Microsoft outage: Mutual fund industry largely unaffected, Edelweiss MF facing login issues

Earlier on July 19, a lot of Windows users experienced “blue screen of death” as their systems crashed.

Indian mutual fund industry remained largely unaffected on July 19, barring some minor issues, from the global Microsoft outage, which is leaving users across the world unable to access its cloud computing platforms.

Major Indian asset management companies (AMCs), including, SBI MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Axis MF, Zerodha MF, Nippon India MF and Bandhan MF confirmed to Moneycontrol that they were not hit by the global Microsoft outage.

However, so far, only Edelweiss MF, has confirmed facing issues because of the tech glitch.

Live updates | Disruptions not due to security incident or cyberattack, says CrowdStrike

“We are experiencing login issues on our website due to a Microsoft outage. Our team is actively working to resolve this as quickly as possible,” the fund house posted on X.

According to industry insiders, redemptions and buying were largely smooth at the fund house, however, the processes may be slow as some investors were facing internet issues.

Additionally, mutual fund distributors that Moneycontrol spoke to also confirmed that processes were working smoothly in the Rs 61-lakh-crore Indian mutual fund industry.

Earlier today, a lot of Windows users experienced “blue screen of death” as their systems crashed. The issue, as per multiple reports, was due to the latest update of Crowdstrike.

Also read | Mumbai, Delhi, other airports face tech issues; IndiGo, Akasa, SpiceJet check-ins affected

The first glitches emerged in the US late on Thursday, blamed on a failure of Microsoft services including Azure and 365.

The LSE Group, which operates the London Stock Exchange, said it’s experiencing a global technical issue preventing news from being published.

In India, check-in systems at airports across India, including Mumbai, Delhi, Bengaluru airports were down causing commotion for passengers on July 19 morning. Airlines particularly IndiGo, Akasa and SpiceJet were affected due to glitch in check-in systems.

After a global outage hit Microsoft, affecting critical operations worldwide, Minister for Electronics and Information Technology (MeitY) Ashwini Vaishnaw said that the Indian government is in touch with Microsoft and updates are being released to resolve the issue.