Glitch at CDSL trips investors' exit plans

economictimes.indiatimes.com:

stock market zoomed to record highs on Monday, clients of various large brokerages were unable to cut their holdings earlier in the trading session on account of a system failure at India's largest depository, Central Depository Services (CDSL).

Officials at top broking firms said the TPIN (Transaction Personal Identification Number) authorisation issued by CDSL for selling shares was not functioning. TPIN authorises CDSL the debit of securities from their demat account in sale trades.

Several investors of Zerodha, Groww, Upstox and Angel One vented their anger on social media platforms about their inability to trade.

In a communication to clients, Zerodha said, «You may face an issue with TPIN authorisation when selling your stocks due to an issue with CDSL (our depository) across all brokers. We are in touch with CDSL to resolve the issue as soon as possible.» While Zerodha said the issue was resolved at 11.50am, brokerage Groww said it was resolved at 10.41 am.

Brokerage Groww said, «Our depository partner is facing issues in verifying sell orders with TPIN. As a result, some of our users are facing problems while placing sell orders. Their team is working to resolve this as soon as possible. We are in touch with them to get a resolution ASAP.»

Email queries sent to CDSL, Zerodha, Groww, Upstox and Angel One went unanswered.

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