Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
An arrangement found in some foreign markets under which a broker is paid to route client orders to a particular firm rather than to an exchange.
Not part of the Indian arrangement. Your order reaches the exchange order book, and the broker is paid by the brokerage shown on your contract note.
The permission required from a broker, and under SEBI's prevailing rules, before certain categories of automated order flow may be routed to an exchange.
The position changes, so check it as it currently stands. What is permitted for personal use differs from distributing a strategy or managing other people's money, and the second triggers registration requirements.