Regulator plans securities trading using wireless technologyMay 28th, 2009 - 10:14 pm ICT by IANS
New Delhi, May 28 (IANS) Market regulator Securities and Exchange Board of India (SEBI) Thursday proposed to extend the Internet trading facility in securities on exchanges by enabling the use of wireless technology.
The framework for Internet-based trading was put in place Jan 31, 2000, it said, but the use of wireless technology had to maintain certain safeguards.
Foremost among them is that only SEBI-registered stock brokers will be eligible to provide securities trading using wireless technology.
A broker, who desires to provide trading facility through wireless medium, will be required to take approval from respective exchanges, the regulator said in a statement.
Other safeguards are:
- Ensuring secure access, encryption and security of communication from hand-held device to server
- Adequate measures for user identification, authentication and access control
- Network security protocols and sound audit trails for all transactions
- Timely information on the hand-held device
- Providing order confirmation and history of trades to users
- Facilities for order modification/cancellation
- Alternative means of communication such as telephone or Internet to deal with crises like network failure
“This is a path-breaking policy, which will further the democratisation of access to the equity markets by riding on the telecom boom,” said ICICI Securities executive director Anup Bagchi.
“Last year we had launched ICICIdirect.com ‘on-the-move’ site for new generation technology. We have observed a rapid adoption of this facility by our retail customers and currently about 15 percent of our customers come through our ‘on-the-move’ platform,” he added.
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