ACML aka ASE Capital Markets Ltd. is the second oldest stock exchange company in India. The roots of ASE aka Ahmedabad Stock Exchange were planted in 1894. The ACML a professionally managed trading company that is participant of BSE (Bombay Stock Exchange Limited), NSE (National Stock Exchange of India Limited), NSDL (National Securities Depository Limited), CDSL (Central Depository Services Limited). It has many SEBI registered brokers and clearing members that carry out trading and related operations in the stock market. The ACML has brokers and clearing members in Ahmedabad, Baroda and some other cities of India. The ACML, itself, doesn’t trade in any shares or stocks. It is a regulatory board to keep the trading and clearing operations streamlined.
The Challenges Faced By The Company
ACML has been in operation since 1984 and it deals with many licensed brokers and traders. These SEBI registered brokers and traders work as advisors for their own clients who are putting their money as an investment in the share market. The system is very well maintained and operated.
In the public interest, the government made a rule that is mandatory to follow by the brokers, agents and ACML itself. This government policy says:
Each call made related to market and trading has to be logged. Each agent and broker must have recorded copy of all calls as well as the agent or broker has to show these logs, as and when an inquiry arises from the legal department or a higher authority.
The rule has been in effect since April 2018 and according to this each agent and broker has to get a voice logger solution. The key challenges faced by the ACML to put this policy into effect are listed below:
- Each broker and agent must have a reliable and robust call recording solution.
- The call recording solution has to support the call recording for all calls made via their mobile and office landline (PSTN) phone.
- The call logs has to be easily accessible for each broker.
- There has to be some mechanism to assure that each broker is adhering this rule cautiously.
- There has to be a way to assure there is no loophole or a loose point to escape from this policy.
- There has to be some backup and failover support.
To overcome all above mentioned concerns, the ACML was looking for a reliable voice logger solution provider that comes with an innovative solution that can meet all requirements, compliances as well as provide on-site services to ACML and its all registered agents, brokers and clearing members. Furthermore, the ACML was looking for a vendor that can be on its toe to provide the support to its members all across India, as and when needed.
The Solution Provided By Elision Technolab LLP
The ACML chose Elision Technolab LLP out of many other vendors all across India. Here is the brief or the process we followed.
Our Business development team had thorough discussions with the representative of the company to understand their complete requirements, network of ACML brokers and legal compliance. After getting the complete view of the required solution and current situation, the business development team passed details to the technical team of the Elision Technolab LLP, so they can offer them a custom voice logger solution that provides all required features and functionalities.
Our technical team made a list of different possible call recording solutions and finally came up with an innovative solution to resolve all concerns of the company by providing a Turnkey Voice Logger Solution. The technical team developed following solutions:
- Voice Logger Hardware: A superior quality voice logger hardware device that is built by keeping the government legislation and policies in mind. This voice logger hardware can be attached to the office landline(s) of the broker and clearing members. Each call made and received through this voice logger hardware will be recorded and stored in the cloud.
- Custom Mobile Application for members and brokers of ACML to assure each call made through the mobile are also recorded and logged in the system. The mobile application has the automated voice logger feature. Along with it, it has additional features like, dialer, contact book, call history, etc.
- Web based User Panel for agents and brokers so they can access the call recording of their own calls, as and when needed.
- Web based Admin Panel for ACML so they can monitor their members and the status of their voice logger solution. They can also notify the member, in case, the voice logger is not in use or inactive. The ACML admin will also have a copy of all call recordings of their all registered members and agents.
- Network Architecture to create a tree of voice logger solution. ACML is at the central point and all other branches of their members are connected with the ACML digitally via our network.
- Added Security by assuring that the call recordings are stored safely on member side as well as a backup copy at ACML. All call recordings are secured and can’t be accessed by an unauthorized person.
The QA and testing team performed all required functional and non-functional testing to assure 100% uptime of the system without compromising security or quality.
The deployment team offered on-site deployment support with the required training and support to ACML and its members, so they can utilize the solution at its best.
How it works? Inbound/Outbound Calling:
- ACML have a central monitoring control of the voice logger system provided to all registered brokers, agents and clearing members.
- The ACML can monitor the voice logger system of its all members across India. They can check whether the voice logger is actively used by the members or not. They can also notify the members when they find any delay or loose-end in this centralized approach and compliance adhering.
- The ACML can also access and hear the call recording of any of its members.
- The members can make calls normally without any additional step from their landline or via the mobile app provided by the Elision Technolab LLP as part of the turnkey voice logger solution. Each call made through voice logger hardware attached to landline or mobile app will be recorded and logged at the member side as well as in the ACML central database.
- The members can access their own call recording at any time using a web based user panel.
Key Features Provided:
- Call Recording.
- Keeping logs of all recorded calls for the ACML member.
- Keeping a mirror copy of call recordings in a central system of ACML.
- A live view of all voice logger systems and their status for ACML.
- A provision of accessing call recording at member’s end as well as at ACML’s end.
Functional Environment of offered Solution:
We offered the turnkey voice logger solution to ACML, which had following functional environment:
- Voice Logger Hardware
- Mobile App
- Call recording
- Call History
- Web user panel for agents
- Call recording
- Web admin panel for ACML
- Live view
- Call recordings
- A network with centralized control
With the implementation of our provided solution, the company was able to meet all its expectation and achieved following results:
- 100% call recording
- Complete compliance of the government policies
- Secure database
- Up and running Voice logger system
- Failover support
We had started by connecting the ACML members in Ahmedabad and now expanding to Baroda and other cities of India.
It was a tough project. Connecting 100s of trading brokers and clearing agents with a call recording system wasn’t an easy thing. We are happy with the solution and support we got from Elisiontec. It helped us to meet the government compliances and also secured and streamlined our processes.
It was a challenging project and we are happy that we pulled it over. We had worked day and night to design scalable network architecture of ACML and its trading and clearing members.
Our Software developers developed the web app and our mobile app developers developed the mobile app to get the features and functionalities needed by the ACML.
Our software engineers finished complete setup and deployment and training phase to assure our clients can use this solution at its best. We are happy to get this innovative solution on the table to resolve concerns of ACML.