NSE's new MF platform draws complaints; exchange says system stable

NSE Online Platform Upgrade Sparks Distributor Outcry

Mutual fund distributors utilizing the National Stock Exchange's (NSE) online platform are voicing serious concerns following a recent system upgrade. FIFA India, a nationwide association representing these distributors, has publicly highlighted multiple issues impacting data security, client management, transaction processing, and payments.

Data Security Breaches: A Major Concern

A primary point of contention centers around flawed client mapping. FIFA India asserts that the updated system lacks proper client segregation. Their statement, published on social media, reads: "Client mapping has not been done correctly. All clients under the main broker are visible to all sub-brokers. This is a serious breach of data security. In the earlier platform, client segregation was maintained."

This alleged lapse in data security raises significant concerns about the confidentiality of sensitive client information.

Further Issues Identified:

• Client Mapping Failures: Incorrect client allocation leading to potential conflicts of interest and compromised data privacy.
• Transaction Processing Bottlenecks: Reports of delays and inefficiencies in transaction processing.
• Payment System Glitches: Concerns raised regarding irregularities in payment processing.

NSE's Response Awaited:

The NSE has yet to issue a comprehensive public response addressing these specific allegations. The distributors are eagerly awaiting a detailed explanation and a swift resolution to these critical issues.