New Delhi, July 12: After a technical glitch plagued the National Stock Exchange on Monday, the Chairman of the body, Ashok Chawla, wrote a letter to all employees in a bid to boost their morale. The glitch had been one of the longest suffered by the NSE and led to the halting of trade and extensive confusion for several hours.
Trading in the cash and F&O segments had been halted for at least 3 hours, making traders wonder what had happened to the money they had already used for booking shares. In his letter, Chairman Chawla made it clear that the NSE was, indeed, facing challenging times. However, he emphasised that the glitch was only a ‘black swan event‘.
The full letter to NSE employees from its Chairman Ashok Chawla, reads as follows:
The year FY 2016-2017 has been a year of many highs and lows for all of us at the National Stock Exchange (NSE). We have done well financially and continued our robust market presence. At the same time, it has been a period of challenges- challenges on the organisational front, stress over the legacy technology issues, re-energising of relations with stakeholders across the spectrum from the regulator to shareholders.
Yesterday’s technical glitch is, proverbially speaking, one more straw on the camel’s back. While such a situation is a Black Swan event, it, unfortunately, puts the NSE in the spotlight for the wrong reasons. We have handled this effectively, which is indeed our responsibility as the largest exchange of the country.
Today I am writing to convey that we are no doubt passing through difficult times but that we shall overcome. I say this based on my experience of a year as the Chairman of the Board. The capability and professionalism of the NSE’s human capital is well known and I have been fortunate to have seen it from close quarters.
Colleagues, in this time of organisational stress, let us resolve to treat the challenge as opportunity. Let us work as a family to once again show that it is not for nothing that the NSE has become a world-class institution in a short span of 25 years.
My best wishes to you and success in all your endeavours.
While the incident threw light on the national stock exchange’s challenges with technology, a full report on what caused the glitch is expected to be submitted to the Securities and Exchange Board of India (SEBI). After halting operations at 9:55 am, and two failed attempts at restarting trade, the National Stock Exchange finally resumed full operations at 12:30 pm.