Intellect Softwares has deployed an IVR integrated Call Recording and Trade execution systems at various clients giving them a full proof compliant trading system. This is based on the superior performance, reliability and availability of qualified developers to support the application for the long run...
To prevent unauthorised trading activities, markets regulator Securities and Exchange Board of India (Sebi) on Tuesday directed stock brokers to compulsorily keep record of orders placed by clients from 1 January 2018. Under the stricter regulatory framework, stock brokers have to compulsorily "use telephone recording system to record the instructions and maintain telephone recordings," In case the client is giving the orders on phone. Issuing a circular to the stock exchanges, Sebi said that in spite of measures taken, a considerable proportion of investor complaints is of the nature of 'unauthorised trades. " it has now been decided that all brokers shall execute trades of clients only after keeping evidence of the client placing such order," the circular said. The evidence could be physical record written and signed by client, telephone recording, e-mail from authorised ID, log for internet transactions, record of SMS messages or any other legally verifiable record, as per the circular.
Any order that is placed through the dealer is first send to the intermittent middle ware system which checks with the IVR System for a valid on going call with the client.
If the IVR identifies the ongoing call it returns the recording ID of this call, this recording ID tagged along with order and sent to the trading system for further processing….
If client has not called on a recorded line, e.g., mobile number of the dealer, IVR will return a failure response.
If the OT matches with the records order will be sent to the exchange.
The dealer will find this order in process window, where he has to enter the OTP received by the client.
When the intermediate system receives a failure response, it initiates an OT to the client with complete order details and sends these orders to in process queue.
In process order is valid for only two minutes.
Complete logs for the entire OT process are tagged along with the order and trace a log is also available with the compliance team for audit.