SDG 8: Decent Work and Economic Growth | SDG 9: Industry, Innovation, and Infrastructure | SDG 16: Peace, Justice, and Strong Institutions
Ministry of Finance | Department of Economic Affairs (DEA) | Department of Financial Services (DFS) | Ministry of Electronics and Information Technology (MeitY)
On January 2, 2026, SEBI Chairman Shri Tuhin Kanta Pandey addressed the 40th-anniversary celebration of the Sensex, India’s benchmark stock index. Since its launch in 1986, the Sensex has evolved from a manual trading indicator into a global symbol of India’s economic transformation, mirroring the country’s shift from traditional industries to a finance and technology-led services economy.
Key strategic focus areas highlighted by SEBI include:
Institutional Resilience: The Sensex and the Bombay Stock Exchange (BSE) have endured global crises, including the 1929 Great Depression, the Dot-com burst, and the COVID-19 pandemic, proving the strength of India’s market infrastructure.
Governance Reforms: SEBI has mandated external independent performance evaluations of Market Infrastructure Institutions (MIIs)—exchanges, clearing corporations, and depositories—every three years to ensure unimpeachable governance.
Operational Reporting: To strengthen oversight, the Chief Technology Officer (CTO) and Chief Information Security Officer (CISO) will now report to the Executive Director of Critical Operations, who will report to the MII Governing Board quarterly.
Technological Architecture: New initiatives like Validated UPI Handles and the “SEBI Check” facility have been introduced to prevent cyber frauds by enabling instant verification of genuine intermediary bank accounts.
What is a Market Infrastructure Institution (MII)? MIIs are the foundational entities—such as stock exchanges, clearing corporations, and depositories—that provide the essential facilities for trading, settling, and holding securities. Because they ensure the systemic stability and integrity of the entire financial market, their governance is subject to strict regulatory oversight, including mandatory board evaluations and clearer reporting lines for senior management.
Technology Roadmap & Future Vision
SEBI is pivoting from a focus on market scale to a focus on quality, sophistication, and risk anticipation. The roadmap for the next decade includes:
MII Technology Roadmap: SEBI is constituting a Working Group to develop a structured 5-year (short-term) and 10-year (long-term) strategic technology vision for the securities market ecosystem.
AI-Powered Surveillance: Deployment of advanced tools like SEBI Sudarshan for detecting digital fraudsters on social media and SEBI R(AI)DAR for reviewing Mutual Fund advertisements for compliance violations.
Cyber Resilience Framework: Implementation of the Cybersecurity and Cyber Resilience Framework (CSCRF) and the development of Market SOC (Security Operations Centre) to provide robust security services to smaller entities lacking in-house expertise.
Risk-Based Supervision: Development of an AI-driven inspection tool for Cyber Health Check-ups to analyze audit reports and identify control gaps in regulated entities.
Policy Relevance
The evolution of the Sensex is a testament to the success of India’s capital market reforms, which have transitioned the nation from an inward-looking economy to a global investment destination. As India aims for a $5 trillion economy, the capital market serves as a vital engine for mobilizing household savings into productive enterprise.
Strategic Impact for India:
Trust and Participation: Shifting to screen-based trading and shorter settlement cycles has built one of the world’s most transparent retail investor ecosystems.
Digital Inclusion: Protecting first-time digital investors through tools like Sentiment Analysis of Corporate Announcements allows the regulator to identify “material” risks before they impact market stability.
Relevant Question for Policy Stakeholders: How can SEBI and Market Infrastructure Institutions (MIIs) design the '10-year Technology Roadmap' to ensure that the rapid adoption of AI-driven surveillance, like SEBI Sudarshan and R(AI)DAR, does not inadvertently create 'algorithmic bias' that penalizes legitimate market participants?
Follow the full speech here: Address by Chairman SEBI at BSE event celebrating 40 years of the Sensex