The Bombay Stock Exchange Ltd, India's oldest stock exchange launched mobile-based trading on Monday through its 33 leading brokers, a senior Exchange official said.
"We have started providing user-friendly mobile-based trading from today. The top 33 brokers of BSE commenced mobile trading for their clients," BSE's Managing Director & CEO, Madhu Kannan told reporters here.
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 are among those who started providing mobile based trading facility to its 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.
Kannan said the security on mobile trading will be same as on internet trading. Brokers will have full control of the risk parameters since orders submitted by client on his mobile will be sent via the broker's servers to the exchange.
With mobile based trading, BSE plans to expand its reach to rural areas of the country.
"With the introduction of mobile trading, broker's who were providing broking services in cities and urban areas can now provide broking services in rural areas," BSE's Deputy Chief Executive Officer, Ashishkumar Chauhan said.
Chauhan pointed out that the mobile trading will 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 an internet-based trading facility would be eligible to provide mobile trading facility as well.
