“The Sebi chief has assured me that he is making sure that such a thing never gets repeated. Lessons will be learnt, course corrections will happen even after the report is submitted to us,” the finance minister said at a CNBC TV18 event on Friday.
Sitharaman said there was a discussion to understand what transpired and an elaborate report will be submitted by Sebi after the technical advisory committee goes through the details.
“I’m convinced that the Sebi chief Ajay Tyagi has taken serious cognisance of it. He has gone through every detail and at least preliminarily placed his finger on the problem. Some of which could have been sorted out if they had better planning. Major issues might come before us after the report comes,” the finance minister said.
On Monday, the finance minister had said interoperability —a mechanism that allows any clearing corporation to settle trades, irrespective of the exchange executing them– between NSE and BSE was an issue on February 24.
“…glitch has caused us immensely and lessons are being learnt,” said Sitharaman.
In a press release on February 25, Sebi said, “It is pertinent to note that despite the trading halt, the framework of interoperability put in place by Sebi facilitated market participants to continue their transactions at other stock exchanges, thereby allowing them to seamlessly trade / square off their existing positions. The same is evident from the fact that the trading turnover at BSE in equity segment jumped to Rs 40,600 crore on February 24, 2021 as compared to an average daily trading turnover of approximately Rs 5,200 crore during the previous 30 days.”
