To add on, being open could be an issue only for those using APIs for random people. One person using APIs for their own personal use may not be impacted.
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yes this is my use case. But if someone willing shares keys with others how can it be distinguished from this use case ? You could have 1 ip sending orders for many, but that’s probably not fool proof.
totp as a 2nd factor auth fails here because we can get totp via code too.
But something like a physical rsa device might be acceptable ? That would atleast require the user to share key every time its needed or if he gives up his rsa device itself, then still someone will still need to copy from device.
I don’t know if there is any fool proof way, maybe Zerodha tech can find some way.
The market regulator is only trying to stop algo sellers who promise unrealistic returns to retail traders with its move to regulate API-based algorithmic trading, according to a source who is working closely with the regulator.
The regulator is highly unlikely to interfere with retail traders who aren’t selling algos to others, the insider added.
Doesn’t look good if they are discussing about imposing restrictions on retail traders who run their own algos.
@nithin
Has Zerodha proposed “licensing hassle” for retail traders using API for personal use?
@nithin @MohammedFaisal Thank you so much for answering my queries earlier but can you provide us more context on this news article we see? Should individual retail traders go through the muck of exams to use an api … like for real?
Very disappointing. As an individual trader, why do I need a license to place order via API? No country does this.
I am using my own money. I am using my own code. I am making market efficient.
I am not carrying a GUN! I am just using a simple API!! What is this man? What’s the logic?
To punish few scammer algo providing platforms, you are punishing thousands of innocent people? What type of justice is this?
Government of India is making rules like this on algo trading, AI models, can’t trade outside India etc. Stop giving me reasons to leave INDIA please!
According to “someone” apparently the data discussed in the committee shows that not many retailers are using custom algos … my logic is that an api is a bridge to build a lot of things not just to take trades but also to give ideas on when to take a trade by an analysis software … no 3rd party algo will reach the level of customization required for an individual … classic throw the baby out with the bathwater attitude , sigh …
Lot of the articles on moneycontrol have no substance. I am sure everybody knows that they do a lot of paid articles . Anyways we should wait to see if any legit source says this. Also would like to know about points zerodha made at this meeting. Also if their aim is to regulate algo sellers then mostly new rules will impact them. They surely can’t have exams for this for retail level.That would be funny . It would create so many issues. For e.g. if someone has a HUF account then who is eligible to give the exam. @nithin can you please update. Thanks