Member Due Diligence as per All Financial Institutions and Trade execution systems at various clients going down is full proof validation process for us. Our IVR system is built on great security, reliability and availability of qualified developers to support the applications for the long run.
To prevent unauthorized trading activities, markets regulator Securities and Exchange Board of India (SEBI) on Tuesday directed stock brokers to compulsory implement the IVR system effectively from 1 January 2018. Under the order tagging system, once a client places an order through telephony, (telephone or mobile) the system should record the conversation on telephone and/or mobile and parse the details, giving the order tagging number as a reference to the order. Furthermore, SEBI said that in case of a market crises, it becomes paramount of common concerns in the nature of "unauthorized trades". It has been noticed that in some of the cases, orders placed by clients through telephone, was part of the order placing, cash, credit or rollover order. The conversation should be physical or vocal recorded, agreed by client, telephone recording, email from registered ID, fax to registered fax machine or physical paper based record, are the latest available source to prove the record.
Any order that is placed through the dealer is first send to the Interception module. Here order details are recorded and then a request for a validation is sent to call with the client.
If the IVR identifies the outgoing call it, returns the validation code to the Interception module to tagged with such order and send to the trading system for further processing.
If client has not called due to network issue, e.g., line busy, no answer, the IVR will result in a failure response.
If the DT matches with the records, order will be sent to the exchange.
The dealer will find the order in process queue and will not enter the same order once received by the client.
When the Interception system receives a failure response, it updates an DT to the object and the order is marked failed and sends these errors to in process queue.
In process order is valid for only two minutes.
Compliance logs for the entire IVR process are tagged with such order and order tagging log is also available with the compliance team for audit.
