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Informist, Thursday, Feb. 12, 2026

 

--SEBI Pandey: Have set up a committee for regulatory impact assessment 

--CONTEXT: SEBI Chairman Tuhin Kanta Pandey speaking at a conference 

--SEBI Pandey:CEA Nageswaran to chair regulatory impact assessment committee 

--SEBI Pandey: AI models can introduce opacity in securities markets 

 

MUMBAI – A committee to carry out regulatory impact assessment has been set up to formally evaluate the costs and outcomes of regulations using evidence-based methods, Securities and Exchange Board of India Chairman Tuhin Kanta Pandey said Thursday. Addressing the NISM City Annual International Research Conference, the chairman said regulatory impact assessment is a "very nascent subject" in India and the SEBI has created a separate vertical under its economic policy department to take this forward. 

 

"There is a committee which we have set up for regulatory impact assessment... the Chief Economic Adviser (V. Anantha Nageswaran) is also chairing this committee on how to design the impact assessment," Pandey said, adding that the first such study is expected to be taken up soon. The effort is aimed at strengthening policy evaluation and ensuring that regulatory outcomes are measured systematically, he said. 

 

Responding to questions on the sidelines regarding requests from the broking industry for revocation or easing of securities transaction tax-related requirements, the SEBI chief said he was neither aware of such a proposal nor is there any such request under consideration. He declined to comment further.

 

On a question about Revenue Secretary Arvind Shrivastava's comments earlier this month that the recent hike in securities transaction tax on futures and options was "modest" and more regulatory steps may follow to curb speculation, the SEBI chief said he would not interpret these remarks, but added that the regulator's stance on the matter remains unchanged for now. He said SEBI is maintaining the status quo on the regulatory front with respect to this segment, and he would not elaborate any further.

 

Talking about the technical glitch on the National Securities Depository Ltd. last week, Pandey said SEBI has monitored the situation closely and has mandated a root cause analysis. The analysis will be presented to the technical advisory committee, after which short-, medium-, and long-term corrective measures, including vendor and legacy system upgrades as required, will be implemented.

 

Pandey said technology and data are now central to the market architecture, from trading and settlement to supervision and surveillance, with artificial intelligence and advanced analytics increasingly being used to detect misconduct and understand investor behaviour. However, he cautioned that innovation brings risks such as model opacity, feedback loops and faster error transmission, and underscored the need for deeper research on market microstructure, AI-driven risks and behavioural responses.  End

 

Reported by Kabir Sharma
Edited by Tanima Banerjee

 

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