NSE cracks down on IVR order confirmations

The National Stock Exchange of India (NSE) has issued a directive prohibiting the use of interactive voice response (IVR) systems for order confirmations, a move widely welcomed by market participants concerned about potential misuse.

In a circular released on 13 March 2025, the NSE clarified that orders initiated by trading members on behalf of clients through IVR systems, where confirmation is obtained by pressing a predefined number, will not be considered legally verifiable records of order placement.

The NSE's move is rooted in concerns about the vulnerability of such systems to manipulation.

Trading members are required to ensure compliance with the new directive by 15 May 2025.

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