Secondary Market-III

The chapter comprises of Importance and Functions, Listing of Securities in Stock Exchanges; Players in Stock Exchange - Investors, Speculators, Market Makers, Stock Brokers; Eligibility Criteria; Trading in Stock Exchange, Stock Exchanges - Bombay Stock Exchange, National Stock Exchange, Over-the-Counter Exchange of India; The SEBI Trading Mechanism - BOLT, NEAT System and Screen Based System.
Listing refers to the admission of the securities of a company on a recognised stock exchange for trading. Listing of securities is undertaken with the primary objective of providing marketability, liquidity and transferability of shares.

To be submitted along with the application for listing:-
1. Memorandum of Associations, Articles of Association, Prospectus, Directors’ report, Annual Accounts, Agreement with Underwriters, etc.
2. Company’s activities, capital structure, distribution of shares, dividends and bonus shares issued, etc.

Listing Requirements:
For this purpose companies have been classified into 2 groups:-
1. Large Cap Companies (minimum issue size of Rs.10 crores and market capitalization of not less than Rs.25 crores)
2. Small Cap Companies (minimum issue size of Rs.3 crores and market capitalization of not less than Rs.5 crores)
Trading in Stock Exchange
The system of trading in stock exchanges for many years was known as floor trading.
In the new electronic stock exchanges which have fully automated computerized mode of trading, floor trading is replaced with a new system of trading known as screen-based trading.
Screen-based trading are two types
1. Quote driven system 2. Order driven system
Under the quote driven system the market- maker, who is a dealer in particular security, input two way quotes into the system that is bid price and offer price .
Under the order driven system clients place their buy and sell orders with the brokers.
Types of Orders
An investor may place two type of orders
1. Market order-In market order the broker is instructed by the investor to buy or sell a stated number of share immediately at the best price in the market.
2. Limit order- It is an order for the purchase or sale of securities at a fixed price specified by the client. “ buy at Rs. 50 or less” “ sell at Rs. 60 or more” No guarantee that limit order will be executed

National Stock Exchange
Established in 1992
Girish Chandra Chaturvedi, Chairperson
Ashishkumar Chauhan, MD and CEO
NSE is ranked 4th in the world in cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for the calendar year 2021
First dematerialized electronic exchange in the country.
Number of Lists 2002 (As of October 2021)
The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts (Regulation) Act, 1956, when P. V. Narasimha Rao was the Prime Minister of India and Manmohan Singh was the Finance Minister.

1. Stock Market Operations
Unit-III: Secondary Market
ImportanceandFunctions,ListingofSecuritiesinStock
Exchanges;PlayersinStockExchange-Investors,Speculators,
MarketMakers,StockBrokers;EligibilityCriteria;Tradingin
StockExchange,StockExchanges-BombayStockExchange,
NationalStockExchange,Over-the-CounterExchangeofIndia;
StockExchange,StockExchanges-BombayStockExchange,
NationalStockExchange,Over-the-CounterExchangeofIndia;
TheSEBITradingMechanism-BOLT,NEATSystemandScreen
BasedSystem.
Prepared By
Mr. DayanandaHuded
M.ComJRF, NET 3 Times, & KSET
Teaching Assistant,
Rani Channamma University, PG Centre, Jamkhandi
E-mail: [email protected]

2. Importance and Functions of SM

1.ProvidingLiquidityandMarketabilitytoExistingSecurities:Thebasic
functionofastockexchangeisthecreationofacontinuousmarketwhere
securitiesareboughtandsold.Itgivesinvestorsthechancetodisinvestand
reinvest.Thisprovidesbothliquidityandeasymarketabilitytoalreadyexisting
securitiesinthemarket.

2.PricingofSecurities:Sharepricesonastockexchangearedeterminedby
theforcesofdemandandsupply.Astockexchangeisamechanismofconstant
valuationthroughwhichthepricesofsecuritiesaredetermined.valuationthroughwhichthepricesofsecuritiesaredetermined.

3.SafetyofTransaction:Themembershipofastockexchangeiswellregulated
anditsdealingsarewelldefinedaccordingtotheexistinglegalframework.(safe
andfairdealonthemarket)

4.ContributestoEconomicGrowth: Throughtheprocessofdisinvestment
andreinvestmentsavingsgetchannelisedintotheirmostproductiveinvestment
avenues.Thisleadstocapitalformationandeconomicgrowth.

