Soon, trade in stock markets through mobile

By siliconindia   |   Wednesday, 20 January 2010, 19:02 IST   |    1 Comments
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Soon, trade in stock markets through mobile
Mumbai: In order to provide easy trading options to investors in the stock markets, the National Stock Exchange (NSE) plans to soon introduce trading through mobile phones, with the final guidelines expected in the coming months. "We had discussions with the regulator on security and other issues. We are ready with the set-up," said Ravi Narain, Chief Executive of NSE. According to Narain, NSE's 15-20 percent volumes came from internet trading and things could become more interesting once the Securities and Exchange Board of India (Sebi) allowed mobile trading. Sebi had proposed a draft framework for wireless trading in May 2009 and invited reactions. Sources said the industry feedback had been positive. Recently, the Reserve Bank of India had issued revised guidelines on mobile banking that said banks might do transactions involving up to 50,000 per customer for both fund transfer and purchases of goods and services. Till now, these two transactions were subject to caps of 5,000 and 10,000, respectively. According to Sebi's proposal, brokers who provide internet-based trading are eligible to use wireless technology after getting approvals from stock exchanges. Once Sebi approves mobile trading guidelines, the software will be vetted by stock exchanges. NSE currently has a list of empanelled vendors, including Omnesys and Religare Technova, for online trading. However, it is yet to set up empanelled vendors for mobile trading.

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