Microsoft outage: Indian AMCs largely untouched, 5 report disruptions

The Association of Mutual Funds in India (AMFI) said on Saturday (July 20) that the Microsoft outage on Friday impacted five asset management companies though the issues were resolved during the day. The companies reported disruptions to some important functions.

A widespread Microsoft outage — sparked by a CrowdStrike (cybersecurity software firm) update — disrupted flights, banks, media outlets, and companies around the world on Friday, which spilled over on to Saturday and may continue to impact certain services in a chain reaction.

The outage impacted Windows-based desktops and laptops.

No significant impact

In a statement on Saturday, the AMFI said most of the asset management companies (AMCs), their Mutual Funds and Registrar and Transfer Agents (RTAs) functioned without any impact.

“Out of the 44 AMCs, five reported disruptions to some important functions, which were resolved during the day and did not have any material impact on operations,” it added.

Overall, the Indian mutual funds industry did not witness any significant impact on daily activities, the AMFI noted.

Login issues

On Friday, Edelweiss Mutual Fund on X stated that they experienced login issues on their website due to the Microsoft outage.

Besides, several traders in India faced operational disruption on Friday as the outage affected many brokerages, including 5paisa, IIFL Securities, Motilal Oswal, and Angel One. Some brokerages later stated that their systems were restored.

Financial bodies not hit

The glitch affected not only broking firms but also disrupted airline operations. Additionally, the outage impacted 10 banks and NBFCs, causing minor disruptions that were either resolved or in the process of being resolved.

However, stock exchanges and financial institutions largely remained unaffected by the tech glitch.

The large-scale outage in Microsoft services impacted IT systems globally leading to disruptions in various sectors.

(With agency inputs)