●       A Cybersecurity committee is being set up jointly with MIIs under the guidance of SEBI to create an appropriate framework for cyber security for all financial intermediaries.

●       Celebrates the milestones of Indian capital markets such as 10 cr Demat account and 5th largest market cap globally.

●       Industry veterans mull reforms needed to continue the momentum of growth of Indian capital markets and the agenda of inclusive growth while spreading the equity culture

 

India’s largest stock broker body, the Association of National Exchanges Members of India (ANMI) hosted its 12th annual International Convention in Mumbai last week. The theme of the International Convention is “Amrit Kaal – Celebrating the Reach of Capital Market Reforms propelling the Growth Trajectory.”

 

The theme of the convention resonated with the Indian equity market’s recent success including its placement in the world’s top five clubs in terms of value surpassing developed countries like the United Kingdom. Over 7,400 public companies are listed and India’s market cap has hit a new record high of USD 3 trillion. The number of Demat accounts grew exponentially and touched a 10 cr mark.

 

The Chief Guest of the convention was Shri Nitin Gadkari, Honourable Union Minister of Road Transport and Highways, Government of India, and Mr. Ashwani Bhatia, Whole Time Member at SEBI was the special guest of honor.

 

Shri Nitin Gadkari, Honourable Union Minister of Road Transport and Highways, Government of India who joined virtually said, “The financial markets need to come up with innovative models to fund India’s Infrastructure growth. We are inviting investments in the PPP model. We can export energy to the world if we channel our investments to waste management, green hydrogen, solar, and several such projects. Innovation, Entrepreneurship, Science, and Technology is the wealth of future India.”

 

Mr. Devendra Fadnavis Deputy Chief Minister of Maharashtra said, “I am sure that lots of brilliant ideas will be generated for the development and growth of financial markets in India. I am delighted that the theme of our conference is based on Amrit Kaal which is also the vision of our honorable prime minister Shri Narendra Modi.”

Mr. Ashwani Bhatia, Whole Time Member at SEBI said, “This convention coincides with World Investor Week. ANMI has an extensive reach today and has been able to reach out to investors from Tier II, III, and IV markets. We are starting an Advisory committee with brokers in the area of cyber security. Under this initiative, we wish to create a robust system amongst MIIs and trading members through awareness initiatives.”

 

During the convention, Mr. Kamlesh Shah, President of, ANMI announced a major Cybersecurity initiative. “Association of National Exchanges Members of India (ANMI) has been assigned the important task of onboarding members for the SEBI committee on cybersecurity which has been formed in alliance with stock exchanges. The committee is mandated to create an appropriate framework for cyber security for all financial intermediaries.” 

 

He added that “The committee will focus on the possibility of tying up with a few SOC agencies, who will issue valid certifications of compliance with cybersecurity for financial entities. The market regulator SEBI is planning to create awareness of risks and best practices related to cyber security in Indian Capital Markets along with ANMI. Implementation of better cyber security measures will ensure the safety and development of the financial market. We expect all financial intermediaries to be cyber compliant in the next 12 – 18 months.”

 

“The 12th International Conference is a grand success and we have ANMI members from Kashmir to Cochin and Assam to Ahmedabad attending this conference.” he added.

 

Mr. Kamlesh Shroff, Convener of the ANMI 12th International convention said, “As the flag-bearer organization of industry members, ANMI has always been at the forefront of implementing changes in India’s Capital Market. The Government has created a huge investment ecosystem with strong regulatory norms which have made the Indian capital markets the most lucrative investment option globally. India today has achieved the mark of being the 5th largest economy with maximum investment opportunities from countries globally.”

 

The first-panel discussion which included industry viewpoints from decision-makers at the helm of the nation’s stock exchanges and depositories explored the new and lucrative investment avenues of the future. Experts also deliberated on whether the Indian stock market has a slight advantage over US markets in terms of research and growth opportunities.

 

The subsequent panel discussion led by leaders of some prominent brokerages and financial services firms focused on the immediate policy reforms required to propel the growth momentum in the domestic equity markets as well as the role and challenges of the technological space including cyber security checks and use of Robo advisory to deepen the markets.

 

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