Indian securities market regulators form committees to explore financial technology and regulatory opportunities and challenges


nnnThe Indian Securities and Exchange Commission set up a Financial and Regulatory Technical Committee to conduct research on financial technology and regulatory technology issues. And lists the measures that the Committee should take to that effect. In fact, technological progress has brought challenges and opportunities to Indian regulators, and the Indian government has taken many steps to it. Bitcoin and other financial technology is one of the key.n
nnTranslation: Annie_Xun
nRecognizing the application of technology in financial markets to transform the traditional way of operation of financial markets, the Indian Securities Market Regulatory Commission (SEBI, Securities and Exchange Board of India) set up the Financial and Regulatory Commission (CFRT, Committee on Financial and Regulatory Technologies) to study financial technology and regulatory technology issues.n
nThe committee will review, describe and recommend the SEBI initiative based on the following:n
nn1, the global securities market, the recent development of financial technology and medium-term trend (within five years)n
n2, the new financial technology solutions for the opportunities and challenges, the impact on the Indian securities marketn
n3, to further broaden and deepen the Indian securities market financial technology solutionsn
n4, the regulatory framework in the context of the Indian market framework and initiatives to promote the application of financial technology and promote financial innovationn
n5, the Indian securities market and regulatory framework ready to adopt a new financial technology solutions, while promoting market standardization, market development, consumer protection, management changes, business models and market changesn
n6, to assess the value of technical solutions to the SEBI regulatory function, that is, through the application of new technology solutions, such as distributed book technology, large data, data analysis, artificial intelligence, machine language learning, to achieve information management and data mining , Risk management, including network security, intermediary regulatory, consumer protection, and so on.n
n7, the Indian stock market to build technical capacity, especially SEBIn
nnThe board focuses on media topics such as financing (such as point-to-point loans), online investment products (e-KYC, network investment products market, robotics consultants, online portfolio management), post-trade securities markets (through new database technologies such as Block and distributed book technology), product and process innovation (such as algorithmic transactions, virtual currency, digital payment gateways, algorithm-based synthetic investment products).n
nTechnology is rapidly upgrading, providing challenges and opportunities for regulators.n
nThe chairman of the committee is Chairman of Manipal Global Education, an IT giant Infosys former board member T.V. Mohandas Pai. Members of the committee come from various fields, including digital payments, electronic brokers, financing and investment platforms, product and process reengineering, data analysis, and electricity providers.n
nIndian regulators are involved in financial technology areas including encrypted currency and digital payments.n
nAt the end of last year, the Indian government vigorously promoted cashless and digitized transactions. Last year, the government set up the Committee on Digital Payments to set up a new Payment Regulatory Board, which was supported by the government and incorporated into Finance Bill 2017. The Reserve Bank of India (RBI, Reserve Bank of India) is trying to take a balanced attitude towards nonbank participants.n
nIn July 2016, RBI established a cross-regulatory working group (SEBI also participated in) to study regulatory issues related to FinTech and Digital Banking in India. The work includes understanding the major financial and technological innovations, development, opponents, participating technology platforms, assessing the opportunities and challenges of digitalization and financial technology to the financial system, assessing the impact and challenges of financial functions, such as nonfinancial Institutions for the intermediary, clearing, payment and other services.n
nIn February 2017, S.S. Mudra, Vice President of RBI, called on banks to work with transformational finance and technology companies.n
nIn April 2017, the Department of Economic Affairs under the Ministry of Finance formed an interdisciplinary committee to consider the status of India and the global virtual currency, to check the existing global virtual currency regulation and legal framework, Monetary advice, including consumer protection and anti-money laundering related issues.n
nIn December 2013, RBI warned virtual currency users, holders and traders to warn of financial, operational, legal, consumer protection and securities-related risks through press releases. In another press release in February 2017, RBI did not grant any agency or company a license or license to operate such a project or to provide any virtual currency services such as Bitcoin.n

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