Securities and Exchange Board of India Chairman Tuhin Kanta Pandey on Thursday said the regulator will analyse problem areas and issues related to the recent technical glitch at National Securities Depository Ltd (NSDL), which lasted several days and disrupted inter-depository settlements.
NSDL will submit a root cause analysis report, which will be examined by Sebi's technical advisory committee. The depository faced system issues in the first week of February, leading to settlement disruptions that were resolved after nearly four days."Sebi was completely monitoring all through and the second stage, of course, is that whenever such glitches occur, a detailed analysis is done after the root cause analysis," Pandey said.
"Whatever necessary action needs to be taken -- short term, medium term, long term -- is done, including whether vendors must be asked to do something more or whether something has to be redone because there are sometimes these legacy software systems where some glitches may come because of the growing nature of the market," Pandey added.
Pandey also complimented the market ecosystem -- including depositories, brokers, and exchanges -- for supporting clients and ensuring proper time stamping during the disruption.
"Complexities are also growing and need to be managed through a proactive approach, understanding when a certain glitch occurs but deal with this in a patient, calm manner with due cooperation because the system is interconnected," he added.
-- Khushboo Tiwari, Business Standard
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