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|May 29, 1997||
Wipro bags NSE's first online surveillance system contractWipro Infotech has bagged the National Stock Exchange's first contract to implement a dedicated online market surveillance system.
The NSE is setting up the online market surveillance system to enhance the integrity of the stock market and to bring in better risk management techniques.
According to NSE authorities, the system can prevent manipulation of prices, members defaulting on payments and people finding out more about the NSE without proper authorisation.
The contract was signed on May 15 by Wipro Corporation Chairman Azim Hasham Premji and NSE Deputy Managing Director Ravi Narain.
Narain said the online system is a necessity in the current extremely complex market scenario so as to contain risks and is vital for market stability.
The system, he said, would strengthen the existing monitoring and control facilities of scrip prices and member positions.
The online system will also help the NSE watch the market and get online alerts on odd market activity from the trading listing system and the settlement system.
The OMSS provides warnings generated by the system as well as those initiated by individuals. It also has a method to investigating and act on alerts. The system allows ingress of news data to aid surveillance staff in investigations.
Wipro plans to use software tools from Tibco Inc, a Reuters subsidiary, and provide surveillance servers on a RISC/Unix platform from Sun Microsystems. The surveillance client end will be Windows NT workstations.
The project is being executed by the solutions and systems integrated division of Wipro Infotech. The division earlier successfully put up the Delhi Stock Exchange Online Trading System and India's first order for routing system for the UTI Securities Exchange Limited to route orders to the NSE.
- Compiled from the Indian media
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