Indian FinTech Committee Forms To Gauge Blockchain And Securities
On August 4, 2017, it was reported that a FinTech regulatory panel was formed by the Securities and Exchange Board of India (SEBI) to offer the board ongoing deliberation and advice.
As per the report, Shri. T.V. Mohandas Pai, chairman of Manipal Global Education heads the committee and will be joined by various experts in the realms of digital payments, e-brokerage, financing and investment platforms, products and process re-engineering, data analytics, and e-commerce.
Topics on which the committee will provide guidance are numerous and revolve around FinTech technology and policies:
"i. Recent and medium term trends (within next 5 years) in FinTech developments in securities market worldwide
ii. Opportunities and challenges from new FinTech solutions and its impact on Indian Securities Market.
iii. FinTech solutions for further widening and deepening of Indian securities market.
iv. Approach and framework for regulatory sandbox in Indian market conditions to facilitate adoption of FinTech and promote financial innovations
v. 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
vi. Assessing technological solutions for regulatory functions of SEBI viz. information management and data mining, risk management including cyber security, intermediary supervision, consumer protection, etc. through application of new technological solutions like application of distributed ledger technology, big data, data analytics, artificial intelligence, machine Learning etc.
vii. Technology capacity building by Indian securities market in general and SEBI in particular."
India has been the site of a great deal of development for cryptocurrency; Andhra Pradesh has the distinction of being the first government outside of the US to join the Enterprise Ethereum Alliance, a consortium built around integrating blockchain protocols into business applications.
Indian regulators will now be faced with the task of creating an environment that best tackles marketplace challenges while making the most of the opportunities that the blooming technology has to offer.