If Your Shares were Sold Multiple Times Yesterday, You can Straighten your Transaction

Mon, Aug 31, 2020 5:44 PM on Stock Market, NEPSE News, Latest,

Because of the issue in NEPSE's online trading platform, the system had sold shares from investors that they did not own.

To fix this error in the system, NEPSE was halted during the market hours and trading was extended till 5:15 PM.

To know more about yesterday's issue, read:

TMS makes you sell the same stock multiple times: Yes, you might lose money. No, NEPSE has no idea what went wrong

Now, if investors place a sell order for the shares that they do not have, it is called a close-out. This is not allowed, since you simply can't sell what you don't have. Thus, to punish this behavior, NEPSE levies a 20% more transaction amount for such trade.

Because of the issue in TMS yesterday, some investors had sold the same quantity of shares more than once, even five times.

Sharesansar called NEPSE to take their formal say on the matter.

Chandra Singh Saud, the General Manager of NEPSE, said that anyone who was affected by the issue yesterday will be compensated accordingly. However, he made it clear that anyone who attempts to take immoral advantage from the issue will not be compensated.

When asked to elaborate, he said that since the system has a transparent database, it can identify those whose shares were sold repeatedly without their intent. Investors who experienced the issue can contact their respective broker company and get their transaction straightened.

When asked what the cause of the issue was yesterday, Saud said that the problem wasn't actually with TMS but in the connection between TMS (Trade Management System) and NOTS (NEPSE Online Trading System).