‘Sebi plans to spend 500 cr on IT projects in 5 years’

Sebi plans to spend Rs 500 crore on information technology projects in the next five years as well as have a “data lake project” to augment the regulator’s analytical capabilities, according to its Chairman Ajay Tyagi.

Talking about technological advancements, the Sebi chief said funds and securities can now flow across the world in few microseconds.

“This enables setting up of complex global structures which could be potentially misused for tax avoidance, money laundering, round-tripping, etc,” he said.

Describing technology as a game-changer in financial services and a catalyst in improving ease of doing business, Tyagi emphasised that the Indian securities market has always been at the forefront in embracing technological advancement keeping pace with the developed securities market in the world.