Search the Internet           Tips

BSE to begin e-broking by November end

NetScribes/Salil Panchal

The Bombay Stock Exchange (BSE) is all set to launch its e-broking operations through its existing website by November-end.

What will differentiate the BSE site from the existing e-broking sites put up by brokers, financial institutions and equity research firms is that it will be a central solutions site. This means that brokers would not need to set up separate hardware and software solutions for their broking operations and would thus be able to save on costs.

The BSE is the first Asian exchange to set up a complete solutions network.

The on-line broking norms will have margins based on the trading limits decided by BSE for the specific broker. Overall, they will adhere to the e-broking norms laid down by the Securities and Exchange Board of India. The broker will finalise independently the transaction/brokerage fee for the trading operations with the client.

"We have ensured that the infrastructure cost for brokers is eliminated if they decide to move through this platform,'' Manoj Vaish, BSE's chief business development officer told NetScribes.

The BSE has also finalised its marketing initiatives as part of its Vision 2001 plan prepared by McKinsey Consultants. The development of BSE's website is part of the programme, which will not just provide investors with quick and accurate information but will also ensure execution of trades and redressal of investor complaints.

As part of the investor grievance redressal programme, the exchange has shifted the entire platform to its online network. Currently, the exchange receives at least 70,000 complaints a year from the investor community.

Money

Business News

Tell us what you think of this report