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Markets regulator Securities and Exchange Board of India’s (Sebi’s) proposal of treating all orders emanating from application programming interface (API) as algorithmic (algo) orders has rattled tech firms that deal in trading software and applications.
Many are planning to approach the regulator as they believe this approach could stifle innovation and set the markets back.
Nithin Kamath, chief executive officer of Zerodha, India’s largest broking firm, believes the proposal, if implemented, may force brokers to stop offering APIs altogether.
“India is emerging as a tech capital of the world. This would mean taking two-steps backward in a technology-first world. Disallowing APIs will also
