Traders lost the opportunity of earning a profit on long positions or exiting their loss making short positions after trading platform ICICIdirect's online system broke down on September 23. The glitch has been blamed on SIFY: NSE's internet provider.
According to sources, the market regulator has sought a detailed report on the technical glitch from NSE.
Even Edelweiss Securities' subscribers faced a similar issue. The brokerage said in a notification that trades were being executed but the rates were not uploading.
As a result, traders lost nearly two hours of trading time between 9.15 am and 11.10 am.
For two hours in a hectic bullish trade, especially in the Futures & Options segment, traders lost the opportunity to execute their trades. The Nifty opened at 11,542, peaked at 11,666 and settled around 11,590 levels between 9.15 am to 11.15 am.
Investors holding short positions could not provide for margin online based on the price feed and hence suffered losses.At 10:13 am ICICIdirect tweeted:
Price feeds not coming from NSE due to technical issue at NSE’s end. Limit orders now going across all products. Please place limit price.
— ICICIdirect (@ICICI_Direct) September 23, 2019
It was only after 11.14 am that subscribers received a message from ICICIdirect stating that price feeds were not coming from NSE due to a technical issue. A subscriber shared this message with Moneycontrol.
At 11:26 AM, ICICIdirect tweeted:
NSE price feeds are now coming. Issue resolved at exchange end. You can place market orders now. All margin products enabled for trading.— ICICIdirect (@ICICI_Direct) September 23, 2019