The Securities Exchange Board of India has established a ten-member committee to advise it on financial and regulatory technologies to modernise the Indian securities market.
The panel will be chaired by Mohandas Pai, chairman of Manipal Global Education, according to a notice on the market regulator's website. Other members of the panel also include Paytm founder and chief Vijay Shekhar Sharma, AP Hota, chief of the National Payments Corporation of India, and Pramod Varma, the chief architect of the Aadhaar identification system.
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 panel will also work towards reducing the overall costs of transaction and improve ease of doing business through financial technologies in the Indian securities market, the terms of reference on SEBI's website said.
Scope Of Fintech Panel
The scope of the the newly established panel will also include:
- Preparing regulatory framework to adopt new fintech solutions.
- Capacity building of technology in the Indian market.
- Creation of cyber security standards.
- Drawing up a technology risk management framework for market participants.
- Assessing technology solutions for SEBI's regulatory functions.
- Recent and medium term trends in Fintech developments in global securities market.
- Opportunities and challenges from new Fintech solutions.
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