Indian Securities and Exchange (SEBI) has set up a financial committee, which has been prepared to see the blocker to effect its impact on the financial markets.
The Chairman of Financial and Regulatory Technologies (CFRT) Committee is headed by Mr. T.V. Mohandas Pai of Manipal Global Education. Its main purpose is to explore fintech phenomena within the global securities markets. By determining the challenges and opportunities, the committee is expecting to see what impact it can have on its securities market. Then they will examine, consult and consult SEBI on an ongoing basis.
SEBI said that the technology is increasing fast and it is 'influencing the financial markets', either through peer-to-peer lending, block-chain, digital currencies, crowd funding or algorithmic trading.
Also added:
With technology-based revolution in financial markets, regulators have to face challenges through adopting new >technology solutions, as well as an opportunity to develop their work more effectively.
This announcement came at a time when Indian financial institutions are taking more active interest in distributed mines.
Last year, it was reported that ICICI was showing interest in the development of Blockchain Applications, India's second largest bank by assets.
According to Chanda Kochhar, Managing Director and CEO of the bank, she said that the bank is ready for the technological revolution that was purchased by innovations like Blockchain. His comments followed a successful pilot of the transaction, which ICICI executed over Blockchain.
ICICI is not only looking for the potential of block chains
Axis Bank Limited and Kotak Mahindra Bank Ltd., two other private financial institutions, last October revealed that they were experimenting with block-chain based solutions in different areas of business and industry.
Recently, Kotak Mahindra Bank Limited successfully completed end-to-end trade transactions with a client against a blockchain. According to a report, this is 'the first transaction of its kind', in which bank partner services giant Deloitte completed business finance test with partner finance JP Morgan Singapore.
In addition, state-owned State Bank of India (SBI), the country's largest bank, had disclosed in February that it was launching a Financial Blockchain Consortium. The goal of involving privately owned banking giants and technology companies is to cooperate on block solutions in finance.
