In 2005, the Securities and Exchange Board of India (SEBI) issued a circular to stock exchanges directing them to get affidavits from brokers / sub-brokers operating trading terminals, targeting use of unauthorised software. The link to the circular is here:
http://www.sebi.gov.in/circulars/2003/cir3403.html
Read the first clause of the affidavit format. The requirement that SEBI's prior approval be sought before modifying any part of the terminal software is directly in conflict with terms of FOSS licenses like the GPL.
This may have a bearing on the use of open technologies on trading platforms. Can any of the enlightened comment on what can be done to level the playing field for FOSS? Have any of the developers come across emphasis on use of closed technologies for compliance with SEBI requirements?