Trading at India’s largest commodity exchange scheduled to start at 9:00 am was delayed by more than four hours on Tuesday and trading started at 01.25 pm, due to a technical issue.
A release by the exchange said, operations were shifted to the Disaster Recovery (DR) site, and trading started at 1.25pm and all trading systems are now functioning normally.
MCX said: “An investigation into the issue has been initiated on priority. We are committed to identifying the cause and implementing necessary corrective measures. Updates on our findings and actions taken will be shared in due course. We sincerely regret the inconvenience caused to market participants and appreciate their patience and understanding.”
This led to a 2% fall in the company’s share price that ended at Rs 9,129.00.
On July 23 also, trading at the exchange had started one hour late due to repetitive database issues that delayed overnight clearing systems related processes. It had said that additional monitoring has been activated to detect such one-off anomalies.
As per SEBI norms on Market Infrastructure Institutions (MIIs), delays in resolving technical glitches are penalised Rs 50 lakh if operations aren’t restored within 75 minutes of disruption and Rs 1 crore if disruption continues beyond 3 hours.
For ongoing delays, the penalty is Rs 2 lakh/day for the first 15 working days, Rs 3 lakh/day for the next 15 working days, and an additional Rs 25 lakh beyond that.
If an MII delays declaring a disruption as a “disaster” (beyond 30 minutes), it is liable to pay the higher of ₹2 crore or 10% of average standalone net profit from the last two financial years.