5.SpreadingofEquityCult:Ensureswidershareownershipbyregulatingnew
issues,bettertradingpracticesandtakingeffectivestepsineducatingthepublic
aboutinvestments.

6.ProvidingScopeforSpeculation

3. Listing of Securities in SE

Meaning:Listingreferstotheadmissionofthesecuritiesofa
companyonarecognisedstockexchangefortrading.Listingof
securitiesisundertakenwiththeprimaryobjectiveofproviding
marketability,liquidityandtransferabilityofshares.

To be submitted along with the application for listing:-

1.MemorandumofAssociations,ArticlesofAssociation,Prospectus,
Directors’report,AnnualAccounts,AgreementwithUnderwriters,etc.Directors’report,AnnualAccounts,AgreementwithUnderwriters,etc.

2.Company’sactivities,capitalstructure,distributionofshares,
dividendsandbonussharesissued,etc.

ListingRequirements:
Forthispurposecompanieshavebeenclassifiedinto2groups:-

1.LargeCapCompanies(minimumissuesizeofRs.10croresandmarket
capitalizationofnotlessthanRs.25crores)

2.SmallCapCompanies(minimumissuesizeofRs.3croresandmarket
capitalizationofnotlessthanRs.5crores)

4. Procedure of Listing
Step 1: Submission of Letter of Application along
with the necessary documents.
Step 2: Payment of Listing Fees
Step 3: Collection of Listing Fees (Normally Banks)
Step 4: Trading Permission by SEBI
Step 5: Payment of 1% Security wit the designated SE
Step 6: Advertisements

5. Listing Fees

Schedule of Listing Fees for the Year 2021-22
Particulars Amount (₹)
Initial Listing Fees 20,000
Listing Capital (₹ in Cr.)Annual Listing Fees (in ₹)
Up to100 ₹250,000
Above100 and up to200 ₹300,000
Above200 and up to300 ₹375,000
Above300 and up to400 ₹450,000
Above400 and up to500 ₹600,000Above400 and up to500 ₹600,000
Above 500 to 1000 Rs. 605,000/-and an additional listing fees of Rs.3,530/-for every increase of
Rs.5 croresor part thereof above500 croresin the paid-up share capital
Above 1000 to 2000 Rs. 990,000/-and an additional listing fees of Rs.3,930/-for every increase of
Rs.5 croresor part thereof above1,000 croresin the paid-up share capital.
Above 2000 to 3000 Rs. 1,000,000/-and an additional listing fees of Rs.4,270/-for every increase
of Rs.5 croresor part thereof above1,000 croresin the paid-up share capital.
Above 3000 Rs. 1,020,000/-and an additional listing fees of Rs.3910/-for every increase
of Rs.5 croresor part thereof above1,000 croresin the paid-up share capital.

6. Players in Stock Exchange
Investors Speculators

MarketMakersStockBrokers

Speculators:

Speculatorsaresophisticatedinvestorsortraderswho
purchaseassetsforshortperiodsoftimeandemploy
strategiesinordertoprofitfromchangesinitsprice.strategiesinordertoprofitfromchangesinitsprice.

Speculatorsareimportanttomarketsbecausetheybring
liquidityandassumemarketrisk.

Aspeculatorasamanwhoobservesthefutureand
actsbeforeitoccurs.

7. Types of Speculators

8. Bull:ABullorTejiwalaisanoperatorwhoexpectsariseinpricesof
securitiesinthefuture.Inanticipationofpricerisehemakes
purchasesofsharesatpresentandothersecuritieswiththeintention
tosellathigherpricesinfuture.Heiscalledbullbecausejustlikea
bulltendstothrowhisvictimupintheair,thebullspeculator
stimulatesthepricetorise.Heisanoptimisticspeculator.

Bear:AbearorMandiwalaspeculatorexpectspricestofallinfuture
andsellssecuritiesatpresentwithaviewtopurchasethematlower
pricesinfuture.Abeardoesnothavesecuritiesatpresentbutsellspricesinfuture.Abeardoesnothavesecuritiesatpresentbutsells
themathigherpricesinanticipationthathewillsupplythemby
purchasingatlowerpricesinfuture.Abearusuallypressesitsvictim
downtoground.Similarlythebearspeculatortendstoforcedownthe
pricesofsecurities.Abearisapessimisticspeculator.

