Wipro, L&T Infotech among 7 cos shortlisted to beef up Sebi's surveillance activities
New Delhi: The Sebi has shortlisted seven firms, including Wipro and L&T Infotech, to build a private data storage cloud, automate its inspection of brokers and enhance analytics capabilities, as the regulator is eyeing a technological leap in surveillance and investigation functions.
Other firms on the shortlist are Accenture Solutions Capgemini Technology Services India, Hewlett Packard Enterprise (India), EIT Services India and Tharavu Technologies.
"Bidders have been shortlisted for further process," the Securities and Exchange Board of India (Sebi) said.
The Sebi, in August, had invited expression of interests (EoIs) from companies for enhancement of analytical capabilities and setting up of private cloud to provide infrastructure, storage and computing capacity to different upcoming projects.
Besides, the regulator is looking to put in place new and advanced software tools to help in its monitoring of mutual funds and for sharing of information with other regulators.
The private cloud on the regulator's premises will also ensure continuity of operations and quick recovery during disasters and unplanned events that may adversely affect operational expectations.
The selected company will be responsible for designing implementing and supporting a big data solution with analytical capabilities.
"It will also involve software development activities for the analytics projects such as (but not limited to) monitoring of mutual funds and automation of inspection of brokers," as per the Sebi.
Further, the regulator in its annual report for 2017-18 also said that it intends to deploy data analytics and new generation technologies to understand and handle challenges arising out of technological advancements in the markets.
Also, the Sebi plans to introduce measures to address the issue of major announcements by listed companies so as to reduce the element of uncertainty in the market and to dis-incentivise misuse of unpublished price sensitive information by insiders.