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livemint.com / 3 months ago
livemint.com / 3 months ago
NSDL glitch stalls settlements for second day, leaving investors without shares or funds
Subscribe to enjoy similar stories. MUMBAI: Settlement disruptions hit investors for a second consecutive day on Thursday as operations at National Securities Depository Ltd (NSDL) remained suspended because of a technical glitch. As a result, investors who bought shares on Tuesday did not receive them on Wednesday in their demat accounts, while those who sold did not see sale proceeds credited.
Short-term traders, who depend on timely settlement to square off positions, have been hit hardest by the disruption. NSE Clearing Ltd, the clearing corporation of the National Stock Exchange (NSE), issued instructions to brokers to move shares and funds from their pooled accounts with depositories to client accounts. However, many of these instructions were not matching, according to two brokers familiar with the matter.
“There are cases where shares have not been paid out to customers because the pay-in of funds has not happened," said one of the brokers. A broker’s pooled account is used to transfer shares or funds to the client account upon instructions of the clearing corporation. If the pay-in of securities or funds from one or the other party does not take place, the clearing corporation steps in to complete the settlement .
“NSDL on Thursday said the beginning-of-day procedure should start at 4 pm, then by 6.30 pm, the pay-out of securities will start, and then the funds should come in at night," the broker quoted above said. The depository remained offline until the time of writing. Emails sent to NSDL seeking comment went unanswered.
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21.05 / 10:17
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UPS
IPO
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21.05 / 10:17
markets
Digital
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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