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Direct Market Access (DMA)


The Securities & Exchange Board of India (SEBI) has approved providing Direct Market Access (DMA) facility and has issued circular no.MRD/DoP/SE/Cir-7/2008 dated April 03, 2008

Direct Market Access (DMA) facility through Computer to Computer Link (CTCL) allows members to provide direct trading terminals only to Institutional clients through various connectivity modes. Direct Market Access (DMA) is used to describe clients / investor accessing the market directly using CTCL software of a trading member and routing the orders through the trading member’s infrastructure.

Members seeking permission for offering Direct Market Access (DMA) are required to ensure compliance with the minimum conditions specified in the SEBI circular

  1. Submission of documents by the member as per the circulars download no NSE/MSD/41332 dated June 17, 2019 and NSE/CMTR/12289 dated April 21,2009.
  2. Approval to the member by NSE.

The Securities & Exchange Board of India (SEBI) have provided clarification regarding introduction of facility for Direct Market Access (DMA) facility and has issued circular no. MRD/DoP/SE/Cir-3/2009 dated February 20, 2009.

Members seeking permission for offering Direct Market Access (DMA) are required to ensure compliance with the minimum conditions specified in the SEBI circular.

Investment Manager is registered as a market intermediary or regulated under the laws of relevant jurisdiction.

Institutional investors may use DMA facility through investment managers after due authorization and upon furnishing to the broker/exchange suitable agreements/ undertakings between the institution and investment manager stating, inter alia, that the institutional investor shall be responsible for all actions undertaken by its authorized investment manager. Such investment managers may execute necessary documents on behalf of the institutional investor.

Members applying for seeking permission for availing Direct Market Access facility to clients through Investment Manager refer to circular download no NSE/CMTR/12289 dated April 21,2009.

Download circular no: NSE/CMTR/21430 dated August 07, 2012 (.zip)

Download circular no: NSE/CMTR/12289 dated April 21, 2009 (.htm)

Updated on: 20/03/2020
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