Sebi Chairman Madhabi Puri Buch on Wednesday said India is well positioned to leverage technology in the stock market to provide customized solutions at very low cost to individuals across the country as it launched an idea to boost innovation.
Launching the Manthan concept, Buch emphasized that the adoption of FinTech in the stock market offers significant opportunities for stakeholders.
Manthan is a six week ideation organized by Sebi in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, LinkInTime and MCX. It will facilitate the creation of a set of innovative ideas and solutions revolving around the stock market, according to a statement from SEBI.
Practical ideas emanating from Manthan, which was launched at an event in Mumbai on Wednesday, may be translated into possibilities and prototypes through the hackathon.
Buch said India, backed by a long tradition of entrepreneurship and innovation, is well positioned to take advantage of technology in the stock market, to provide customized solutions at very low cost, to individuals even in the nooks and crannies of the country.
According to the release, fintech adoption could go a long way in democratizing financial services, making services cheaper and more accessible to the masses, and thus laying the foundation for financial inclusion. Similarly, regulatory technology (RegTech) and supervisory technology (SupTech) offer opportunities for effective market regulation while lowering the cost of compliance for market participants.
Buch said that Manthan’s focus is on reflection and that Sebi’s belief is that every idea is worth evaluating—participants are encouraged to come up with any idea, even one that may not be immediately achievable.
The launch event was also attended by Sebi Whole Time members, CEOs, several Sebi Committee members and officials from Market Infrastructure Organizations (MIIs) and RTAs. They also expressed optimism about the role ideas and hackathons can play in promoting innovation.
As part of the idea, interactive knowledge sharing sessions will be organized for registered participants through webinars to facilitate the introduction of innovative ideas.
The event is open for registration from 30 March to 14 May through “https://manthan.devfolio.co”. The top ten winners of the Ideathon platform will win cash prizes of Rs 5,00,000.
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