9. Stag:Astagisacautiousspeculatorinthestockexchange.Heapplies
forsharesinnewcompaniesandexpectstosellthematapremium,if
hegetsanallotment.Heselectsthosecompanieswhosesharesarein
moredemandandarelikelytocarryapremium.Hesellstheshares
beforebeingcalledtopaytheallotmentmoney.Heisalsocalleda
premiumhunter.

LameDuck:Whenabearfindsitdifficulttofulfillhiscommitment,
heissaidtobestrugglinglikealameduck.Abearspeculatorheissaidtobestrugglinglikealameduck.Abearspeculator
contractstosellsecuritiesatalaterdate.Ontheappointedtimeheis
notabletogetthesecuritiesastheholdersarenotwillingtopartwith
them.Insuchsituations,hefeelsconcerned.Moreover,thebuyeris
notwillingtocarryoverthetransactions.

10. 1.ForStockBrokers

Minimum21age

Tobecomeastockbroker,youmusthaveabachelor'sdegreeandat
leasttwoyearsofexperienceworkinginastockbrokeragefirm.

Tobeeligibleforhisemployment,asub-broker(thepriorstageof
beingabroker)musthavecompletedthe12thgrade.Theminimum
ageis21yearsold.Thisisafullyintegratedcompany.
Eligibility Criteria
ageis21yearsold.Thisisafullyintegratedcompany.

Stockbrokingjobsaren'ttheonlyonesavailableinthisarea.The
stockmarketnecessitatestheexpertiseandabilitiesofspecialists
fromnumeroussectors,rangingfromeconomistswhounderstandthe
insandoutsofthemarkettofinancialplannerswhocanprovideyou
withsoundstockguidance.Youcanalsoworkasafinancialmanager,
ananalyst,oramarketspecialist.

11. 1. For Brokers:

Procedure to become Stock Brokers
Step 1: You need to submit a New Membership Application to the Membership Services
Department in NSE/BSE.
Step 2:Once approved by the Membership Services Department, the application is sent to the
Membership Recommendation Committee and Membership Selection Committee.
Step 3:Membership Selection Committee evaluates the application and sends it for approval
to Member Compliance Department.
Step 4:Once approved, the Offer Letter of Provisional Membership is sent to you.
Step 5:You need to submit documents to the SEBI for registration. Once approved SEBI
Certificate is sent to you, and finally, the trading system will be provided.

12. Fees & Charges for Membership

Application Processing Fees :₹10,000/-+ Applicable Tax.

Admission Fees : One time

For all segments (except "Only Debt"): ₹5,00,000/-plus applicable tax

For "Only Debt" segment : ₹1,00,000/-plus applicable tax
Types of membership
1. Trading Member Thiscategoryofmembershipentitlesamembertoexecutetradeson
hisownaccountaswellasonaccountofhisclientsbut,clearingand
settlementoftradesexecutedthroughtheTradingMemberwould
havetobedonethroughaTrading-cumClearingMemberorhavetobedonethroughaTrading-cumClearingMemberor
ProfessionalClearingMemberoftheExchange
2. Trading cum Self
Clearing Member
Thiscategoryofmembershipentitlesamembertoexecutetradesand
toclearandsettlethetradesexecutedonhisownaccountaswellason
accountofhisclients.
3. Trading cum Clearing
Member
Thiscategoryofmembershipentitlesamembertoexecutetradeson
hisownaccountaswellasonaccountofhisclientsandtoclearand
settletradesexecutedbythemselvesaswellasbyothertrading
memberswhochoosetouseclearingservicesofthemember.
4. Professional Clearing
Member
Thiscategoryofmembershipentitlesamembertoclearandsettle
tradesofsuchmembersoftheExchangewhochoosetoclearand
settletheirtradesthroughthismember.

13. Trading in Stock Exchange

Thesystemoftradinginstockexchangesformanyyearswasknownasfloor
trading.

Inthenewelectronicstockexchangeswhichhavefullyautomated
computerizedmodeoftrading,floortradingisreplacedwithanewsystem
oftradingknownasscreen-basedtrading.

Screen-basedtradingaretwotypes

1.Quotedrivensystem2.Orderdrivensystem

Underthequotedrivensystemthemarket-maker,whoisadealerin
particularsecurity,inputtwowayquotesintothesystemthatisbidprice
andofferprice.andofferprice.

Undertheorderdrivensystemclientsplacetheirbuyandsellorderswith
thebrokers.

