Sebi Chairman Madhabi Puri Buch said on Wednesday that India is well positioned to leverage technology in the securities market to provide ultra-low-cost customized solutions to individuals across the country, as it was launching an ideathon to promote innovation.
In launching the “Manthan” ideathon, Buch pointed out that the adoption of financial technology (FinTech) in the securities market presents significant opportunities for stakeholders.
Manthan is a six-week ideathon organized by Sebi in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, LinkInTime and MCX. It will facilitate the creation of a pool of ideas and innovative solutions around the securities market, according to a press release published by Sebi.
Actionable ideas emanating from Manthan, which was launched at a reception in Mumbai on Wednesday, could be translated into possibilities and prototypes through a hackathon.
Backed by a rich tradition of entrepreneurship and innovation, India is well positioned to leverage technology in the securities market, to provide ultra-low cost customized solutions to individuals, even in corners and corners of the country, Buch said.
According to the release, FinTech adoption can go a long way in democratizing financial services, making services cheaper and more accessible to the masses, thereby laying the cornerstone for financial inclusion. Similarly, Regulatory Technology (RegTech) and Oversight Technology (SupTech) provide opportunities to have effective market regulation while reducing the cost of compliance for market participants.
Buch said Manthan focuses on ideation and Sebi believes every idea is worth evaluating — participants are encouraged to bring out any idea, even ones that may not be immediately feasible.
Full-time Sebi members, executive directors, various Sebi committee members, and heads of Market Infrastructure Institutions (MIIs) and RTAs also attended the launch event. They also expressed optimism about the role that ideathons and hackathons can play in fostering innovation.
As part of the ideathon, interactive knowledge sharing sessions will be held for registered participants via webinars to facilitate the submission of innovative ideas.
The event is open for registration from March 30 to May 14 via ‘https://manthan.devfolio.co’. The top ten winners of the ideathon booth would receive cash prizes worth Rs 5,00,000.
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