Union Finance Minister Nirmala Sitharaman said regulators should be well "ahead of the curve" in understanding digitisation to ensure that there is no misuse of technologies.
She said the Competition Commission of India (CCI) and National Financial Reporting Authority (NFRA) should head off conflict to ensure fair and accountable practices, news agency PTI reported.
"We all have to be ahead of the curve to see where the regulation has to fall in place, where the regulations have to have a softer touch, where the regulations have to be deterrent strong enough...We need to have agencies ready to be able to gauge what that is to do to (have) fair, accountable and transparent practices," Sitharaman said on Tuesday.
"The impact of this digitisation certainly has an impact on markets and if does have an impact on the markets, it obviously
(Source: PIB)"First time in the last 75 years, retail investors have started coming into the market in a big way. IEPF (Investor Education and Protection Fund) has organised 62,000 outreach programmes and the contribution of retail investors is because of these programs," she said.
"If FPI (Foreign portfolio investment) went away, our markets did not really have to show their ups and downs in a very distinct way because small investors in the country have come in a big way," Sitharaman said.
She was speaking at the event to flag off Iconic Day celebrations of the corporate affairs ministry as part of the Azmadi ka Amrit Mahotsav (AKAM). In her speech, Sitharaman also mentioned how India is leading in digitisation.
"The decade of 2020 up to 2030 or further is so distinctly defused with digital methods. No wonder, therefore, the Budget of 2022-23 had so many announcements of digital — whether it is digital currencies, digital universities, digital banking, and looking at ways we can further strengthen digital payments," she said.
Sitharaman lauded the Ministry of Corporate Affairs for taking steps to boost digital technology. "The Ministry Of Corporate Affairs (MCA) took initiatives using digital technology and many more such steps need to come from MCA. The MCA needs to have an out of box approach," she said.
"The MCA is uniquely placed as it is facilitating people while regulating. It has impacted the lives of common Indians, be in their small businesses or part of larger business or even small investors," she said.
Sitharaman, who is in charge of the finance and corporate affairs ministries, also emphasised the need to have firewall mechanisms in the context of digitisation.
At the event, the National CSR Exchange Portal was launched. Among others, a commemorative postal stamp on investor awareness was released and a special window for those 75 years and above with respect to claims was launched by IEPFA (Investor Education and Protection Fund Authority).
With inputs from PTI
(Edited by : Akriti Anand)
First Published: Jun 7, 2022 5:05 PM IST
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