NSE LAUNCHED MOBILE TRADING FOR ALL INVESTORS
November 09, 2010
Press Release No. 1
NSE launches mobile trading for all investors
The National Stock Exchange has taken the next big leap in technology by starting mobile trading for registered clients in the country.
So far, only a handful of Member brokers had the option of providing this facility to clients at their own cost, but now for the first time an Indian exchange will provide this facility to its clients, through the brokers who have enrolled for NOW, free of cost.
The brokers or the clients will not have to make any investments from their side.
Member brokers will now have to only go through the regular compliance before facilitating their clients for mobile trading. Clients can trade through their GPRS enabled mobile set, while traveling anywhere in India or abroad. They can trade in the cash market, derivatives or currency, just like they can trade through their trading terminals and at the same speed. The clients mobile will be connected to the internet, then to the NOW platform (the software which is being used by a majority of the NSE brokers) which is connected to the exchange. This is very similar to the way a client can trade through a dealer terminal or through nowonline.in, the website through which trade is possible, without the brokers intervention.
To access the application, the client will need to provide the valid login id and password; He will be provided access to live market data and the ability to trade.
A client can see the Market watch page on his mobile screen. This will display all the available indices and constituents of these indices. The viewer can see the last traded price, percentage change, best bid, best bid quantity, best offer and best offer quantity.
The user can place, modify and cancel orders. Each clients orders & trades are subject to the limits provided by the respective Member broker.
CEO and MD Mr. Ravi Narain said This is another facility the exchange is providing to the large universe of investors, to make trading simpler and easily accessible to clients on the move. Someone sitting in a remote corner like Darbhanga or Siliguri can see market watch and execute trades. We expect that nearly 5 million investors would benefit from this move.
Several safeguards have been built in, to ensure that the right people trade and messages are not tampered with.
1) Clients interested in Mobile Trading need to sign the modified Member-client agreement
2) A Member has to enable a client for Mobile Trading
3) Identification through unique user id and password
4) A Comprehensive password policy has been implemented, with compulsory expiry of password after 14 days and automatic locking of user id after 3 unsuccessful attempts. The use of the last three passwords will not be accepted.
5) Only duly authorized clients orders will be allowed to be placed.
6) Online risk assessment will be done of all orders placed. Only orders within the parameters, specified by the risk management systems will be allowed to be placed
7) Message integrity will be ensured through end to end encryption
8) Data will not be stored in the mobile for long, so that if its lost, data doesnt get stolen
