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NSE.IT launches WAP-enabled trading

Our Bureau

MUMBAI, Dec. 14

NSE.IT today launched WAP-enabled stock trading for the first time in the country.

Partnering it in the venture is Bharti Telesoft, which has developed the WAP application software and gateways.

Addressing the media at the launch, Prof J.R. Varma, Member, Securities and Exchange Board of India (SEBI), said online trading would gain further impetus with this facility.

``It would be interesting to see whether Internet trade will go the PC way or the mobile way,'' he said. Citing recent trends in Asia, Prof Varma said that there was a clear-cut indication that mobile penetration was higher than PC penetration. ``This is also true of India,'' he added.

``All it means is that a new segment of investing population will come into force. Cross border trading will now also be more seamless,'' he added.

Mr Ravi Narain, Managing Director, NSE, and Chairman NSE.IT, said the facility would revolutionise investor interface with the market. ``Market trend is becoming increasingly information-driven. Mobile technology will bring power to stock market trading by allowing investors to reshuffle their portfolio in light of the changing trends. Mobility itself is the tool which is the difference here,'' he added.

The Delhi-based NSE member GogiaCap.com Ltd was the first stock broking firm to kick off mobile stock trading. The broking firm will charge investors an upfront margin of Rs 1 lakh. It is also offering free handsets to all customers as an introductory of fer.

Commenting on their technology tie-up with NSE, Mr S.S. Sinha, CEO, Bharti Telesoft, said the company had approached NSE.IT with their prototype application.

``WAP brings Internet to the mobile users, which will in turn serve as a platform to usher in e-commerce,'' Mr Sinha said. According to him, today, there were more than 20 lakh mobile users and about 10 lakh Internet users in the country.

NSE.IT and Bharti Telesoft will jointly market this WAP solution to broking community. Mr Sinha however said their tie-up with NSE did not prevent them form offering their application to others.

According to Mr Satish Naralkar, Executive Director, NSE.IT, brokers trading on the NSE already had e-broking products, NeatXS and NeatiXS.

``What they would need is to procure a WAP application software and gateway and PC as initial investment, which would amount to a around Rs 8 lakh,'' he said.

Commenting on the gradual growth of Internet trading, Mr Ravi Narain said that currently Net-based trading contributed to around a turnover of Rs 40 crore.