Association of Mutual Funds in India, on Saturday, said that five asset management companies reported disruptions to some important functions as a result of an outage in Microsoft services. This was later solved during the day, the industry body said. A widespread Microsoft outage disrupted flights, banks, media outlets and companies around the world on Friday.
A new CrowdStrike (cybersecurity software firm) update was cited as the cause of the outage, which impacted Windows-based desktops and laptops.
In a statement on Saturday, the Association of Mutual Funds in India, said that all the asset management companies, their Mutual Funds and Registrar and Transfer Agents functioned without any impact.
"Out of the 44 AMCs, there were 5 AMCs who 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.
On Friday, Edelweiss Mutual Fund on X (formerly known as Twitter) stated that they experienced login issues on their website due to a Microsoft outage.
Besides, several traders in India faced operational disruption on Friday as a global service outage of Microsoft systems affected many brokerages, including 5paisa, IIFL Securities, Motilal Oswal and Angel One. Some brokerages later stated that their systems were restored.
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.
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