TypesofOrders

Aninvestormayplacetwotypeoforders

1.Marketorder-Inmarketorderthebrokerisinstructedbytheinvestorto
buyorsellastatednumberofshareimmediatelyatthebestpriceinthe
market.

2.Limitorder-Itisanorderforthepurchaseorsaleofsecuritiesatafixed
pricespecifiedbytheclient.“buyatRs.50orless”“sellatRs.60ormore”
Noguaranteethatlimitorderwillbeexecuted

14. 
Therearecertaintypesoforderswhichmayusedbyinvestorstoprotecttheir
profitorlimittheirlosses.

Stoporders:-Itisusedbyinvestortoprotectaprofitorlimitaloss

Itisanordertosellassoonasthepricefallsuptoaparticularlevelortobuy
whenthepricerisesuptoaspecifiedlevel.

Thisismainlytoprotecttheclientsagainstaheavyfallorriseinprice.So
thattheymaynotsuffermorethanthespecifiedunit.

Stoplimitorder:-Thestoplimitordergivestheinvestorthe
opportunityofspecifyingalimitpriceforexecutingthestoporders.

Themaximumpriceforastopbuyorderandtheminimumpricefora
stopsellorder.

Withastoplimitorder,theinvestorspecifiestwoprices,astopprice
andalimitprice.Whenthemarketpricereachesorpassesthestop
price,thespotlimitorderbecomesalimitordertobeexecutedwithin
thelimitprice.

15. 
Dayorder:-Adayorderisanorderthatisvalidonlyforthetrading
dayonwhichtheorderisplaced.Iftheorderisnotexecutedbythe
endoftheday,itistreatedascancelled.

Weekorders:-Theseareordersthatarevalidtilltheendoftheweek
duringwhichtheordersareplaced.Theyexpireatthecloseofthe
tradingsessiononFridayoftheweek.

Monthorders:-Theseareordersthatarevalidtilltheendofthe

Monthorders:-Theseareordersthatarevalidtilltheendofthe
monthduringwhichtheordersareplaced.Monthorderexpireatthe
closeofthetradingsessiononthelastworkingdayofthemonth.

Openorders:-Openordersareordersthatremainvalidtilltheyare
executedbythebrokersorspecificallycancelledbytheinvestor.They
arealsoknownasGTCorders.

FillorKillorder:-TheseorderarealsoknownasFOKorders.These
ordermeantobeexecutedimmediately,Ifnottheyaretobetreated
ascancelled.

16. Pre-market Orders:

NSEstartedtheconceptofpre-opensessionafewmonthsbacktominimizethe
volatilityofsecuritiesduringthemarketopeningeveryday.Between9:00AMto
9:15AMiswhenthepre-marketsessionisconductedonNSE.Duringthepre-
marketsessionforthefirst8minutes(between9:00AMand9:08AM)ordersare
collected,modifiedorcancelled.Youcanplacelimitorders/marketorders.After
9.08AMto9.15AMnoneworderscanbeplaced,ordersplacedarematchedand
tradesconfirmed.Sotechnicallyyoucanplaceordersonlyforthefirst8minutes
andonlyonequitysegment.

Post-market Orders:

Similartopre-marketorders,post-marketordersareallowedonlyforequity

Similartopre-marketorders,post-marketordersareallowedonlyforequity
trading.Thepost-marketsessionorclosingsessionisopenfrom3:40PMto4:00
PM.

Duringthissession,peoplecanplacebuy/sellordersinequity(deliverysegment
usingtheCNCproductcode)atthemarketprice,butdonotethatevenifyou
placeamarketorderitwillbeplacedontheexchangeattheclosingprice.

Forexample,iftheclosingpriceofRelianceat3:30PMisRs.800,between3:40
PMand4:00PM,youcanplacemarketorderstobuy/sellRelianceatmarket
price(willbetakenatRs.800).

Post-marketsessionisnotveryactiveandyoucanlookatthemovementofstocks
byopeningthemarketwatchwindowfrom3:40PMto4:00PM.

17. AMO:ThisfacilityisavailableonanyDPforpeoplewhocan’tactively
trackthemarketsfrom9:15AMto3:30PM.

Youcanplaceordersanytimefrom3:45PMto8:57AMforNSE&
3:45to8:59AMforBSE(untiljustbeforethepre-openingsession)for
theequitysegmentandupto9:10AMforF&O.

Soyoucouldplanyourtradesandplaceyourordersbeforethemarket
opens.

