- Customers at National Securities Depository Ltd faced delays in trade settlements this week
- Shares bought on Tuesday and Wednesday are yet to be credited due to inter-depository issues
- NSDL CEO Vijay Chandok said backup servers are active and most issues are being resolved
Some customers with accounts at the National Securities Depository Ltd., India's second-largest depository, faced delays in the settlement of trades executed earlier this week due to a technical disruption.
The credit of shares bought on Tuesday and Wednesday is still pending because of issues in inter-depository functions, according to a notice dated Thursday sent by brokerage Nirmal Bang Securities Ltd. to its clients and seen by Bloomberg. The Mumbai-based broker did not immediately respond to an email asking for a comment.
Separately, some customers and brokers said that trades executed on Wednesday have yet to reflect in their accounts, according to people familiar with the matter.
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Typically, depositories credit shares to buyers' accounts by 10:30 a.m. local time on the day following the trade, according to NSE Clearing Ltd.'s website. In the case of sell transactions, shares are debited by 3:30 p.m. the following day.
NSDL's Chief Executive Officer Vijay Chandok said the company has activated back-up servers and bulk of the issues are getting resolved. "Its just a matter of a few minutes before systems are fully functional," he said in response to a query from Bloomberg.
Separately, the depository acknowledged on Wednesday that it had experienced a technical snag, resulting in a brief disruption of some of its services. NSDL shares traded 1.4% lower at 1:46 pm local time.
India's $5.2 trillion stock market has a history of technical disruptions affecting various aspects of trading. In 2021, the country's largest bourse, the National Stock Exchange of India Ltd., faced a glitch that halted trading for hours, marking the longest disruption in its history.
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