NSE seeks to settle 2021 glitch case
To fix the issue, NSE has filed a consent application with Sebi. The event on February 24 halted trading in both stocks and derivatives. NSE Clearing Ltd (NCL), NSE's subsidiary, has also submitted a similar permission application with Sebi.
Following the interruption, the NSE and NCL have already paid Rs 25 lakh each to the exchange's investor protection fund, according to the lawyer. According to persons familiar with the situation, NSE officials informed Sebi of the actions the exchange had taken to avoid such disruptions in the future.
The exchange performed a root-cause study and submitted it to Sebi's technical advisory committee. According to reports, the study determined that there was "no negligence or misgovernance" and that the error was caused only by "operational concerns." The NSE had said that on February 24, 2021, road construction work surrounding the Bandra-Kurla Complex (BKC) in Mumbai, where its headquarters is located, will impair data connection supplied by telecom service providers to the exchange.