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From Fraud Checks To Faster Settlements, SEBI Whole-Time Member Lists Recent Market Reforms In India
From Fraud Checks To Faster Settlements, SEBI Whole-Time Member Lists Recent Market Reforms In India
India’s capital market systems are emerging as global benchmarks in settlement speed, investor protection and technology-led regulation, SEBI Whole-Time Member Kamlesh Chandra Varshney said, outlining a series of structural and digital initiatives aimed at strengthening market integrity and transparency.
Speaking at the News18 Rising Bharat Summit, Varshney said several of India’s reforms were implemented ahead of other major economies and are now drawing international attention. “We can proudly say that there are some initiatives which we have taken to protect investor interest, to develop market, to deepen market integrity, which no other country has done. After we have done that, other countries are taking steps," he said.
Varshney highlighted India’s early adoption of T+1 settlement — where trades are settled within one day — noting that the country introduced it before the United States. He added that regulators are already experimenting with T+0 settlement, which would further shorten the time between trade execution and final settlement.
“We were the first country to have T+1 settlement. Only after us did the US move to T+1 settlement. By the time they did that, we were experimenting with T+0 settlement," he said, adding that faster settlements improve efficiency and reduce opportunities for manipulation.
Referring to a past case in which a broker pledged client securities with banks and later went bankrupt, Varshney said such incidents showed the need for stronger safeguards to ensure investors do not suffer losses due to intermediaries’ actions.
SEBI responded by introducing a technology-driven pledging and re-pledging framework that keeps securities in the investor’s account even when used as collateral. It also implemented systems for upstreaming of funds and direct payout of securities, ensuring transactions move directly between clearing corporations and client accounts instead of passing through brokers.
“This kind of system is nowhere in the world," he said, adding that India’s clearing corporations have full client-level visibility, unlike the broker-level visibility common in many markets. This structure prevents brokers from using one client’s funds to meet another client’s obligations.
The regulator is also tightening oversight of investment advisers, research analysts and algorithm providers. While mutual funds can publish performance because their net asset values are transparently disclosed, advisers could previously showcase selective results, potentially misleading investors.
To address this, SEBI has piloted a platform developed jointly by PARWA, NSE and CARE that tracks advice and performance in real time from the start of registration. After a fixed period — such as three or six months — standardised results are published showing whether recommendations or algorithms performed well.
“This is a transparent way of publishing results," Varshney said, adding that more than 25 participants have already registered in the trial system. The pilot is expected to conclude by March or April, with a full rollout likely from May or June. He said such a monitored disclosure framework does not exist elsewhere.
Warning about rising cyber fraud in the securities market, Varshney said investors — including professionals such as doctors, engineers and chartered accountants — have lost large sums after transferring money through fake apps or unverified payment links posing as legitimate intermediaries.
To counter this, SEBI has launched “SEBI Check," a verification facility available through its Sarthi 2.0 app and website. Investors can scan QR codes or enter bank account details and IFSC codes to confirm whether a payment destination belongs to a registered market intermediary.
“If this bank account is of a market intermediary, then it will say yes, you can make the payment. It is verified," he said, adding that the tool is especially useful before making large transfers.
SEBI has also collaborated with Google so that Android users see a verified mark beside apps of registered capital market intermediaries on the Play Store. The regulator is in discussions with Apple to implement a similar system for iOS users.
“In this digital world, there is a good use of technology and bad use of technology. It is important that all these people who are using technology for good should come together and pool their resources," Varshney said.
Aditya B Chatterjee, MD of Equifax India, said, “All the lenders have become very cautious. They have become very cautious on the ticket size. We are seeing that there is a direct effect of the ticket size and delinquency. Again, zero to 15,000 is a very high delinquency, but if we go to a loan above one lakh or two lakh, it becomes very secure."
Hemant Gala, CEO, PhonePe Lending said, “At PhonePe, in a very sustainable way, we are ensuring that customers in tier three four five cities towns, villages get access. Likewise merchants who were not being able to access credit, have a sustainable flow of credit."
He also said formalisation phase coming, which leads to data understanding of structure data formats to be able to figure out what is the credit spending , how to lend and how to give money to people.
Source: News18
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