Within the backdrop of a technical glitch at MCX that delayed the onset of the morning session on the commodity bourse by four-odd hours on Tuesday, February 13, right here’s a lowdown on what capital market regulator Sebi’s guidelines maintain for the exchanges: Additionally learn: MCX technical glitch: Buying and selling commences on MCX at 1 pm after four-hour delay
–Any technical snag must be notified to the market watchdog inside two hours of prevalence. The regulatory must be supplied with a preliminary report inside a day’s time after the glitch.
–The knowledge must be furnished by the impacted trade on SEBI’s e-mail handle, firstname.lastname@example.org.
–The trade is remitted to ship a route trigger evaluation (RCA) report back to the regulator; Sebi forwards this report back to its technical advisory committee (TAC)
–A delay within the launch of the RCA report attracts a penalty of Rs 1 lakh per day for the trade
–Corrective measures are instructed in case the problem or disruption shouldn’t be resolved as per the rules
–Failure to implement corrective measures results in different disincentives, together with penalties for the trade, its MD and CEO, and its CTO
What brought on the technical glitch at MCX on February 13?
Commodity trade MCX mentioned the delayed begin to the session was on account of the gradual processing and technology of backend recordsdata for members, after buying and selling on the bourse commenced at 1 pm, as a substitute of the conventional 9 am.
Between 9 am and 1 pm, MCX notified individuals in regards to the delay on its web site, mcxindia.com: “Members are requested to notice that the beginning of the market has been delayed and (the) revised market begin time can be 1:00 pm right this moment.”
In the meantime, microblogging web site X (previously Twitter) was abuzz with a number of tweets describing the scenario as individuals awaited the return of normalcy in operations on the trade.
Because of operational delays on the Multi Commodity Change (MCX), the commodity markets will open at 10 AM right this moment.
— Zerodha (@zerodhaonline) February 13, 2024
How dangerous was the MCX technical glitch?
The technical glitch took away half of the primary session of the 2 day by day periods on the commodity trade.
“The margin file has not been created but. This file, containing important particulars resembling shopper margins and positions, is normally obtainable at round 6-7 am day-after-day… All members are going through the problem,” Narinder Wadhwa, President of the Commodity Individuals Affiliation of India (CPAI), informed Zee Enterprise.
“These are day-end recordsdata which can be normally uploaded usually. Whereas right this moment’s glitch appears to be a serious one, MCX has mentioned that it has distributed the recordsdata to half of the members… Earlier, there have been 2-3 cases of delays because the software program transition,” Wadhwa defined.
MCX buying and selling hours
MCX conducts buying and selling in two periods: from 9 am to five pm (morning session) and from 5 pm to 11:30/11:55 pm (night session).
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