The Securities Exchange Board of India (Sebi) has constituted a ten-member committee to advise the body on matters of financial and regulatory technologies with an aim to upgrade and modernise the Indian securities market.
The panel will be chaired by former Infosys CFO Mohandas Pai, chairman of Manipal Global Education, according to the Sebi website.
The members of the panel include Paytm founder and chief Vijay Shekhar Sharma, chief of the National Payments Corporation of India A P Hota and chief architect of the Aadhaar identification system Pramod Varma, BloombergQuint reported.
The panel will "examine, deliberate and advise Sebi" on fintech solutions for "widening and deepening" of the securities markets through new products like robo-finance, automated trading systems, equity crowdfunding and dark pools.
The committee will advise Sebi to use existing financing platforms -- both traditional and alternative (e.g. peer to peer lending and equity crowd-funding) -- to better effect.
The panel will also work towards reducing the overall costs of the transaction and improve ease of doing business through financial technologies.
The committee will also recommend the approach the regulator should take and the regulatory framework suitable for Indian market conditions.
The objective of the panel will be to prepare the country's securities market for adopting new fintech solutions so that Sebi is able to promote the market integrity, develop the market, protect consumers, support business models, market disruptions and manage changes, Mint reported.
Also, the panel is mandated with the duty to assess technological solutions for regulatory functions. Additionally, the committee will help Sebi in the creation of cyber security standards for the securities market and a technology risk management framework for market participants, said the Sebi release.
