Global Fintech Fest: SEBI chief refuses to take questions on Hindenburg report
Madhabi Puri Buch
Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch on Thursday (August 29), said that Sebi has started working on a standard Application Programming Interface (API) for exchanges and depositories.
The Sebi chief was speaking at the Global Fintech Fest in Mumbai, where she emphasised that the regulatory body has been working on a standard application programming interface (API), adding that thetechnology will also be used by performance validation agencies.
However, when asked about the latest set of allegations alleged by theHindenburg,she refused to take questions.
Hindenburg's direct attack on Sebi's chief
Earlier this month, US-based short-seller Hindenburg accused Sebi chairperson Madhabi Puri Buch and the regulatory body, alleging that Buch and her husband had previously held investments in offshore funds, also used by the Adani group.
Moreover, the Hindenburg report further stated that Sebi has shown a lack of interest in proving the Adani group's alleged undisclosed network of shell entities. They further connected the alleged links of Buch's family with the Adani group for the delay in the investigation.
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However, the Sebi chief and her husband have denied the charges.
Application Programming Interface
Further talking about API, Sebi chief said that the regulator has been concentrating on ensuring that all the market institution infrastructure (MIIs) have been adopting APIs 100 per cent.
She said, "The process of file upload and file download has many limitations and is also vulnerable to errors. If everything is API-enabled then the fintech industry leverages the entire market ecosystem."
Watch:Hindenburg vs SEBI Chief: Credibility crisis staring at SEBI Chief?
The Sebi chairperson emphasised that if a fintech company has reached a certain level of maturity, it wants to go for IPO and Sebi should not waste time in giving approvals.
She added that today, most of the pending IPOs are in the realm of judicial intervention or where the regulatory approval is pending from another regulator.
Buch further mentioned that Sebi is working on more than a dozen Artificial Intelligence (AI)-powered technologies, with an aim to improve surveillance and processing using AI.
(With inputs from agencies)
