With the level of digitisation happening across the ecosystem going forward enabled by technology, 'third party validation' is the future, Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch said on Wednesday.
With digitisation happening across the ecosystem, all government departments and democratisation of data, 'third party validation' is the future as it is enabled by technology, she said while speaking at the Audit Week celebrations by the Audit and Accounts Department.
"Sebi's thrust on third party validation is driven by the commitment to ensure a true and fair picture of whatever is presented in the markets," she said.
She said there are more than 20 websites in the country which auditors can use to validate the claim of the auditee through a third party validation.
"While technology is being used as a tool by fraudsters, we can use the same technology to evade fraud. Auditors can use tools like the GSTN portal, bank websites among others for doing a third party validation," she noted.
Speaking on the 'role of transparency and accountability in governance', the Sebi chairperson said that if there is transparency in the market then market forces themselves act in an efficient way and ensure there is no wrong-doing in the market."As a regulator, Sebi is responsible for a true and fair picture of an entire market, this is why we insist on transparency. The foundation of an efficient market is that there is no information dissymmetry and that whatever is presented is true and fair," she added.