confusion or take immediate action.
In February, during the NSE shutdown, some brokers lacked prompt information on when or when trading would resume, resulting in a daytime stock position on another exchange. Said it closed and caused significant losses to some investors.
The NSE stated that it acted according to standard practices.
($ 1 = 74.3300 Indian Rupee)
(Report by Abhirup Roy, edited by Aditya Kalra and Christopher Cushing)
Indian regulators fine stock exchange for failing to respond quickly to turmoil
Source link Indian regulators fine stock exchange for failing to respond quickly to turmoil
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