SEBI issues settlement order to Utkarsh Small Finance Bank
The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.
Sebi has set up an advisory committee to examine use of latest financial technology solutions for further widening and deepening of Indian securities market.
The 10-member panel, headed by Manipal Global Education chairman T V Mohandas Pai, will examine and advice Sebi on recent and medium-term trends in fintech developments in securities market globally; opportunities and challenges from the new solutions and its impact on Indian securities market.
Other members include Paytm chief Vijay Shekhar Sharma; NPCI Managing Director and CEO A P Hota; Anup Bagchi, former MD and CEO at ICICI Securities; and Pramod K Varma, former technology architect of Aadhaar, as per the latest update with Sebi.
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The Securities and Exchange Board of India (Sebi) said the committee would recommend about fintech solutions for further widening and deepening of Indian securities market through financing platforms, both traditional and alternative like peer-to-peer lending and equity crowd-funding.
It would examine cyber security at system level for securities market and suggest the creation of cyber security standard.
The panel would study the framework for regulatory sandbox in market conditions to facilitate adoption of fintech and promote financial innovations.
It would prepare Indian securities market and regulatory framework “to adopt to new fintech solutions while promoting market integrity, market development, consumer protection and managing change, business models and market disruptions”.
Besides, it would assess technological solutions for regulatory functions by Sebi – information management and data mining, risk management including cyber security, intermediary supervision and consumer protection through application of new technological solutions like application of data analytics and artificial intelligence.
In February, Sebi had said it would very soon form an advisory committee on financial technology.
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