NSE is ready to start mobile phone based share trading

by khalid on 17/09/2010 · 0 comments

National Stock Exchange (NSE) is gearing up to launch mobile trading through nearly 800 registered brokers in early October 2010 With a view to reach out to more customers. Indian stock market is set to get a boost after the country’s market regulator approved the introduction of mobile phone-based share trading, which is increasingly popular elsewhere in Asia. As mobile penetration in India is very high, this step of NSE will boost the market hopefully. Now on without spending any money on the infrastructure, people from smaller towns, semi urban and rural areas would get this mobile phone based share trading.

NSE is taking steps towards facilitating nearly 800 egistered brokers and their clients (total 12-million investors) to trade through the mobile infrastructure set up by NSE from early-October 2010. Clients can place orders, view positions and trade from anywhere in the country.

The market data facility has already been started to all brokers and investors on their mobiles, effective from 13th September 2010. The data includes the best bid and ask prices of Nifty stocks, other stocks, derivatives and currency.

NSE will provide NOW Software to its brokers and will not charge anything fore it. NSE has facilitated mobile trading on its hardware. Then brokers will be given a URL on their cell phones. When they get access, they will have to put in a user id and password to ensure identification, to ensure there is no risk. Once clients go through these formalities, they can look at the prices and market data. The links will be just like they are for Internet trading.

The main advantage of mobile trading will be its access from anywhere in India wheather it is Siliguri or Kanyakumari. People who have low-end phones with GPRS connections can also use this facility, which means 99 per cent of the mobile users are covered. Also, if someone travels abroad and is a registered client with a broker, the client can trade from there directly with the exchange, even from a number that is different from the India number because the client would be writing the user id and password.

With a high level of mobile phone penetration and a growing number of consumers accessing the internet via their mobiles, the move could open up the possibility equity investing to millions of budding traders across the South Asian country.

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