Market participants would now need to think twice before they default as a new website launched by the BSE Brokers Forum has a section where members can share information about defaulting clients.
The BSE Brokers Forum (incorporated in 1993) launched its website (www.bsebrokersforum.com) yesterday at the BSE Convention Hall, Mumbai. The website was launched by JN Gupta, executive director, Securities and Exchange Board of India.
The website has powerful features for assisting the trading members of the stock exchanges in their day to carry out daily activities—like a compliance calendar where compliances deadlines would be readily available to members.
Those looking for a job in the financial markets have a reason to cheer as the website also has an employer’s corner wherein job-seekers can find vacancies.
The striking feature of the website is the section dealing with client defaults.
Here, members can share between themselves details of defaulter clients. Due to the transparency created by the information shared in this process, it is expected that activities of rouge elements who try to disturb the market equilibrium by ‘broker hopping’—defaulting at one member and trading at another—would be curtailed.
Any important documents and new rules by either the NSE or BSE can be downloaded from the ‘downloads’ section. — Ravi Samalad