Explained: What SEBI’s draft stock exchange technology rules propose

Download a copy of the consultation paper here. The Securities and Exchange Board of India (SEBI) has proposed opening up Direct Market Access (DMA) to all categories of investors as part of a broader overhaul of technology and trading infrastructure rules for stock exchanges. DMA allows investors to place orders directly into an exchange’s trading system through a broker’s infrastructure, without manual intervention from the broker’s dealing desk.