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Share market Broker glitches query


08-May-2023 (In Criminal Law)
Broker server outage is covered in technical glitch ? SEBI technical glitch definition says regarding outage time limits "approximate 5 minutes or more" so how this more word is justified for full day outage.. Please let me know your opinion from Law prospective is that a criminal offence ?
Answers (1)

Answer #1
785 votes
In general, if a broker or financial institution experiences a server outage or technical glitch that affects their services, it may be considered a breach of contract or a violation of regulatory obligations, depending on the terms of the agreement and applicable regulations. The severity and duration of the outage can influence the legal consequences. Whether a server outage constitutes a criminal offense would depend on the specific laws and regulations governing the financial industry in your jurisdiction. Some jurisdictions may have specific provisions or regulations that address technical glitches or system failures and define the legal consequences for such incidents. It is advisable to consult with a lawyer who is knowledgeable about the relevant laws and regulations in your country to assess the specific circumstances and provide accurate legal advice. It's important to note that my response is based on general information and should not be considered as legal advice. Consulting with a qualified legal professional is recommended for specific legal concerns or questions.
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