IIFL Securities launches API marketplace NOVA for trading and investing community
IIFL Securities Limited, one of India’s leading brokerage and investment advisory firms, today said that it has launched its infrastructure-as-a-service (IAAS) platform, NOVA, for the trading and investing community. A first-of-its-kind innovation by IIFL Securities – NOVA brings a marketplace for APIs, web sockets and plug-ins with a plethora of use-cases defined for building seamless fintech journeys and robust analytics or systematic trading applications.
Trading has evolved a lot over the years from the era where every order used to be placed over the phone calls. Digital applications have become a basic hygiene for trading nowadays. The Indian retail traders and investors have also adapted quickly to these digital platforms offered by stock broking firms. Along with the technological shift, the way of trading is still bringing innovation in the Indian markets. Introduction of various analytical tools, indicators, charts, strategies etc. are penetrating the discipline of traders. Each trader or investor has its own way of end-to-end trading.
IIFL Securities’ NOVA has come up with the vision of growing the entire stock market community by providing its backend infrastructure in its API marketplace to each and every of its customers, franchisee as well as fintech partners. Various kits of APIs, web sockets and plug-ins for building applications end-to-end from authentication system and market data to trading and managing portfolios are a part of the package which comes along with NOVA. IIFL Securities is providing all the features completely free of cost for its users.
Commenting on the launch, Nandkishore Purohit, Chief Digital and Technology Officer at IIFL Securities, said, “We are always keen to make the trading easier for our users. We believe NOVA will not only help our customers and partners to optimize their capital efficiently with digital custom applications, it will also prepare them for the future of the stock market industry in India. Together, we all can build and make stock market trading simpler, safer and interesting for everyone.”
IIFL Securities is on the path of accelerated digital transformation and has set up the IIFL Securities innovation hub with hundreds of top engineering and management professionals from institutions like IIT, IIM and NIT. The firm is also investing and stitching partnerships with relevant fintechs to nurture innovation for the investing and trading community