The Bombay Stock Exchange (BSE) has issued guidelines for enabling share market trades using mobile phones. This follows an earlier notification from the Securities and Exchange Board of India (SEBI) a couple of weeks ago, that allowed exchanges to allow stock brokers who provide Internet based trading services to customers, to offer the same using wireless technologies. According to the BSE's Application Process, trading members need to submit an application (download it here, word doc), which will be followed by a system audit, for which audit charges will be incurred by the trading member. The BSE shall provide a test environment for testing the Securities Trading Using Wireless Technology (STUWT), and the trading members will need to apply for a separate ID (IML ID for Securities Trading Using Wireless Technology) The brokerage firm needs to communicate to clients the risks, responsibilities and liabilities associated before providing the facility. All trades using wireless technology need to be given a unique identifier number, '5', in order to differentiate the orders from Normal orders. For Example: If the IML terminal is located at Dalal Street, Mumbai, Pin Code is ‘400001’, and the unique Member Code is ‘9999’, the trader ID is ‘203’ and the order generating from wireless technology than the unique identifier in that would be ‘5’. Hence the 16 digit code would appear as ‘4000019999203519’, which starts with the Pin Code and ends with the Vendor Id. Do read - SEBI allows mobile share trading. Challenges - Mobile Trading: SEBI Drafts…
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