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The MF industry has been witnessing temporary disruption in terms of transaction due to glitches at one of the largest KYC Registration Agencies(KRA).
In fact, many transaction and redemption requests with the KRA are on hold, confirmed five sources facing the issue.
They said that while new investor registration has now been activated, which was suspended for a few days, modification to existing KYC especially related to updating email id and phone number has not been happening due to the glitch.
A senior MF official told Cafemutual that they have requested the KRA to resolve the issue at the earliest as they have to keep large number of transaction and redemption on hold.
In November, CDSL has confirmed that it witnessed a malware attack on November 18 due to which a few of their machines were affected. It said, “Since CVL network is linked to that of CDSL, as a matter of abundant caution, we immediately isolated the machines at CDSL and CVL and disconnected ourselves from other constituents of the capital market for further assessment. As per the initial findings, there is no reason to believe that any confidential information or investor data has been compromised. The CDSL team has reported the incident to the relevant authorities and is working with its cyber security advisors to analyse the impact.”
The company assured that its systems will be restored by November 23. “As per the cyber security protocol, the entire IT infrastructure of CVL needs to be scanned and cleared for Operations. In view of this process, intermediaries would not be able to access our systems from 6 pm today 21st November, 2022 till 6 pm on Wednesday 23rd November, 2022,” it said.
