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of <h1>Securities Board Requires Straight Through Processing System for Institutional Trades Starting July 1, 2004 Under SEBI Act.</h1> The circular mandates the implementation of the Straight Through Processing (STP) System for all institutional trades starting July 1, 2004. It details the system flow, requiring STP users to send digitally signed instructions to their service providers, who verify and forward messages either directly to recipients or through a centralized hub. The hub verifies signatures, sends acknowledgments, and forwards messages to recipient service providers, who then pass them to users after verification. Inter-operation is facilitated via client software provided by the centralized hub. The circular is issued under the Securities and Exchange Board of India Act to protect investor interests and regulate the securities market.
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