The Securities and Exchange Board of India (Sebi) is seeking greater autonomy to foster technological innovation in the securities market and is in talks with the finance ministry to revamp the Sebi Act, people with direct knowledge of the matter said.
The Sebi Act, enacted over three decades ago, was designed around a traditional market ecosystem consisting of exchanges, depositories, brokers, and funds. However, technological advances have led to innovations entering stock markets worldwide, prompting the local regulator to seek more authority to allow them here.
For instance, several brokerages have sought Sebi’s permission to launch artificial intelligence (AI) based products, which have seen success in developed markets. AI-based stock pickers analyze data and automatically buy and sell securities based on the investor’s risk appetite. However, Sebi currently lacks the power to grant necessary exemptions for such products and only permits less advanced Robo Advisors, which are not powered by AI models.
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