After-marketorderscanbeplacedonalltheexchangesegments.
Pleasenotethatifyouplaceanyafter-marketorderbetween9:15AM

Pleasenotethatifyouplaceanyafter-marketorderbetween9:15AM
and3:45PM,theywillberejected.

AMOisallowedonlybetween3:45PMand8:59AMforequityandup
to9:10AMforF&O.

Forcurrencyderivatives,AMOisallowedfrom3.45PMtheprevious
dayto8:59AMonly.

https://zerodha.com/varsity/chapter/clearing-and-settlement-
process/

18. Stock Exchanges
1. Bombay Stock Exchange

Founded in 9
th
July, 1875

Founder PremchandRoychand

Founder PremchandRoychand

Key People VikramjitSen, Chairman
SundararamanRamamurthy, MD and CEO

HeadquarterMumbai, India

Number of Listings5,439 Companies

BSEisAsia'sfirstandtheFastestStockExchangeinworldwiththe
speedof6microsecondsandoneofIndia'sleadingexchangegroups.
In2013,BSEupgradeditstechnologyplatformtoBoltPlus,whichis
basedonthebusinessarchitectureofglobalgiantDeutscheBörse.

19. 2. National Stock Exchange

Established in 1992

GirishChandra Chaturvedi, Chairperson

AshishkumarChauhan, MD and CEO

NSEisranked4thintheworldincashequitiesbynumberoftradesasper
thestatisticsmaintainedbytheWorldFederationofExchanges(WFE)for
thecalendaryear2021

Firstdematerializedelectronicexchangeinthecountry.

Number of Lists 2002 (As of October 2021)

Theexchangewasincorporatedin1992asatax-payingcompanyandwas
recognizedasastockexchangein1993undertheSecuritiesContracts
(Regulation)Act,1956,whenP.V.NarasimhaRaowasthePrimeMinisterof
IndiaandManmohanSinghwastheFinanceMinister.

20. 
3.OvertheCounterExchangeofIndia

Foundedin1990andstarteditsfunctionintheyear1992

Owner:undertheownershipofMinistryofFinance,GovernmentofIndia.

Mr.PraveenMohnot,MD

ItisIndia'sfirstexchangeforsmallcompanies,aswellasthefirstscreen-
basednationwidestockexchangeinIndia

OTCEIispromotedbythe UnitTrustofIndia,theIndustrialCreditand
InvestmentCorporationofIndia,theIndustrialDevelopmentBankofIndia,
theIndustrialFinanceCorporationofIndia,andotherinstitutions,andisatheIndustrialFinanceCorporationofIndia,andotherinstitutions,andisa
recognisedstockexchangeundertheSCRAct.1956

TheOTCExchangeOfIndiawasfoundedin1990underthe CompaniesAct
1956andwasrecognizedbytheSecuritiesContractsRegulationAct,1956asa
stockexchange.

21. SEBI Trading Mechanism
ThetradingonstockexchangeinINDIAusedtotakeplace
throughopenoutcrymethodwithoutuseofinformation
technologyforimmediatematchingorrecordingoftrades.

Thiswastimeconsumingandinefficient.

Thisimposedlimitsontradingvolumesandefficiency.

Inordertoprovideefficiency,liquidity,andtransparency
NSEandBSEintroducednationwideonlinefullyNSEandBSEintroducednationwideonlinefully
automated“SCREENBASEDTRADINGSYSTEM”

BSE’SscreenbasedtradingisknownasBOLT-Bombay
OnlineTrading
(AlsocalledasBSE-OnlineTrading)

NSE’sscreenbasedtradingisknownasNEAT-National
ExchangeforAutomatedTrading.

22. ANonmemberisnotpermittedtoenterthehallofstock
exchangeandcannotcarryonbiztransactionspersonally.

FollowingaretheStepsinvolvedinthetradingonstock
exchange

Step1:FindingaBroker

Step2:OpeninganAccountwithBroker

Step3:Placingtheorder

Step4:Executingtheorder

Step5:PreparationofContractNotes

Step6:SettlementofContracts

TypesofOrders(ReferSlideNo:13)

23. Screen Based Trading

TheScreenBasedTradingPlatform isapieceofcomputer
softwarethatallowsuserstoplaceordersforfinancialproducts
overanetworkwithafinancialintermediary.

Theseproductsincludeproductssuchasstocks,bonds,
currencies,commodities,andderivatives.

ThefirstwidespreadelectronictradingplatformwasNASDAQ.

