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In addition, the advisory committee will suggest measures required to encourage FPI participation in the bond market and advise on issues related to investments and operations of such investors in the Indian financial markets.
The intent is to streamline the administrative, financial and taxation systems to bring modernity, accuracy, and fairness in all spheres of the financial services ecosystem.
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Stock trading at the National Stock Exchange (NSE) came to a halt on Wednesday, one day before the expiry of February derivatives, following a technical error with its telecom links and issue with live ticks for NSE indices like Nifty 50 and Nifty Bank. After the rates stopped updating on NSE at 10.08am, NSE closed futures and options (F&O) trading at 11:40am and cash market at 11:43am. Later, NSE cancelled all open orders in the equity, F&O and currency (CDS) segments.
Interestingly, at the same time that NSE halted trading, there were issues with NSE Clearing Ltd (NCL), which clears the trades on NSE. Trades of Bombay Stock Exchange (BSE) are cleared through Indian Clearing Corporation Ltd. Troubles at NCL has prevented the market from smoothly shifting over to BSE’s trading platform, as part of what is called interoperability of clearing corporations (CC).