The Stock Exchange Mumbai (BSE), India’s oldest stock exchange, is planning to launch a trading platform where investors will be able to execute orders over their mobile phones, said Madhu Kannan, Managing director and Chief Executive Officer of BSE. The exchange is awaiting permission from market regulator Securities and Exchange Board of India (SEBI).
Speaking at an award distribution ceremony organised by MoneyLife magazine, Mr Madhu Kannan said, “BSE will be launching a handheld order execution platform with the same amount of risk control and risk management subject to regulatory approvals.”
“People are spending more time on mobile phones these days. India has around 400 million mobile phone users and if we compare that to the (current figure of) 8 million investors, we found that there is a huge potential to leverage this medium,” added Mr Kannan.
In order to further connect with investors across the country, BSE is in the process of launching its website in various regional languages. Currently the BSE website is available in English, Hindi and Gujarati.
“Taking a cue from the banking sector, BSE is planning to set up similar platforms over the next five to six months to penetrate the regional market,” said Mr Kannan.
In order to boost financial literacy among students, the BSE has already tied up with various institutes and colleges to award degrees. Two degree programmes have already been launched this year and the BSE plans to increase the number of programmes, the BSE chief added. — Ravi Samalad