The Securities & Exchange Board of India (SEBI) has asked the governing board of National Stock Exchange (NSE) to determine why the NSE management failed to shift NSE’s operations from the primary site to the Disaster Recovery site (DRS) within the time frame specified by SEBI, on the day trading was halted last month.
The board has also been asked to fix individual responsibility for the same. These need to be completed within 21 days, the SEBI order said. SEBI, which has been probing the incident of trading halt at NSE on February 24, has also directed the NSE and NSE Clearing Ltd. (NCL) to update the functionality of collaterals at the ‘slave system’ of NCL placed at the data centre of BSE/MSEI and connect the trading system at the primary site of NSE to the slave system of NCL placed at the data centre of BSE/MSEI. These have to be implemented in 90 days.
SEBI also directed all Market Infrastructure Institutions (MIIs) to move to disaster recovery sites within 45 minutes of declaring an incident a ‘disaster’.
In a statement, NSE said failure of telecom links and of the storage area network (SAN) system led to the outage. Instability in telecom links was primarily due to ‘digging and construction… along the path between the two sites’. On the day, the primary SAN also became inaccessible to host servers.