Mumbai (Maharashtra) [India], November 4 : Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey on Tuesday confirmed a probe into the Multi-Commodity Exchange (MCX) breakdown, calling for a deeper analysis.
Expressing concerns over the recent trading disruption at the MCX, he said that such technical breakdowns have occurred multiple times and this is not right.
Talking to mediapersons in Mumbai, he said a detailed analysis of the issue is underway and will be completed as per the Standard Operating Procedure (SOP) within 24 to 48 hours.
"I think the last breakdown happened in July, and it has now occurred again, which isn't right. Such problems have happened multiple times. However, we can only comment after conducting a proper analysis." He adds, "Analysis involves multiple stages. It must be submitted within 24 to 48 hours. We will follow the SOP accordingly."
India's largest commodity trading platform on Tuesday experienced a major technical disruption, causing a delay of over four hours in trading operations.
The incident has drawn attention from market regulators and raised concerns about the stability of market infrastructure.
The technical glitch delayed trading operations, with normal activity resuming only at 1:25 PM after the system was shifted to a disaster recovery site.
During the outage, brokers and traders were unable to log in or execute transactions, severely impacting gold and silver trading. This incident marks the second such disruption at MCX, following a similar delay on July 23 when trading commenced late at 10:15 AM.
Earlier, it was reported in the media that SEBI has taken swift action following the recent trading disruption, seeking detailed preliminary and final root cause analysis reports from the exchange.
The regulator's intervention highlights the seriousness of the incident and its implications for market integrity.
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