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.

Key facts:

• Sebi wants to accelerate the inspection work of a private data storage cloud, broker and expand its assessment and analysis capability through them.
• The regulator wants to be ahead in the technology sector in this regard. According to SEBI, these seven of the bidding companies have been sorted out for further processing.
• SEBI had floated tenders for creating a private cloud for expansion in the assessment capacity and for building infrastructure, storage and computing capacity for various upcoming projects, in August.
• Besides, SEBI wants to adopt advanced software to monitor mutual funds and share information with other regulators.

Securities and Exchange Board of India (SEBI):

• The Securities and Exchange Board of India (SEBI) is the regulatory board for securities and finance in India.
• It was established on April 12, 1992 under the SEBI Act 1992.
• SEBI's headquarters are in the commercial district of Bandra Kurla Complex in Mumbai and there are Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively.
• To protect the interests of investors investing in its main functional securities, to upgrade and to regulate the development of the securities market and to provide related or related contexts to it.