Regulator plans securities trading using wireless technology

Friday, 29 May 2009, 04:49 Hrs
Printer Print Email Email
New Delhi: 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 '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.
Source: IANS
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..