Legally Bharat

Likening compliance to a low hum which plays in the background, Securities and Exchange Board of India (Sebi) Chief Madhabi Puri Buch on Thursday said it was the regulator’s objective to achieve this so that the entities it regulated focused on delivering the services to the citizens and helped in the growth of the country

“The ultimate objective in SEBI is that for every entity that we regulate, compliance should simply be a low hum which goes on in the background, just like we breathe. The real capability of our entrepreneurs, industrialists and our entire economy is really focused on growing the country and growing and delivering services to its citizens,” Buch said in her keynote address at the Global Fintech Fest 2024.

It was her first public appearance since the Hindenburg saga earlier this month, where the US short seller alleged that “the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani”.

She also underlined the role of regulators in the fintech world to create standards that could promote innovation.

“One other important role for us as regulators in the fintech world in encouraging innovation has been the creation of standards. We have a market ecosystem that has a lot of infrastructure, each different from the other. If there is no standardisation, then the cost of innovation or the cost of new fintech to come into our market system and integrate with this market infrastructure is very significant,” she said

She further added, “The principle that we as regulators follow is actually very simple. If you are doing something that enhances the well-being of the consumer, nine out of ten times, the regulators will say yes, and when the innovation treads the line where the consumer, or in our case the investor is being short changed or has a lack of concern about what is happening to the investors to those nine out of ten times the regulator will say no.”

Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA).

The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). The theme of this year’s conference is ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

  • Published On Aug 29, 2024 at 09:09 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETLegalWorld App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *