To enhance transparency in Stock market tradings, the Bombay Stock Exchange has taken the lead in providing SMS of transaction details to mobile phones and Email accounts of investors from tomorrow. The move, a first of its kind in the country, is aimed at checking unauthorised stock market trades through investor accounts. The National Stock Exchange (the NIFTY's) SMS service to all investors is also slated to begin from the 15th of this month.Our correspondent reports, the move follows complaints against brokers and other market entities conducting transactions through accounts of their clients without the knowledge of the investor concerned.The BSE said, in a statement that as per SEBI circular, it will commence the service of sending SMS to all investors as per the details of the investor available in the Unique Client Code,(UCC) database. Investors will also have the facility to inform BSE whether the details received through SMS do not pertain to them. The BSE had earlier issued a circular in this regard to its trading members to upload mobile numbers and email IDs of their clients in UCC database of the exchange, to facilitate dissemination of such trade alerts.To check unauthorised stock market trades through investor accounts, market regulator SEBI had asked Stock exchanges to send SMS/ Email alerts to every retail investor for all transactions in their names in a day. SEBI had made the proposal in August last year.
News On AIR | October 11, 2012 6:48 PM
BSE providing SMS of transaction details to mobile phones, email accounts of investors from tomorrow