MUMBAI (Reuters) – India’s market regulator said on Monday that stock exchanges and other market entities will need to switch quicker to their backup sites to resume operations in case of disruptions, weeks after a top exchange was shut down during trading.
The Securities and Exchange Board of India (SEBI) said in when critical systems are disrupted, institutions must declare a “disaster” within 30 minutes and take steps – including going to a back up – within the next 45 minutes.
The rules apply to stock exchanges, clearing corporations and depositories.
They come after the National Stock Exchange (NSE), the India’s largest, shut down for nearly four hours late last month. Traders and investors said lack of proper communication caused losses.
(Reporting by Abhirup Roy; Editing by Aditya Kalra and Andrew Cawthorne)
