In News: Sebi seeks explanation from NSE for not migrating to disaster recovery site.
About NSE outage
- Stocks turned in dramatic gains of nearly 2% in a late surge on Wednesday, capping a turbulent day that saw trading on the National Stock Exchange (NSE), India’s largest, disrupted for nearly four hours because of a technical glitch.
- The outage, the longest such in the country, prompted NSE and its main rival BSE to extend trading hours until 5pm on Wednesday to allow investors to close their positions ahead of Thursday’s expiry of monthly derivatives contracts.
- Many investors couldn’t as brokerages squared off open positions to mitigate risks.
National Stock Exchange
- The National Stock Exchange was founded in 1992. It was recognized as a stock exchange by SEBI under the Securities Contracts (Regulation) Act, 1956 and the operation commenced in 1994. Vikram Limaye is the Managing Director & Chief Executive Officer of National Stock Exchange of India Ltd (NSE).
- It was the first exchange in India to provide fully computerized electronic trading. NSE is one of the pioneers in technology and innovation which ensured the high-end performance of its systems. The exchange supports more than 3,000 VSAT terminals, making the NSE the largest private wide-area network in the country.
- Its automated system makes it more reliable and efficient in comparison to the Bombay Stock Exchange(BSE).
Source: livemint.com
