 "Sebi")
Sebi Chairperson Madhabi Puri Buch on Wednesday said that India is well positioned to leverage technology in the securities market to deliver customised solutions at a very low cost to individuals across the country as she launched an ideathon to promote innovation.
Launching the ideathon 'Manthan', Buch highlighted that adoption of financial technology (FinTech) in the securities market presents significant opportunities for stakeholders.
Manthan is a six-week long ideathon being organised by Sebi in association with BSE, NSE, NSDL, CDSL, KFintech, CAMS, LinkInTime and MCX. It will facilitate the creation of a pool of ideas and innovative solutions revolving around the securities market, as per a release issued by Sebi.
Workable ideas emanating from Manthan, which was launched at a function in Mumbai on Wednesday, may translate into possibilities and prototypes through a hackathon.
Backed by a rich tradition of entrepreneurship and innovation, India is well positioned to leverage technology in the securities market, to deliver customised solutions at very low cost, to individuals even in the nooks and corners of the country, Buch said.
According to the release, adoption of FinTech can go a long way in democratising financial services, making services cheaper and more accessible to the masses, thereby laying the corner stone for financial inclusion. Similarly, Regulatory Technology (RegTech) and Supervisory Technology (SupTech) present opportunities to have effective regulation of the market while lowering the cost of compliance for the market participants.
Buch said the the focus of Manthan is on ideation and that it is Sebi's belief that every single idea is worth evaluating - participants are encouraged to bring out any idea, even those which may not be achievable immediately.
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Sebi Whole Time Members, Executive Directors, various Sebi committee members and officials from the Market Infrastructure Institutions (MIIs) and RTAs also attended the launch event. They also expressed their optimism on the role that ideathons and hackathons can play in fostering innovation.
As part of the ideathon, interactive knowledge sharing sessions will be organised for registered participants through webinars to facilitate the submission of innovative ideas.
The event is open for registration from March 30 to May 14 through 'https://manthan.devfolio.co'. The top ten winners of the ideathon stand would get cash prizes worth Rs 5,00,000.
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