Smart Order Routing (SOR) - Clarification

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....tion of Smart Order Routing'. Upon examination of the circulars issued by the stock exchanges having nationwide terminals and representations received from few market participants, it has been decided to modify the aforesaid circular as under: (i) The point 3(vii) of the aforesaid circular is modified as follows: Stock Broker shall communicate to all clients the features, possibl....

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....r routing facility.  (iv) The point 3(iv) of the SEBI circular no. CIR/MRD/DP/26/2010 dated August 27, 2010 is modified as follows: Stock exchange shall communicate its decision to the broker within 30 calendar days from the date of receipt of complete application by the stock exchange. Stock exchange shall not consider testing and demonstration of the SOR system/software as....

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....proved brokers to offer SOR facility through all their servers irrespective of their location in India. 2) The Stock Exchanges are advised to: i. put in place the adequate systems and issue the necessary guidelines for implementing the above decision. ii. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above iii.....