The National Stock Exchange of India on Wednesday took a further step towards launching share trading on mobile phones by offering free market data via cellular phone to traders who sign up on its website.
The move comes after the Bombay Stock Exchange on Friday said it had received approval from the Securities and Exchange Board of India, the market regulator, for internet-based trading via mobile handsets. It said it would launch “soon”.
India is the world’s fastest growing large mobile phone market by user numbers and the introduction of third-generation cellular services could make it easier for investors to access the markets.
The NSE is expected to launch mobile phone trading next month but before any trading can start users must first register with a broker. As a first step it is also offering data by phone.
It said market data could be accessed for equities, derivatives, currency or exchange-traded funds and that “streaming data” on mobiles would be live.
“This facility can be activated by anyone who has a mobile with a GPRS connection, which in effect covers nearly 99 per cent of mobile users, including those who don’t have high-end mobiles,” the NSE said.
“This also means that an individual in a rural or semiurban area … can look at market data and take a decision on whether it is wise to start trading or not.”
The exchange already has 12m users registered through brokers, of which 5m actually trade.
Divya Lahiri, exchange spokeswoman, said guidelines for brokers and clients will be issued this week.
The market data can be accessed from Wednesday by all brokers and registered clients. NSE will start sending SMS, or text, messages to active clients to download the application “in a phased manner,” it said.
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