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Capital market regulator, Sebi has said that there is a need for a framework to fight cyber-crime in securities markets.
Sebi chief U K Sinha, at a BSE-organised event on cyber security, said that securities markets needed to be protected from cyber-crimes, which are getting increasingly complicated.
"These attacks are getting more sophisticated and the vulnerability of securities markets is increasing. Across the world, securities markets are very vulnerable to such attacks," Sinha said.
He also said that the adoption of technology by these attackers seems to suggest the involvement of states, in some cases.
"These are done by people who have the best of technology and resources, and some of them are state-sponsored. It has a huge impact on larger systems, society and nations," he said.
These attacks are not just restricted to the financial services sector but are spread across all sectors of the economy, he added.
"I am told manipulation of stock exhanges is the new modus operandi used by terrorist groups to raise funds for their operations," said Vidyasagar Roa, governor of Maharashtra, who was also present at the BSE event.
He quoted a report that said the number of cyber crimes in India could touch 3 lakh in 2015, almost double the number seen in 2014. Rao also cautioned corporates and spoke about the need for putting in place adequate systems for protection against cyber-crimes.
"We also need to evolve a fool-proof cyber security mechanism to protect the economic integrity of our corporates, multi-national corporations and business organisations," he said.
