Bombay Stock Exchange on 21 September launched mobile-based trading at the 'Opening Bell' ceremony in the august Convention hall of BSE.
The platform was launched in the presence of 11 renowned broking firms of the Indian industry. It was with software vendors like Marketplace Technologies, Technova Religare and Financial Techology's expertise that BSE commenced its mobile trading operations in a record time.
BSE is the first Indian Exchange to launch the much awaited mobile trading. To begin with, more than 30 members have confirmed their participation and commencement on the first day itself. More are expected to start operations in next few days.
Mobile-based trading is essentially an extension of internet based trading. It is similar to a client logging on to the broker's trade portal, on his internet-enabled PC. BSE will provide its members a test-environment to test the solution and members can use existing IML ids.
Speaking at the launch, Mr. S Ramadorai, Chairman, BSE, said, "We have received an encouraging response with participation from over 30 brokerage firms. The platform will make trading accessible on mobile phones. We believe that this will advance the development of financial inclusion through higher penetration of capital markets, of course, by leveraging the mobile telecom infrastructure in the country."
"The channel of trading is an innovation that harnesses a power of modern technology to bring masses to this market and is welcome. This onward march of technology is unstoppable. We will see more retail participation coming through mobile. This is a major milestone in Indian equity cult and will benefit more as we go by", said, Mr. Dinesh Thakkar, Angel Broking talking about this ambitious initiative.
Mr. Motilal Oswal, Motilal Oswal Securities Ltd. added, "The kind of revolution mobile has brought to masses, it has become difficult to live without mobile for even a few seconds. Any such initiative empowering consumers will be appreciated largely. Not only trading but access to information will be in the hands of investors, enabling those taking quicker decisions. With this initiative, India will be at par with global standards as far as e-commerce is concerned."
Complimenting BSE at the launch, Mr. Anup Bagchi of ICICI Securities Ltd. stated, "We all have been beneficiaries of parallel movement in various spheres, specially technology. We must ride this highway and be on consumer's side. Access plays a critical role in education and awareness. This is the time that investors will get over the fears of capital markets through easier access. New generation knows no other means of access, but mobile, and they adapt it quicker too. This initiative is a building block for decades to come."