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Sebi Studying Financial Technology Solutions For Capital Markets

The move is part of the regulator's efforts to reap the opportunities provided by fintech as also to deal with relevant risk and challenges, Sebi said in a statement.

PTI

Updated:August 3, 2017, 8:53 PM IST
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Sebi Studying Financial Technology Solutions For Capital Markets
In this file photo, the logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai. (Reuters)
New Delhi: Regulator Sebi on Thursday said it has set up an advisory committee to examine the use of latest financial technology solutions for further widening and deepening of Indian securities market.

The move is part of the regulator's efforts to reap the opportunities provided by fintech as also to deal with relevant risk and challenges, Sebi said in a statement.

The 10-member panel, headed by Manipal Global Education chairman T V Mohandas Pai, will examine and advice Sebi on recent and medium-term trends in fintech developments in securities market globally; opportunities and challenges from the new solutions and its impact on Indian securities market.

Other members include Paytm chief Vijay Shekhar Sharma; NPCI Managing Director and CEO A P Hota; Anup Bagchi, former MD and CEO at ICICI Securities; and Pramod K Varma, former technology architect of Aadhaar.

"Application of technology in financial markets ischanging the way financial markets traditionally have functioned. Technology is affecting financial markets through various channels be it technology driven financial market platforms for fund raising (such as peer to peer lending, crowd funding)," Sebi said.

Besides, online access to investment products (e-KYC, online mart investment products, robo-advisory, and online portfolio management); post-trade market for securities (through new database technologies such as blockchain and other distributed ledger technology); product and process innovation (algorithmic trading, algorithmic driven synthetic investment products, virtual currencies, digital payment gateways) are also impacting, it added.

"With technology driven revolution in the financial markets, regulators are faced with the challenges as well as opportunities to evolve their functioning more effectively through adoption of new technology solutions," Sebi said.

The Securities and Exchange Board of India (Sebi) said the committee would recommend about fintech solutions for further widening and deepening of Indian securities market through financing platforms, both traditional and alternative like peer-to-peer lending and equity crowd-funding.

The panel will study the framework for regulatory sandbox in market conditions to facilitate adoption of fintech and promote financial innovations.

It would prepare Indian securities market and regulatory framework "to adopt to new fintech solutions while promoting market integrity, market development, consumer protection and managing change, business models and market disruptions".

Besides, it would assess technological solutions for regulatory functions by Sebi - information management and data mining, risk management including cyber security, intermediary supervision and consumer protection through application of new technological solutions like application of data analytics and artificial intelligence.

The committee would also examine cyber security at system level for securities market and suggest the creation of cyber security standard, as per the latest update with Sebi's website.

In February, Sebi had said it would very soon form an advisory committee on financial technology
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