Introduction of Smart Order Routing

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....y choose the execution destination based on factors viz. price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. 2) Upon examination of the proposal, feedback of the stock exchanges and based on the recommendations of the Technical Advisory Committee, it has been decided to permit Smart Order Routing in Indian Se....

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....ge shall communicate its decision to the broker within 30 calendar days of the date of receipt of application by the exchange. v. Stock exchange shall ensure that brokers adhere to the best execution policy while using Smart Order Routing. vi. Smart Order Routing facility shall be provided to all class of investors. vii. Stock broker shall enter into a specific agreement with the client to p....

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....nge shall ensure that Smart Order Routing is not used to place orders at venues other than the recognised stock exchanges. xii. The stock broker shall carry out appropriate validation of all risk parameters before the orders are placed in the Smart Order Routing system. xiii. Stock exchange shall provide unique identification number for the orders placed through Smart Order Routing system. Fur....

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....changes shall share necessary data as and when required in order to facilitate necessary examination. xviii. Stock exchange shall synchronise their system clocks with atomic clock before the start of market. xix. The broker server routing orders placed through Smart Order Routing system to the exchange trading system shall be located in India. xx. All other existing obligations for the broke....