Trust, transparency & disclosure key imperatives for capital markets: SEBI Chairperson
MUMBAI, 13 September 2022: Ms Madhabi Puri Buch, Chairperson, SEBI today highlighted that the role of SEBI is to facilitate capital formation and nation building is done by corporates and businesses. Ms Buch also said that SEBI is fully appreciative of opportunities in India, and it is through technology that the country can achieve its goal. “We will rely on and be led by data. Every single policy that SEBI brings out today is backed by data,” added Ms Buch.
Addressing the 19th Annual Capital Markets Conference ‘CAPAM 2022’, organized by FICCI, SEBI Chairperson emphasized on the need for more transparency. “At SEBI, we follow a disclosure-based regime. This is our fundamental regulatory approach. We believe we exist for the capital formation of the economy. Unless trust in the system is protected, we will fail in our core objective. One of the most important aspects of trust building is transparency. This is the important mantra for SEBI,” she added.
To achieve the goal of SEBI, Ms Buch stated, “Technology is the magic bullet and with technology, it is possible to reduce cost, serve the customer better, have better control and compliances.” She further highlighted that the repository of all knowledge resides in the market. “We must therefore have a consultative approach. There is nothing behind closed doors. We will continue to be committed to the process of consultation and the industry will have to keep up with the pace of SEBI regulations,” added Ms Buch.
She also urged the industry for more partnerships. “We need to manifest the spirit of partnership between SEBI and industry. Every action at SEBI is contingent on data and will be taken after recommendations from the advisory committee,” emphasized SEBI Chairperson.
Mr Ashish Kumar Chauhan, MD & CEO, NSE said that NSE is committed to follow and implement the agenda set by SEBI to enhance the capital formation in the markets. “We will work to increase the trust of people in the stock market by using technology and creating a stronger bond and capital market,” he added.
Mr Nehal Vora, MD & CEO, CDSL said that India is at the cusp of a digital revolution and the road ahead for market embodies the ethos which include technology which will build trust and transparency. “Regulators and market infrastructure institutions are collectively building a capital market ecosystem ‘captech’ which is a combination of fintech, ‘RegTech’ and is going to build transparency and trust in the system,” he added.
Mr Subhrakant Panda, Senior Vice President, FICCI said that healthy capital markets strengthen financial systems, increase the availability of funding for businesses and enable companies to increase their investor base. “The priority is sustained, and inclusive development and good governance must be a part of DNA of every organization,” he added.
Mr Sunil Sanghai, Chairman, FICCI National Committee on Capital Markets and CEO, NovaaOne Capital said that FICCI is committed to facilitating dialogue between industry participants and the policymakers. He further highlighted the five Prana for capital markets which include financialization of the country, development of private market, addition to the banking sector, bringing in more asset class through digitization and unified regulations.
Mr Vijay Chandok, Co-Chair, FICCI National Committee on Capital Markets and MD & CEO, ICICI Securities said that the launch of ‘RegTech’ an initiative by FICCI today is a milestone for corporate Indian towards compliances.
Mr Himanshu Kaji, Co-Chair, FICCI National Committee on Capital Markets and ED & Group COO, Edelweiss Financial Services delivered the vote of thanks.
SEBI Chairperson also launched FICCI’s ‘RegTech’ initiative in partnership with TeamLease RegTech to facilitate end-to-end automation of SEBI compliances. This will digitize compliance for companies to stay on the right side of the law.
The initiative is a state-of-the-art technology solution is built to transform compliance across organizations. It allows tracking of over 2000 SEBI compliances and auto generation of select SEBI disclosures. Additionally, the platform has other features like end-to-end board meeting management, compliance document management, and generation of compliance calendars.
