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livemint.com / 3 months ago
livemint.com / 3 months ago
NSDL glitch stalls trade settlement for several investors
Subscribe to enjoy similar stories. Several investors who initiated trades on Tuesday were yet to get their shares or funds credited to their accounts by Wednesday night due to a settlement glitch between India’s top two depositories. The problem cropped up at National Securities Depository Ltd (NSDL), but impacted the entire settlement process on Wednesday, four brokers told Mint.
“...we hereby inform you that the Company experienced a technical glitch pertaining to network connectivity issue with other depository resulting in temporary disruption of certain depository services. The issue is currently being resolved as BCP options for network connectivity with other depository is implemented,“ NSDL said in a disclosure to the BSE. Its shares ended flat at ₹996.7 on the exchange on Wednesday.
Trade settlement on Indian stock exchanges happens on the day following the transaction (T+1). If the shares were purchased by investor A and sold by investor B on Monday, A's account must be credited with the shares and B's account with the funds on Tuesday before 3 pm. However, on Wednesday evening, settlements were delayed for clients who had custody or demat accounts with NSDL and rival Central Depository Services (India) Ltd., the brokers said.
Those who bought shares on Tuesday, hoping to sell them on Wednesday after receiving them in their accounts, were among the worst affected, said one of the brokers. The broker's pool account vests with either NSDL or CDSL, or both. The client's account can be with either of the two depositories.
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markets
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