Sebi plans trading via wireless

“It is proposed to explore the possibility of extending the existing framework of Internet trading to enable use of wireless technology for securities trading,” it said in a statement today asking for public comments by June 15.
The Securities and Exchange Board of India (SEBI) said all the relevant requirements applicable for Internet based trading will also be applicable for securities trading using wireless network. SEBI registered stock brokers who provide Internet based trading services will be eligible to provide securities trading using wireless medium, subject to approval from respective exchanges, the statement said.
As per the plan, the market regulator said there should be secure access, end-to-end encryption and security of communication from hand held device to server. Adequate measures would be taken for user identification, authentication and access control using means such as user ID, passwords, smart cards, biometric devices to prevent misuse. SEBI further said network security protocols must be as per prevalent industry standards and sound audit trails must be available for all transactions using wireless devices.
Apart from order confirmation, the user must be provided with modification and cancellation facilities. The user must also get trade confirmation along with history of trades, the list of planned safeguards said.
“Information made available on the hand held device should be timely and should not put the user at a disadvantage