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Madhabi Puri Buch, Chairperson, SEBI said that the market regulator aims to simplify compliance burden of regulated entities like mutual funds, PMS, AIFs and RIAs.
Buch said, “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.”
The Chairperson was speaking at the at the Global Fintech Fest 2024 in Mumbai today.
Buch said that the regulated entities should focus on enhancing well-being of investors. She said, “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 shortchanged 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.”
Buch further said, “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 standardization, then the cost of innovation or cost of new fintech to come into our market system and integrate with this market infrastructure is very significant.”
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).
