Blockchain technology with AI and ML will create many new avenues, says Shah
Stock brokers in India are expected to make an average of 30% of investment in technology in 2022-2023, according to a survey by the Association of National Exchanges Members of India (ANMI).
The survey also found that 71.43% of stock brokers are considering a shift towards a technology-based model, planning to increase IT team manpower or recruit fresh talent.
The survey concluded that 61% of companies did not face any IT-related issues in the past year, the ANMI said on 23 Jan 2023.
“Blockchain technology with AI and ML will create many new avenues for the healthy development of financial markets,” Vaibhav Shah, Chairman, ANMI WIRC (Western Indian Regional Council) told a press conference.
“Use of technology is not restricted to trading but timely execution of many other functions including on-boarding clients, risk management, compliance, monitoring, reporting, safeguarding client funds and securities as well as many other functions.
Emphasizing the importance of technology for the growth of the securities market, he has highlighted the role of technology in the securities market.
“India is increasingly becoming tech-savvy, with more than 655 million active internet users,” added Mahesh Desai, Convener, StockTech – 2023 and past Chairman, Western Region, ANMI.
With the growing numbers, majorly led by the youth, many financial institutions and broking companies are aggressively adopting digital means to reach out to the masses.
“Today, more than 80% of new accounts are being opened in tier 2 and 3 cities. The emergence of new-age fintech has become more open to the overall market and it is no longer an exclusive domain to a selected few,” said Desai.
Both the leaders have emphasised the need for continued reform process and a lot of technology inputs to achieve this. They also urged for the encouragement and regulation of Algo trading for retail investors.
“Cyber security becomes very important in the new age era. SEBI has taken several effective steps, we are doing cyber audits, and taken initiative to build market security,” said Shweta Banerjee, DGM, SEBI, at the StockTech event which provided valuable insights and networking opportunities for professionals in the sector.
ANMI plans to continue to provide valuable resources and opportunities for its members and the industry in the future.
ANMI is an association comprising around 900 Stock Brokers from across the country who are members of National Stock Exchange of India Limited, The Bombay Stock Exchange, Multi Commodity Exchange and other exchanges having national presence.
ANMI is responsible for setting rules and regulations for its member firms, as well as enforcing compliance with these rules through disciplinary action when necessary. The organisation also works to educate and train its members on best practices and industry standards. In addition to its regulatory functions, ANMI also serves as a forum for members to discuss issues and share ideas related to the securities market. fiinews.com
