NSE technical glitch cost us immensely, taught lessons: FM Sitharaman
On February 24, trading had to be suspended for hours after a technical glitch affected links from telecom service providers; this was the first statement from government on the matter
- Mar 1, 2021,
- Updated Mar 1, 2021 6:56 PM IST
Finance Minister Nirmala Sitharaman said that the recent technical glitch at the NSE "was not anticipated" and "cost us immensely". Addressing the inaugural session of 45th Civil Accounts Day celebrations on Monday, she added that there are lessons to be learnt from the mishap.
On February 24, trading had to be suspended for hours after a technical glitch affected links from telecom service providers. The glitch affected online risk management system, due to which market fuctioning had to be halted. The technical glitch happened on Wednesday, a day before monthly deriatives' expiry.
Shortly after the outage, Finance Ministry had said it was looking into the incident and sought details of the technical glitch from NSE. The comment from FM Sitharaman today was the first statement from central government on the nature of the incident.
Speaking on the 45th Civil Accounts Day, the Finance Minister noted that Controller General of Accounts (CGA), who is the bookkeeper of government accounts, has adopted great systemic reforms.
Finance Minister Nirmala Sitharaman said that the recent technical glitch at the NSE "was not anticipated" and "cost us immensely". Addressing the inaugural session of 45th Civil Accounts Day celebrations on Monday, she added that there are lessons to be learnt from the mishap.
On February 24, trading had to be suspended for hours after a technical glitch affected links from telecom service providers. The glitch affected online risk management system, due to which market fuctioning had to be halted. The technical glitch happened on Wednesday, a day before monthly deriatives' expiry.
Shortly after the outage, Finance Ministry had said it was looking into the incident and sought details of the technical glitch from NSE. The comment from FM Sitharaman today was the first statement from central government on the nature of the incident.
Speaking on the 45th Civil Accounts Day, the Finance Minister noted that Controller General of Accounts (CGA), who is the bookkeeper of government accounts, has adopted great systemic reforms.