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Enhance Security Firewalls; SEBI Asks Broking Community To Keep A Check On Cyber Crime

MUMBAI: SEBI, the market regulator, has encouraged the broking industry to tighten data/cybersecurity firewalls to protect their consumers from cyber fraudsters and to develop technologies to make investing in the markets easier.

Speaking to the Association of National Exchange Members of India (ANMI) on Friday, SEBI executive director GP Garg urged brokers to make the most of the innovation sandbox that SEBI has established to develop new customer-friendly and more secure technology.

He also stated that the pandemic has accelerated the digital revolution in all sectors of life, particularly in banking and equity markets.

“The transition from offline to online has been a positive one, and the pandemic has accelerated this digital revolution. Given this, I want ANMI to continue giving solutions to investors to make investing easier, as the future lies in providing total data security “Garg stated.

A good technical solution should be accessible to the public and not just to tech-savvy investors, he noted.

Garg also presented a technology survey conducted by the ANMI, the largest association of over 900 brokers and members of the BSE, NSE, MCX, and other bourses.

According to the poll, as many as 92.6 per cent of stockbrokers who are members of the association boosted their spending on technology during the epidemic, with 41% raising it by more than 20%. And, according to 65.8 per cent of them, their board meetings during the epidemic focused on technology as the key topic.

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