https://www.taxtmi.com/circulars?id=59164 Direct Market Access (DMA) permits brokers to give clients direct access to exchange trading systems through broker infrastructure, subject to exchange approval and statutory compliance. Brokers must submit Security Auditor-certified system details; exchanges decide within 30 days. DMA orders must route through brokers' Indian servers, maintain identifiable audit trails for five years, be distinguishable by exchanges, enforce strong access security and unique internal order numbering, and undergo periodic systems audits. Access is limited initially to institutional clients after KYC and due diligence; bespoke agreements must impose pre-release automated risk controls, limits, and permit withdrawal for misuse. Brokers remain fully liable and cross-client trades are prohibited. en-us Thu, 03 Apr 2008 00:00:00 +0530 Thu, 17 Jan 2019 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=59164 Direct Market Access (DMA) permits brokers to give clients direct access to exchange trading systems through broker infrastructure, subject to exchange approval and statutory compliance. Brokers must submit Security Auditor-certified system details; exchanges decide within 30 days. DMA orders must route through brokers' Indian servers, maintain identifiable audit trails for five years, be distinguishable by exchanges, enforce strong access security and unique internal order numbering, and undergo periodic systems audits. Access is limited initially to institutional clients after KYC and due diligence; bespoke agreements must impose pre-release automated risk controls, limits, and permit withdrawal for misuse. Brokers remain fully liable and cross-client trades are prohibited. Circulars SEBI Thu, 03 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=59164