BSE offers API-based connectivity facility to its trading members by which they can use third party trading front-end software to trade on the Exchange using the ETI (Enhanced Trading Interface) APIs. This software may be developed by in-house teams of trading members or procured through ISVs registered by the Exchange. Additionally, this software shall include non-exchange terminals used for trading / Internet based trading (IBT)/ Securities trading through Wireless Technologies (STWT)/ Direct Market Access (DMA)/ Smart Order Routing (SOR).
Exchange has enabled Independent Software Vendor (ISV) registration process via circular no 20150422-33 dated April 22, 2015, for registration of software vendors developing trading front-end software systems to trade on the Exchange.
Further to the above process, it is proposed to enable “Application Service Provider (ASPs) registration process” for software vendors who are desirous of providing ASP-based software services to trading members to trade on the Exchange.
Procedure for registration:
· ASP shall apply to the Exchange in the prescribed formats (attached herewith as Annexure - 1). Exchange shall consider only those applications for registration that are complete in all respects.
· The ASP shall request to the Exchange for availing the connectivity to the Exchange test / simulation environment for testing their software.
· On satisfactory completion of testing on the Exchange test /simulation environment, the ASP shall give a comprehensive demonstration of their software to the Exchange.
If the software is found to be satisfactory and meeting SEBI / Exchange prescribed minimum requirements, the ASP shall be provided approval for that software.
It may be noted that this approval does not, in any manner, represent or warrant that their registered software shall be free of any error, omission, defect, bugs, shortcoming or limitation of any nature whatsoever. The ASP is solely responsible for ensuring that their registered software does not result in any market abruptions, aberrations or disturbs/affects the integrity of the market / sanctity of price discovery mechanism. Further, the ASP shall be solely liable for all/any dysfunctional, erroneous or disorderly functioning through their registered software and for the consequences arising out of such functioning. The Exchange shall not be responsible for any consequences arising out of such functioning of their registered software. Further, the ASP shall at all times ensure that their registered software shall not be used for any purpose that is contrary to the applicable notices /circulars, Byelaws, Rules and Regulations of the Exchange and/or SEBI.
Charges for ASP registration:
The charges as mentioned below shall be applicable to registered ASPs -
· One-time fee of Rs. 5 lakhs plus applicable taxes
· Recurring annual fee of Rs. 1.25 lakhs plus applicable taxes
The ASP shall pay Rs. 5,00,000/- as one-time fee at the time of registration. An annual fee of Rs. 1,25,000/- for the first year on pro-rata monthly basis shall be applicable once registration is approved. The annual fee shall be payable by 30th April of each year. An interest of 18% will be levied on delayed payment.
Periodic System Audit of the Registered ASP-based Software
The ASP shall ensure that the periodic audit report is to be submitted as per exchange circular 20230519-13 dated May 19, 2023 at trading.app@bseindia.com
De-registration process of ASP:
Any ASP vendor who wishes to discontinue as registered ASP need to inform the Exchange before 20th day of April.
In case of any queries / clarifications, ASPs may reach out to the Exchange at trading.app@bseindia.com or contact 22725012/5116.
For and on behalf of BSE Ltd
Ketan Jantre Sanjay Pardiwala
CGM – Trading Operations DGM – Trading Operations |