BSE suspends morning trade with yet another technical glitch
03 Jul 2014
Trading on the Bombay Stock Exchange was suspended for most of the morning session across all of its markets, including shares, currencies and indices, due to what it said was a network outage.
"Network service vendor HCL team is working to resolve the market. Once the network issue is resolved, the markets will restart," a BSE spokesperson said earlier. All trades that took place prior to outage will be honoured, but orders which are in the system will get cancelled, he added.
"So as far as the BSE server and the matching system and the trading engine is concerned that is working perfectly fine, its connectivity that we are not able establish with the exchange," a BSE board member said.
The shut-down of BSE markets is bad news for traders, who mostly undertake intraday trades. Such traders were prevented from squaring off on time.
This is not the first such outage on the country's oldest stock exchange. But this time it happened in a bull market, with the apparently pro-business Narendra Modi government took charge.
The larger issue is how unreliable internet connectivity is hurting trade and business across the country; and also blocking financial inclusion for those who live in rural areas, due to spectrum issues.
