Left Menu
Development News Edition

Mumbai power outage: Brokerage houses remain unaffected

Our back-up plan has ensured that our customers have continued to avail uninterrupted services," Rajeev Srivastava, chief business officer at Reliance Securities said. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said unexpected power outage has impacted life, including operations of trains temporarily.

PTI | New Delhi | Updated: 12-10-2020 17:42 IST | Created: 12-10-2020 17:05 IST
Mumbai power outage: Brokerage houses remain unaffected
Representative image Image Credit: ANI

Stock brokers on Monday said their operations remain unaffected as back-up systems ensured uninterrupted services to customers despite a massive power outage across Mumbai. In addition, BSE and NSE, the oldest and the largest bourses, respectively, also reported power outages but said their operations are continuing normally.

Large parts of the financial capital and its suburbs faced major power outage on Monday morning due to a failure in state grid. Multiple operators, including state-owned BEST, Adani Electricity and Tata Power supply power to the city.

Several brokerage houses, which are headquartered in Mumbai, said their operations continued as usual. "We have a robust BCP (Business continuity plan), which gets triggered in such situations as we encountered today. Our back-up plan has ensured that our customers have continued to avail uninterrupted services," Rajeev Srivastava, chief business officer at Reliance Securities said.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said unexpected power outage has impacted life, including operations of trains temporarily. "Most offices (brokerage houses) have backup systems that ensure the working of computers. This is only a temporary issue," he added.

Angel Broking spokesperson said there was no business impact since the electricity came up around 1 or 1.30 pm. "We haven't faced any interruptions with our operations. We have a strong business continuity plan in place for any eventualities and our systems are built accordingly," said Ravi Kumar, co-founder and CEO of Upstox.

National Stock Exchange (NSE) assured that it is functioning normally. "There is a power failure in South Mumbai. Exchange is working normally. The listing ceremony was concluded successfully for Mazagon Shipbuilders today morning," a BSE spokesperson said.

Meanwhile, electricity supply was also reportedly getting restored gradually in some Mumbai locations..


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

IIM-Calcutta records 100 pc summer internship placements amid pandemic

Indian Institute of Management- Calcutta said on Monday that it has maintained the legacy of 100 per cent summer internship placements for the class of 2022, beating the economic crisis triggered by the COVID-19 pandemic. The whole process ...

UN chief calls for greater inclusion of persons with disabilities

The UN chief was addressing countries that are party to the 2006 Convention on the Rights of Persons with Disabilities, which he stressed can only be fully implemented by tackling the obstacles, injustices and discrimination that this pop...

Microsoft Teams will stop working on Internet Explorer 11 from Nov 30

Microsoft Teams will no longer work on Internet Explorer 11 starting November 30, 2020, as per a prior announcement made by the company. According to Mashable, the tech company had made the announcement regarding this back in August where t...

Punjab farmers at Singhu border pray, light 'diyas' on Guru Nanak Jayanti

Thousand of farmers from Punjab agitating at the Singhu borders of the national capital offered prayers, lit diyas earthen lamps, exchanged sweets as well as greeted each other on Guru Nanak Jayanti on Monday as they took a pledge to contin...

Give Feedback