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India’s SEBI Chairman Calls Blockchain Technology Indispensable

Courtesy - https://www.aithority.com/

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India’s SEBI Chairman Calls Blockchain Technology Indispensable

The Chairman of the Securities and Exchange Board of India (SEBI)— regulator of India’s securities market— Mr. Ajay Tyagi, called blockchain technology indispensable, asking for an ‘exploration’ of how the technology can best be utilized.

‘Need for Active Research’

Mr. Tyagi was speaking at a research conference titled ‘Changing Landscapes of Securities Market’. The event was organized by the National Institute of Securities Market, Patalganj.

He asserted that new technologies like blockchain, artificial intelligence, and machine learning are capable of bringing about a massive change in the present security ecosystem.

Mr. Tyagi highlighted that blockchain can be used for record-keeping, settlements, and clearing owing to its ‘benefits in maintaining records in distributed ledger’. He cited examples of the foreign exchanges that have adopted blockchain-based solutions for settlements and also of the domestic exchanges that have used it for KYC and record-keeping purposes. He added that there is a ‘need for active research into these technologies’ in order to ‘explore their best possible usage in the securities market’.

New Technologies Crucial

Mr. Tyagi also stated that new technologies like artificial intelligence, machine learning, and blockchain could play a crucial role in the securities market since technology has always been a major game-changer in bringing about massive shifts in the capital market.

He added that regulating illegal activities in the market is getting more and more difficult. He further disclosed that SEBI has also planned to launch a Data Lake project for ‘augmenting analytical capability with advanced analytical tools’. He cited AI/ML, deep learning, big data analytics, and natural language processing among others. 

Mr. Tyagi’s statements have come around the time when the Indian central bank, the Reserve Bank of India has also clarified that it has not banned blockchain completely in the country; thereby giving hope to emerging technologies.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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