E-KYC has been a Game Changer in Adding More Investors to Securities Market: G P Garg
New Delhi/: E-KYC has played a tremendous role in adding investors to the securities market as one can open a Demat, trading account in less than 15 minutes and be a part of it, said Shri G P Garg, Executive Director, Securities and Exchange Board of India, at the Global FinTech Fest.
While speaking on the topic, Enhancing Ease of Doing Business through Suptech, he said that E-KYC has not only provided ease of doing business, but in fact, it has provided ease of investing.
While speaking on the advantages of the adoption of various technologies, he mentioned that Sebi is probably the first regulator to follow Regtech, with good use of technology and which is helping in decision making. He emphasised that how data analytics has helped in preventing cases relating to insider trading, money laundering, and alert generation.
“As a regulator, it is important to be ahead of the curve and have a robust surveillance system to be efficient. Advances in technology have propelled increased cost efficiency and data capacity as well as greater computing power,” he said.
He also welcomed the innovators of the country to be a part of Innovation Sandbox, as part of which anyone can apply to SEBI for accessing data available with the exchange and once a committee undergoes the application, data is provided, ensuring its usage in an ethical manner.
Shri Garg also mentioned the importance of regulatory sandbox, saying that entities opting for regulatory sandbox are provided a lot of relaxations from existing regulations. Sebi-registered entities are eligible for testing in the regulatory sandbox, the entity may apply either on its own or in partnership with any other entity.
He highlighted that the smoother processes of registering complaints through SCORES. The exchange records about 50,000 complaints annually and about 90% of complaints are registered online.
The Global Fintech Fest is organised by Fintech Convergence Council and Payments Council of India, the two councils of Internet and Mobile Association of India (IAMAI) and National Payments Corporation of India (NPCI). The Fest is presented by the Ministry of Electronics and Information Technology, Government of India, Reserve Bank of India and supported by NITI Aayog, Central Bank of Kenya, Startup India and Invest India.
About Internet and Mobile Association of India (IAMAI)
Internet and Mobile Association of India [IAMAI] is a young and vibrant association with ambitions of representing the entire gamut of digital businesses in India. It was established in 2004 by the leading online publishers, and in the last 16 years has come to effectively address the challenges facing the digital and online industry including mobile content and services, online publishing, mobile advertising, online advertising, ecommerce and mobile & digital payments among others. Sixteen years after its establishment, the association is still the only professional industry body representing the online industry in India. The association is registered under the Societies Act and is a recognized charity in Maharashtra. With a membership of nearly 300 Indian and overseas companies, and with offices in Delhi, Mumbai, and Bangalore, the association is well placed to work towards charting a growth path for the digital industry in India.
