The explorer of blockchain for potential applications to regulators oversight processes has been declared by India’s securities markets watchdog.
The SEBI (Securities and Exchange Board of India) revealed a broad fintech initiative on 3rd Aug. In the area of post-trade settlement, asset management and fundraising establishing the advisory committee which will investigation blockchain and technologies & so on.
This board proceeds with an establishment of advisory committee which will investigate the blockchain. Furthermore, it also investigate other technologies in the areas of asset management, post-trade settlement, and fundraising
However, the examination of Committee on Financial and Regulatory Technologies (CFRT) would observe whether blockchain could be used by SEBI. Specifically, it is not clear that which applications are considering further.
SEBI said in its release:
“[The committee will assess] 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”
According to the statement, a committee will play a role. Specifically in implementing more contained work environment for companies working on products and services.
Resonant on securities regulators that CRFT will set plans for a “regulatory sandbox”. Furthermore, the main aim of which is to endorse innovative new technologies in the finance field.
The development involves as India’s government moves towards regulating cryptocurrency activities. Recently, the reports mentioned that at least few officials are assertive for a more obstructive attitude, date and state officials have to reveal concrete plans.