NSDL-CSDL glitch: Sebi to review system upgrades, vendor-level interventions
Business
A tech glitch hit the National Securities Depository (NSDL) on February 3, blocking share transfers between NSDL and its rival CDSL.
Because of this, shares bought by investors got stuck in broker accounts instead of reaching their demat accounts, so people couldn't sell or access their new holdings.
Every broking firm was affected.
NSDL said they've switched to backup servers
NSDL said they've switched to backup servers and are working to clear the backlog.
Still, usual settlement timings were missed during this mess.
Root cause analysis is underway
Sebi chief Tuhin Kanta Pandey shared that a root cause analysis is underway, and the root cause report will be placed before Sebi's Technical Advisory Committee, which will inform corrective steps, possibly including system upgrades or vendor-level interventions.