Ashishkumar Chauhan, managing Director and CEO of the National Stock Exchange (NSE), said that the exchange regularly conducts mock trading to ensure there is no untoward incidents.
Chauhan said that mock trading is conducted from its disaster recovery site.
“We do mock trading every month from our disaster recovery site. It has to have exact servers… if I have 100 servers here, then I need to have 100 servers on the other side. We do mock trading on weekends every month from disaster recovery site,” he said at the Moneycontrol Fintech Conclave held on December 18.
However, NSE chief revealed that thrice a year, live trading is conducted on normal days from the disaster recovery site. These steps are taken to ensure that the regulators are satisfied, he added.
“In India, the regulators want to check ye barabar nahi kiya, vo barabar nahi kiya (you have not done this or that properly) … so it’s a regular thing. I have gotten used to changes. Any new person will find it very difficult to adapt.”
Talking about the formation of NSE, Chauhan said the exchange came into being following the Harshad Mehta scam. The scam exposed how brokers were running exchanges for their own benefit.
Chauhan also highlighted the need for professional management of exchanges.
"The scam was that brokers are running exchanges for their benefits, and we need to have exchanges which are run by professionals," he said.
Moreover, he said fintech entrepreneurs must be grounded and not believe in bluff. "But you still need to remain grounded, keep working, and continue to pivot as needed," he said.
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