Leading stock exchange NSE has decided to do away with physical submission of documents by stock brokers seeking approval for offering direct market access trading facility to their clients, from June 28.
Now, NSE would be providing online submission of DMA approval applications.
DMA facility allows investors a direct access to the stock exchange's trading system without any manual intervention by the broker.
"On the basis of feedback received from members, the exchange is pleased to announce a facility for members seeking permission for offering DMA trading facility to their clients through our dedicated electronic member interface 'ENIT'," NSE said in a statement today.
"This facility shall be effective from start of business hours on June 28 and physical application process shall be discontinued from the said date," it added.
Some of the benefits of DMA facility include direct control of clients over orders, faster execution of their orders, reduced risk of errors associated with manual order entry and lower transaction costs.
As per norms, DMA facility is available to institutional clients only.