Theavailabilityofsuchtradingplatformstothepublichas
encouragedasurgeinretailinvesting.

Theseplatformsareavailableonmobiledevices

Bothbuyerandsellercanseethesecurityprice

24. Steps Involved in Screen Based Trading for Buying and Selling of Securities
Step-1
•Selection of Broker
•Approach a registered broker
•Sign a broker client agreement and client registration form
•Provide certain other information and details
•Broker opens a trading account in the name of investor
Step-2
•Opening of a DematAccount
•Go to a DP
•Open a DematAccount or Beneficial Owner
•Open a Bank Account for Cash Transactions
•Placement of Order
•Go to broker
Step-3
•Go to broker
•Place an buy or sell order
•Give clear instructions about number of shares, and the price etc.
•Broker gives order confirmation slip to the investor
Step-4
•Execution of Order
•Broker will go online
•Connect to the main stock exchange
•Match the share and best price available
•Order will be executed electronically
•Broker gives trade confirmation slip to the investor
•Within 24 hours the broker issue a contract note (incl: order no, no of shares bought/sold, date price etc)
Step-5
•Settlement of Order
•Settlement cycle is T+2 days

25. Advantages of the Screen-based Trading System

Itelectronicallymatchesordersonastrictprice/timepriorityand
hencecutsdownontime,costandriskoferror,aswellasonfraud
resultinginimprovedoperationalefficiency.

Itallowsfasterincorporationofpricesensitiveinformationinto
prevailingprices,thusincreasingtheinformationalefficiencyof
markets.

Itenablesmarketparticipants,irrespectiveoftheirgeographical
locations,totradewithoneanothersimultaneously,improvingthelocations,totradewithoneanothersimultaneously,improvingthe
depthandliquidityofthemarket.

Itprovidesfullanonymitybyacceptingorders,bigorsmall,from
memberswithoutrevealingtheiridentity,thusprovidingequal
accesstoeverybody.

Italsoprovidesaperfectaudittrail,whichhelpstoresolvedisputes
bylogginginthetradeexecutionprocessinentirety.

26. 1. BOLT: Bombay Online Trading
BOLTPlusOnWeb-BOW isapowerfulrealtimetrading
solutionprovidedbyBSETechInfraServicesPvtLtd.

TheapplicationisavailableasaHostedsolutionandallows
theusertowatchrealtimemarketpricesandexecuteordersin
multipleexchangesandmarketsinstantaneously.

Theapplicationisre-designed,engineeredaccordinglyto
providerichuserexperience.providerichuserexperience.

TheapplicationissupportedbyrobustBackendenginesof
OMS,RMSwithhorizontalscalabilityandiscapableof
handlinghigheruserconnections.

TheTradingApplicationisavailableinexe(Desktop)and
Mobile(AndroidandiOS).

27. NEAT-NSE’s Screen Based Trading

NEATisascreen-basedtradingsystem.

NSEalsooffers“NEATPlus”packagethatprovidesmemberstradingin
multiplemarketsontheexchangewithaunifiedtradinginterface.

NSE’sscalabilityallowsittoaddadditionalhardware“on-demand”to
supporthighertradingvolumesandhencemaintainahighuptimerecord
andlow-latencylevelfortradeordersfromterminals.

NSEconductsperiodictestingandcapacityenhancementsasthenumberof
NEATusersandtradingloadsincrease.NEATusersandtradingloadsincrease.

TradingdataonNEATisreleasedalmostinstantaneouslytoalltrading
membersonNEAT.

Nowislicensedtradingsoftwarethatoffersdirectconnectivitytoour
exchangefortradeexecutionanddatafeedsthroughtradingterminals,web-
basedbrowsersandmobiledevices.

Nowsupportstradinginalloftheproductsonourcashandderivatives
markets,aswellasmutualfundunitsonourexchangeandtradingonother
exchanges.

Membersareabletoaccesssmartorderrouting,historicalandreal-time
intra-daychartingandotheruserfriendlytools.

28. Mechanism of Online Trading

BSE/NSEhasmaincomputerwhichisconnectedthrough
“VERYSMALLAPERTURETERMINAL”(VSAT)installedat
itsoffice.

Themaincomputerrunsonafaulttolerant“STRATUS”

Themaincomputerrunsonafaulttolerant“STRATUS”
mainframecomputerattheexchange.Brokershave
terminalsinstalledattheirpremiseswhichareconnected
throughVSATS.

29. Trading Network