MUMBAI: Finance minister Nirmala Sitharaman on Monday said that last Wednesday’s tech glitch on the NSE that nobody anticipated would “cost us” and “lessons are being learnt”. On that day, the glitch forced India’s largest exchange to halt trading for about five hours and — after hectic consultations between the finance ministry, markets regulator Sebi and exchanges — the trading session was extended by one and half hours till 5pm.
“May be that was an issue of interoperability between the two exchanges, but that is the kind of thing where seamless digital payments is the goal we have to aspire for,” Sitharaman said.
Sebi has called for a meeting on Tuesday to discuss the issue of interoperability of exchanges. This will be with top officials of the exchanges as well as clearing corporations and depositories, sources said. Interoperability is a process to trade between multiple exchanges, which was launched in 2018.
The FM was speaking at the annual meeting of the Controller General of Accounts. “That (the NSE outage) is also an example that tells us what seamless payments modes or technology-driven platforms can face. Taking lessons from that, I would think a seamless digital payments (system) is something that you have to have a roadmap for,” she said.
Last Wednesday the system failed to kick in seamlessly when the NSE faced that major technical glitch. If the interoperability system between exchanges is robust, one could, for example, buy on the BSE and sell on the NSE without any extra cost or time delay. Last week, even the pan-India brokers’ body ANMI had petitioned Sebi to move to a system of trading where derivative contracts on the Nifty and the sensex too could be traded on all exchanges.