The Securities and Exchange Board of India (SEBI) has reportedly announced that it has shortlisted seven companies, including L&T Infotech and Wipro, to develop a private data-storage cloud, enhance its analytical capabilities, and automate broker inspections.
Reports cite, the securities market regulator in India – SEBI is looking to take a big technological leap in investigation and surveillance functions. Along with Wipro and L&T Infotech, other companies like Hewlett Packard Enterprise (HP) India, Capgemini Technology Services, Tharavu Technologies, and EIT Services India have also made it to the list. According to a report by Livemint, SEBI had announced in August that it is openly inviting expressions of interests (EoIs) from firms to enhance its analytical capabilities and for the setting up of a private cloud-storage to facilitate computing capacity, storage and infrastructure for several upcoming projects.
Moreover, the private cloud reportedly would also be ensuring the continuation of operations as well as rapid recovery during the time of a disaster or any unplanned event that has the ability to adversely affect the operational expectations.
Furthermore, according to a statement by SEBI, the regulatory body is also aiming to establish an advanced software tool to aid it in monitoring mutual funds and share data with other regulators.
For the record, the Mumbai-headquartered regulatory body in its 2017-18 annual report also stated that it intends to roll out new generation technologies and data analytics in an effort to understand and better handle the challenges that are rising out of the technological advancements being made in the market.
SEBI reportedly also plans to launch measures to tackle the problem of major announcements by the listed firms in order to reduce the uncertainty factor in the market as well as to prevent the misuse of an unpublished price-sensitive information by company insiders.
According to reports, the selected firm would reportedly be responsible for designing, developing, implementing, and providing support to a big-data solution equipped with analytical capabilities.