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Sebi plans securities trading through wireless devices

Sebi plans securities trading through wireless devices
PTI
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First Published: Thu, May 28 2009. 04 18 PM IST
Updated: Thu, May 28 2009. 04 18 PM IST
New Delhi: Market regulator Securities and Exchange Board of India (Sebi) plans to extend the facility of Internet trading in securities on exchanges by enabling the use of wireless technology.
“It is proposed to explore the possibility of extending the existing framework of Internet trading to enable use of wireless technology for securities trading,” it said in a statement on Thursday asking for public comments by 15 June.
The Sebi said all the relevant requirements applicable for Internet based trading will also be applicable for securities trading using wireless network.
Sebi registered stock brokers who provide Internet based trading services will be eligible to provide securities trading using wireless medium, subject to approval from respective exchanges, the statement said.
As per the proposed safeguards for wireless trading, the market regulator said there should be secure access, end-to-end encryption and security of communication from hand held device to server.
Adequate measures would be taken for user identification, authentication and access control using means such as user id, passwords, smart cards, biometric devices to prevent misuse.
Sebi further said network security protocols must be as per prevalent industry standards and sound audit trails must be available for all transactions using wireless devices.
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First Published: Thu, May 28 2009. 04 18 PM IST