Sebi reduces approval time for internet-based trading
The Securities and Exchange Board of India (Sebi) has sped up the process of stock brokers getting approval from stock exchanges for internet-based trading to 7 days from the current 30 days.
The move aims to improve the ease of doing business in stock markets and “remove obsolete compliance requirements related to activities of market infrastructure institutions,” Sebi said in a circular on Thursday.
According to the rule, the broker is required to apply to the respective stock exchange for a formal permission to provide internet-based trading service. After which the relevant stock exchange is required to communicate its decision to the member, now within 7 calendar days, down from 30 days earlier.
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