With a view to reach out to more customers, the National Stock Exchange (NSE) is gearing up to launch mobile trading through nearly 800 registered brokers in early October, an NSE official said.

Currently, only about 10-15 big brokers who have the infrastructure offer mobile trading but at very high costs.“For the first time in India, NSE is taking steps towards facilitating nearly 800 members and their clients (total 12-million investors) to trade through the mobile infrastructure set up by NSE from early-October,” the NSE official said, adding that it had 1,200 active brokers.

In early October, the NSE will enable any registered broker or a client to trade through their mobile phones. Clients can place orders, view positions and trade from anywhere in the country, the official said.

NSE’s 50 randomly picked brokers will start getting market data on their mobiles from September 6. The market data facility will be extended to all brokers and investors on their mobiles, effective from September 13.

The data includes the best bid and ask prices of Nifty stocks, other stocks, derivatives and currency.

Mobile trading will be conducted similar to Internet trading. It will be facilitated on the NOW software that NSE provides to its brokers free of cost. The market data will also be provided free on brokers’ cell phones and later on investors’ cell phones.

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 because it’s being done from their cell.

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.

Through the NOW platform, there will be connectivity given to the Internet National Exchange of India, which will be connected to the service providers. They will be connected to the cell phone towers and then to the mobile.

The high speed connectivity is given from the exchange to the cell phone as fast as Internet speeds through BSNL, Airtel and Tatas, the official said.

The main advantage of mobile trading will be anyone sitting in Sikkim or Siliguri can also see market data at the same speed as brokers or registered clients.

The mobile trading offering was in keeping with NSE’s philosophy of reaching out to people in smaller towns, semi urban and rural areas without their spending any money on the infrastructure, he said.

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.

However, the broker will have to provide the software to his client to facilitate mobile trading from his end.

Commenting on the safety issue, the official said that safeguards have been built-in to ensure that the right people trade and messages are not tampered with. The identification will be done through user id and password, the message integrity through end-to-end encryption so that others can not see and it can’t be tampered with and the data will not be stored in the mobile for long.

source: Business-Standard

Tags: mobile trading nse bse, NSE mobile buy sell stocks, nse mobile trading, register for mobile trading, trade using mobile sms

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