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Zerodha customers complain of glitches on Monday morning; NSE, BSE says systems running smooth

India’s largest brokerage house Zerodha was again making headlines on Monday morning, facing customer ire over complaints that prices and trading froze on its trading platform, resulting in losses to users of the discount broking service. HDFC Securities also reported glitches and blocked trading in NSE cash due to the said glitch. Customers took to social media websites to complain about the platform. Both, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were immediate to respond, claiming that their platforms were running smoothly, dousing concerns of another trading conundrum.

Zerodha’s customer complaints on Twitter ranged from frozen prices, F&O update lag, and even order placement errors on Kite. Along with Zerodha, other discount brokerage firm, Angel Broking was also facing some hostility from customers who reported similar glitches and problems in trading on NSE.

Traditional brokerage firm HDFC Securities too was among those who faced glitches. “We have blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine. Apologies for the inconvenience caused,” HDFC Securities said in the tweet. However, both NSE and BSE said their operations were running smoothly. The trading halt on NSE, placed by HDFC Securities, continued for nearly 20 minutes on Monday morning.

Last week’s ghosts resurface

The outage on various platforms comes less than a week after NSE faced a major technical glitch that where exchange feeds for Nifty, Bank Nifty and other indices stopped for all brokerage firms. The glitched forced NSE to halt trading nearly three hours into the day’s session. Meanwhile, F&O and intra-day orders could not be exited across brokerages. Zerodha had then exited all intra-day equity positions for their clients on BSE without their individual consent, bringing the company under fire as NSE resumed trading post-normal hours.

Nitin Kamath, Founder and CEO of Zerodha has defended the company’s actions. “A lot has been said about what we should have done on February 24, when NSE halted trading. Of course, with hindsight, it is easy now to suggest. But at 3 PM on February 24, the best option was to square off all NSE intraday positions on BSE,” he tweeted.

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Airtel to seek shareholders’ nod to issue 3.64 cr shares to LMIL for Bharti Telemedia deal

Bharti Airtel will seek shareholders’ nod on March 19 for issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Ltd (LMIL) on preferential basis, to execute its deal for buying additional 20 per cent stake in its DTH arm Bharti Telemedia, according to a regulatory filing.

As per the contours of the recently-announced deal, Bharti Airtel will acquire 20 per cent stake in Bharti Telemedia from Warburg Pincus affiliate, LMIL, for about Rs 3,126 crore.

The transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash, Bharti Airtel had stated earlier.

In a BSE filing, Bharti Airtel said an Extraordinary General Meeting of the company will be held on March 19, 2021 “to seek the approval of the members on the proposal of ‘Issuance of equity shares of the company on preferential basis’ through Special Resolution”.

The company will seek shareholders’ approval to “create, offer, issue and allot up to 36,469,913 equity shares of the face value of Rs 5 each fully paid up, on a preferential basis to LMIL”.

This would be as partial consideration other than in cash, for the sale of 102,040,000 equity shares of Rs 10 each fully paid up of Telemedia held by LMIL to the company at a price of Rs 600 per equity share, the filing said.

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Sebi chief Ajay Tyagi says the disconnect between financial markets, real economy a global phenomenon

Capital markets regulator Sebi chairman Ajay Tyagi on Thursday acknowledged the systemic risk concerns raised by the RBI and Financial Stability Board over a disconnect between financial markets and the real economy, but said that this is a global phenomenon.

He said the heavy fall in markets, followed by quick gains on the equity benchmarks since the onset of the pandemic is the sharpest V-shaped recovery in the last 30 years. ”Typically, stock markets have been the barometers of the economy and move in the direction in which the economy moves or is expected to move. However, after the onset of pandemic, several institutions including FSB and RBI have raised concerns of an increasing disconnect of financial markets with the real economy and a possible risk it may pose to systemic stability,” Tyagi said. ”It is not just India which has been witnessing such unprecedented market movements, but similar trends have been there across many global markets i.e. movements one can clearly attribute to effects arising out of the pandemic and the efforts to tackle the pandemic,” Tyagi said, speaking at an NISM event.

It can be noted that in the last few months, a slew of concerns have been raised about the disconnect wherein the markets have rallied by over 80 per cent from the lows of April post a sharp correction following the declaration of the pandemic, even as the economy went into a contraction zone.

In the Financial Stability Report, RBI Governor Shaktikanta Das flagged risks to overall financial stability and asked lenders to be cautious about the same.

According to some experts, a liquidity glut induced by economy-boosting measures taken by countries following the pandemic has resulted in the surge in markets.

Tyagi on Wednesday said the pandemic has been rare and catastrophic, and has led to never-before jump in volatilities. The volatility index has come down in the last few months, but continues to be higher than five year averages.

He said a defining trend in FY21 has been the direct retail play in the markets, which has seen an increase in both the number of demat accounts and also investments by individuals. Corporates have adopted a newer way of working, with annual general meetings and board meetings being held online.

Tyagi said there is a possibility of many of these new practices continuing even after the end of the pandemic, but said issues over confidentiality and security on virtual board meets will have to be assessed going ahead.

He also pondered whether shareholders are getting adequate time to pose their questions at the annual general meets.

Tyagi welcomed the focus on environment, social and governance themed investing and added that Sebi is looking at introducing newer regulations for having more granularity in disclosures.

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Sona Comstar to raise Rs 6,000 cr via IPO

Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Wednesday said it has filed papers to raise Rs 6,000 crore via an initial public offering (IPO). The public issue of shares of face value of Rs 10 each, comprises a fund raise via fresh issue amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,700 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc, Sona BLW Precision Forgings said in a statement.

The portion reserved for Qualified Institutional Buyers will be up to 75 per cent of the offer, non-institutional investors to have up to 15 per cent of the portion reserved while up to 10 per cent will be reserved for the retail investors, it added. As stated in the DRHP, the Blackstone promoted company intends to utilise the proceeds from the fresh issue to repay/prepay Rs 225 crore of its borrowings besides general corporate purposes, the Gurugram headquartered company said.

The company is into designing, manufacturing and supplying highly engineered critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors and motor control units.It supplies components to automotive OEMs across the US, Europe, India and China, for both electrified and non-electrified powertrain segments and is not dependent on a single product, vehicle segment, customer or geography.

The company is also one of the two largest exporters of starter motors from the country besides being the largest manufacturer of differential gears for passenger vehicles, commercial vehicles and tractors in India. Some of its key OEM customers include a global OEM of EVs, a North American passenger vehicle and commercial vehicles maker, Ashok Leyland, Daimler, Escorts, Mahindra & Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.

Kotak Mahindra Capital Company, Credit Suisse Securities, JP Morgan India, JM Financial and Nomura Financial Advisory and Securities are the book running lead managers (BRLM) of the issue.

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