To start with only 22 connections have been put in place with some broker members having even taken up the BOLT terminals. Trading on the BOLT terminals also began with the start of the on-line trading on JSE.

Much will depend upon the success of the on-line trading system in the local bourse on how the market behaves in the next couple of days. Of the 590 odd members only 22 have so far come forward to make investments for joining the on-line trading.

Speaking on the occasion, Mehta said that it was Sebi's main objective to make the entire trading process more and more transparent. On-line trading was a decisive step in that direction. However, he added that the role of Sebi was purely `regulatory in nature' and so far it had done its job well to protect the interests of the small investors.

Mehta said that hewanted the market to become more efficient and strong so that small investors had a greater role to play.