The Securities Exchange Board of India (SEBI) is set to form an advisory committee dedicated to the country’s fintech industry. The committee will notably consist of experts and representatives from different fintech sectors.
During Internet and Mobile Association of India (IAMAI)’s 11th Digital India Summit in New Delhi, SEBI’s U.K. Sinha, reportedly stated:
“To harness technology to enable persons in small towns with small amounts to invest in a retirement fund, we are going to form an advisory committee on fintech that will be led by some very strong business leaders from the industry. I hope this committee will help us spread the market and mobilize domestic household savings for the growth of the country by way of providing risk capital as well as debt investments.”
According to The Hindu, SEBI’s new committee will also examine ways to facilitate crowdfunding of genuine sector ventures. Sinha added:
“We had issued a discussion paper on allowing crowdfunding, but most comments we received, especially from your industry termed the proposed norms as very restrictive. We have started discussions to understand if it’s a question of where the economy is, timing or maturity of start-up businesses or something in our norms for listing.”