SEBI DIRECTS STOCK EXCHANGES TO SEND TRANSACTION DETAILS VIA SMS AND EMAILS TO INVESTORS
As per a latest circular floated by the Securities and Exchange Board of India (SEBI), all stock exchanges will have to send details of transactions in equity cash and derivatives segments to investors through text messages and emails by the end of every trading day. The circular also states that the stock exchanges would have to put in place necessary infrastructure and implement the SMS and email alert facility within the next four months.
This step is being taken by SEBI to put a tab on unauthorized trading. When the stock exchanges have the necessary infrastructure in place for the above, stock brokers will have to upload clients’ details — name, mobile number, correspondence address and email address. Stock Exchanges will then verify details uploaded by the brokers through SMS’s, emails or postal letters. Once details of investors are verified, stock exchanges will begin sending transactions details on a regular basis to investors.
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