Mobile Trading
BSE started mobile trading in India on 21st September 2010. This was followed by National Stock Exchange later. The members of these two stock exchanges are providing these facilities to their clients who can access the trading platform through their smart phones by entering a dedicated URL.
The stock exchanges have taken special care to provide high level security on this trading platform where the transactions are encrypted. The users will have their id and password and there will be a second level transaction password through a secured ID token. According to NSE guidelines, member brokers of the bourse will have to submit an application seeking permission to commence securities trading using wireless technology, which would be granted on a case-by-case basis. Once the Exchange grants approval, a broker can start providing this mobile trading facility to clients.
These mobile trading portals of the brokers will have features like market watch, order book, and account reports. This will make the trading simpler and easily accessible to clients even when they are on the move.
Most of the NSE brokers are using NOW platform for providing this service. Currently online trading constitutes 15% - 20% of the total traded volume. There are nearly 700 million mobile users as compared to 10 million internet users. This gives a great opportunity for the trading volume to grow with mobile trading. The current volume of trading is 17759 cr in NSE and Rs 6425 cr in BSE. Mobile trading will further boost the trading volume, particularly after the 3G services are launched in the country.
SEBI Guidelines
SEBI has issued guidelines vide its circular dated 27 August 2010, to the stock exchanges on mobile trading. The stock exchanges are asked to ensure that brokers comply with secure access, encryption and security of communication for internet based trading using wireless technology. The exchanges and brokers should take adequate measures for user identification, authentication and access control using means such as user-id, passwords, smart cards, biometric devices or other reliable means, to prevent misuse of facility by unauthorised persons.
According to SEBI, unique identification number as given in case of internet based trading shall be made applicable for mobile trading also. All transactions carried out in mobile trading need to be given a unique identifier number, '5′, in order to differentiate the orders from normal orders. In case of failure of the wireless network, alternative means of communication for placing orders should be available.
The brokerage firms need to communicate to their clients the risks, responsibilities and liabilities associated before providing the facility. As it may not be possible to give detailed information to the investor on a mobile phone, brokerages should ensure that minimum information may be given with addresses of the internet website where detailed information would be available.
SEBI directed that order confirmation, trade confirmation, modification and cancellation details should be provided to the user every day. Session login details should not be stored on the mobile phones. Network security protocols and interface standards should be as per prevalent industry standards and sound audit trails should be available
Questions and Answers
There are different stock exchange entities in India out of which more prominent are the NSE (National Stock Exchange) and the BSE (Bombay Stock Exchange).
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