MUMBAI: The Bombay Stock Exchange on Tuesday launched mobile-based trading through its 33 leading brokers.
“We have started providing user-friendly mobile-based trading from Tuesday. The top 33 brokers of BSE commenced mobile trading for their clients,” BSE's Managing Director and CEO Madhu Kannan told reporters here.
Leading brokers
Leading BSE stock brokers, namely, Angel Broking, Motilal Oswal Securities, Marwadi Shares & Finance, BCB Brokerage, Asika Stock Broking, Geojit BNP Paribas Financial Services, SMC Global Securities, ICICI Securities, India Infoline, Kotak Securities, Standard Chartered STCI Capital Markets were among those who started providing the mobile-based trading facility to their clients.
The mobile trading service will be extended to all the investors through its 900 active brokers soon.
Mobile trading is essentially an extension of Internet-based trading.
Mr. Kannan said the security on mobile trading would be the same as on Internet trading.
Full control
Brokers would have full control of the risk parameters since orders submitted by clients on their mobile will be sent via the brokers' servers to the exchange.
With mobile-based trading, the BSE plans to expand its reach to rural areas.
“With the introduction of mobile trading, brokers who were providing broking services in cities and urban areas can now provide broking services in rural areas,” BSE Deputy Chief Executive Officer Ashishkumar Chauhan said.
Mr. Chauhan pointed out that mobile trading would be successful as the country has 65 crore mobile users as against only one crore Internet users.
On August 27, the Securities and Exchange Board of India gave its go-ahead for the launch of mobile trading.
The regulator had specified that brokers who provided the Internet-based trading facility would be eligible to provide the mobile trading facility as well. — PTI
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