NSE price quotes not updating after system glitch

MUMBAI (Reuters) – Trading was disrupted at India’s National Stock Exchange on Monday morning, after price quotations for individual stocks and indexes failed to update, but the exchange’s interim chief executive said it was working to resolve the “technical glitch”.

The technical problem on individual stocks affected traders from the start of Monday’s session, preventing them from placing trades, multiple dealers said.

The exchange’s stock indexes updated when trading opened but also stopped soon after. Futures and options began trading normally initially, but the NSE has stopped providing quotes, the dealers said.

The NSE’s interim CEO J. Ravichandran to CNBC-TV 18 was working to resolve the issue.

“At this point our focus is to re-start the market and then we will have to analyze the cause.”

NSE’s rival, BSE Ltd, said its exchange was operating normally. The benchmark BSE index rose as much as 0.77 percent to a record high, surpassing its previous milestone hit on June 22.

“It may be due to some technical glitch,” said a dealer at a domestic brokerage.

Indian exchanges have previously suffered from occasional trading disruptions though they have tended to be quickly resolved.

The NSE is pursuing a listing that bankers say could raise up to $ 1 billion though it has yet to win approval from market regulator Securities and Exchange Board of India, which is looking into a disclosure from the exchange that some brokers may have been provided unfair access to its servers.