As she launched an ideathon to promote innovation, Sebi Chairperson Madhabi Puri Buch said that India is ideally positioned to harness technology in the securities market to give bespoke solutions at a very low cost to individuals across the country.
- Buch stated at the start of the ideathon ‘Manthan’ that the implementation of financial technology (FinTech) in the securities market offered tremendous prospects for all parties involved.
- Sebi, in collaboration with BSE, NSE, NSDL, CDSL, KFintech, CAMS, LinkInTime, and MCX, is hosting a six-week ideathon called Manthan. According to a press release released by Sebi, it will promote the formation of a pool of ideas and creative solutions centred on the securities market.
- Through a hackathon, workable ideas from Manthan, which was unveiled at an event in Mumbai on Wednesday, may be turned into possibilities and prototypes.
- With a long history of entrepreneurship and creativity, India is well positioned to use technology in the securities market to give tailored solutions at a cheap cost to individuals in all corners of the country, according to Buch.
According to the press release, FinTech adoption can help democratise financial services by making them cheaper and more accessible to the general public, establishing the groundwork for financial inclusion. Similarly, Regulatory Technology (RegTech) and Supervisory Technology (SupTech) offer prospects for effective market regulation while minimising market participants’ compliance costs.