Mohandas Pai to head SEBI Panel on use of financial technology
Published: Aug 04, 2017
By TIOLCORPLAW News Service
MUMBAI, AUG 04, 2017: IN order to reap the opportunities provided by FinTech and also to deal with relevant risk and challenges, Securities Exchange Board of India (SEBI) has setup 'Committee on Financial and Regulatory Technologies (CFRT)' under the Chairmanship of Mr. T.V. Mohandas Pai, Chairman, Manipal Global Education.
The Committee would examine, deliberate and advise SEBI on recent and medium term trends (within next 5 years) in FinTech developments in securities market worldwide, opportunities and challenges from new FinTech solutions and its impact on Indian Securities Market.
Application of technology in financial markets is changing 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), 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 (such as algorithmic trading, algorithmic driven synthetic investment products, virtual currencies, digital payment gateways).
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.
The Committee would also advice on FinTech solutions for further widening and deepening of Indian securities market by preparing 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.
The other members of the committee are experts from various areas such as digital payments, e-brokerage, financing or investment platform, Products or Process Reengineering, Data analytics, eCommerce.