and forcing them to adopt SBTS also. Today India can boast that almost 100% trading take place through electronic order matching. Technology was used to carry the trading platform from the trading hall of stock exchanges to the premises of brokers. NSE carried the trading platform further to the PCs at the residence of investors through the Internet and to handheld devices through W A P for convenience of mobile investors. This made a huge difference in terms of equal access to investors in a geographically vast country like India. The trading network is depicted in Figure 1.1 NSE has main computer which is connects through Very small Aperture Terminal (VSAT) installed at its office. The main computer runs on a fault tolerant STRATUS mainframe computer at the Exchange. Brokers have terminals (identified as the PCs in the Figure1) installed at their premises which are connected through VSATs/leased lines/modems. An investor informs a broker to place an order on his behalf. The broker enters the order thorough his PC, which runs under Windows NT and sends signal to the satellite via VSAT/leased line/modem. The signal is directed to mainframe. FIGURE 1.1
DEPOSITORY SERVICES-AN OVERVIEW The Act defines Depository as, An organization where the securities of a shareholder are held in the form of electronic accounts in the same way as a bank holds money. The Depository holds electronic custody of securities and also arranges for transfer of ownership of securities on the settlement dates.
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