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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (6565)	9/9/1999 9:19:00 AM
From: Mohan Marette	Respond to of 12475

A Mumbai based broker takes orders on Net Source : BS Sep 9, 1999, 8:22:05 AM It is a small step which may have significant bearing on how retail investors trade on the Indian bourses. A Mumbai based stock brokerage, Sykes and Ray Equities, has commenced off line Internet trading, which will help retail investors execute a trade by logging on the firm's website. The system works as follows. An investor with Internet access logs on to www.sykesandray.com and places an order to buy or sell. Each client has a unique login name and password that enables him enter the system. Having placed the order, the brokerage receives a written instruction, which is executed by the dealers sitting at Sykes' office in Mumbai. The user end of the system gets a message acknowledging the receipt of the order. As soon as the order gets executed, the user end of the system receives a confirmation. This contains the specific order number (as issued by the exchange), the time at which the order was executed along with price and quantity. The retail investor benefits as he gets access to near real time quotes in the Bombay Stock Exchange and the National Stock Exchange at the user end of the system. According to Sykes & Ray Securities director Anup R Gupta, the new system will help investors where BOLT (BSE's on line trading System) and NSE terminals are yet to make their presence. The sub-broker benefits as he does not have to make huge investments in V-Sat and DoT connectivity. Sykes has a base of sub-brokers spread over 35 cities and has intra-net connectivity in six cities.