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Indian Brokers Still Reeling From Trade Settlement Glitch
6 Feb
Summary
- Brokerages faced intermittent technical issues since Tuesday.
- Stocks bought by clients did not reflect in portfolios due to settlement problems.
- NSDL stated services were normal after a network-related issue.
Indian stock brokerages encountered ongoing difficulties with trade settlement on Friday. This occurred even after the National Securities Depository Ltd (NSDL), the nation's largest depository, announced that its services had resumed normal functioning. The issues began earlier in the week, causing intermittent technical problems for brokerages.
Clients' purchased stocks were not reflecting in their portfolios due to settlement failures. This situation has persisted, impacting some customers' ability to sell their stocks or exit positions. NSDL attributed the disruption to a network-related issue, stating that operations returned to normal after activating a disaster recovery site.
Despite NSDL's assurances, sources at multiple large brokerages indicated that challenges remained on Friday. The delays in receiving trading files from the depository created significant chaos and difficulties in reconciling trades for both brokerages and their clients. The full extent of the problem remains unclear.
