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|May 26, 1997||
Capital markets infotech reviewedThere is an urgent need to keep updating technology related to capital markets and stock exchanges so as to match the efficiency level of advanced markets, Dr Ajay Shah, former president of the Centre for Monitoring Indian Economy said today.
"Though the telecom policy provides only restricted use of the Internet, we will have to upgrade our technology soon so that banks, depositories, insurance and broking firms can equally participate in the trading.
"We already have good links among clearing houses and banks, and brokerage firms and exchanges, but we do not have a good link between brokerage firms and clearing houses," Dr Shah told a day-long conference on 'Global Technology Solutions for the Indian Security Industry 1997'. It was organised by the Invest India conference.
He said that in the days to come networking would become more and more complex and would threaten security. The new technology solutions would have to be designed while keeping security in mind, he stressed.
Dr Shah said the present screen-based trading system should be upgraded so that some analytical calculations could be made at the brokers' end. "Business logic has to be there in the software," he insisted.
Leading broker Mahendra N Kampani claimed that the software being used by the Bombay Stock Exchange is one of the best in the world. He said "The infrastructure we are using supports a lot many systems."
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