Wish to bring as many Indians into market ecosystem to help in wealth creation: Madhabi Puri Buch

Sebi chairperson Madhabi Puri Buch

Sebi chairperson Madhabi Puri Buch on Thursday said the capital markets regulator wants to get as many Indians into the market ecosystem and seize the wealth creation opportunity.

Buch said artificial intelligence is ”the hero” of a large number of initiatives that the watchdog is embarking on with the focus on serving as many people as possible. Virtually addressing an event organized by Sebi, Buch said the Indian economy has a ”huge opportunity” and all the necessary technological tools have been put in place as part of a larger ecosystem with democratization being the core principle. ”’… a system that is efficient but is exclusive does not serve the nation.

We wish for our market ecosystem to be inclusive and to bring as many citizens of the country into the fold and into the opportunity of wealth creation for our nation,” Buch said. Sebi is implementing and deploying a slew of initiatives and AI, the hero, is at the core of a large number of them, she said. ”To me, it is not just about how powerful AI is in terms of technology and what it can do, but the fact that it is hugely democratizing the ability to deploy technology within an organization,” she said, calling technology the magic wand.

The commercial banker-turned-regulator said an organization does not have to rely on a small set of specialized talent to deploy technology as AI democratizes that whole process, and added that Sebi has undertaken ”numerous transformations” using the same. Speaking at the same event, Infosys chairman Nandan Nilekani said Sebi is using AI to adhere to its commitment of clearing the initial public offer documents within its targeted time frame of three months.Buch cited the pace of adoption of GenAI platform ChatGPT to illustrate how the benefits of the technologies, pointing out that the new app got a million registrations in five days as against over three years which video platform Netflix took.