Sebi Looks to define algo trading in brokers' rulebook
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Mumbai: The Securities and Exchange Board of India( Sebi ) has proposed to include the definition of algorithm and proprietary trading in the stock brokers' regulations.The current rules do not have any definition for such trades done by brokers. Under the proposal, Sebi said algorithmic trading would mean any order generated or placed using automated execution logic.The regulator said it was revamping the stock brokers' regulations to incorporate new requirements that have arisen due to changes in market practices and the regulatory environment.Last month, Sebi had temporarily barred US-based Jane Street from accessing the securities market for allegedly manipulating stock indices.Sebi has proposed to allow stock brokers access to the negotiated dealing system-order matching (NDS-OM) platform. Currently, banks and primary dealers mainly use this platform for trading in government securities."In order to permit stock brokers to carry out other activities, as may be specified by SEBI from time to time, such as accessing NDS-OM for trading in government securities and to undertake securities market related activities in GIFT-IFSC under a separate business unit...it is proposed to have an enabling provision in the regulations," Sebi said in a discussion paper on Wednesday."In such a case, transactions made by a stock broker in any other platform under the guidelines of the respective regulator or authority shall be under the purview of the said regulator or authority," it said.Sebi has also proposed to define Execution Only Platform as any digital or online platform which facilitates transactions such as subscription, redemption and switch transactions in direct plans of mutual fund schemes.
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