India’s National Stock Exchange (NSE) on Friday defended its communication over the reopening of the bourse after an sudden shutdown this week.
Traders and brokers had criticised the NSE over the lack of know-how after the four-hour shutdown on Wednesday, saying it had damage traders.
Because the exchange didn’t swiftly replace on when the exchange would reopen, brokers started closing intra-day fairness positions on one other exchange, resulting in sharp losses for some traders.
The NSE had introduced that the exchange had shut at 11:40 a.m. native time due to a telecoms drawback. It introduced market re-opening at about 3:17 p.m., by which period many brokers had closed their traders’ open positions.
“This communication was done only after there was visibility and clarity on resumption of services and any prior communication would not have been appropriate,” the NSE mentioned in an announcement on Friday.
(Reporting by Abhirup Roy in Mumbai and Aditya Kalra in New Delhi; Editing by David Goodman)