Technology driven third-party validation needed: Sebi chief

Mumbai, November 24, 2022

“Sebi’s thrust on third party validation is driven by the commitment to ensure a true and fair picture of whatever is presented in the markets,” Buch said, while speaking at an event organised by Indian Audit and Accounts Department in Mumbai.

Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch Wednesday pitched for technology driven third-party validation in the process of auditing to evade frauds. “Sebi’s thrust on third party validation is driven by the commitment to ensure a true and fair picture of whatever is presented in the markets,” Buch said, while speaking at an event organised by Indian Audit and Accounts Department in Mumbai.

She said there are more than 20 websites in the country which auditors can use to validate the claim of the auditee. “While technology is being used as a tool by fraudsters, we can use the same technology to evade fraud. Auditors can use tools like GSTN portal, bank websites etc…,” Buch said. If there is transparency, then market forces themselves act in an efficient way and ensure there is no wrong-doing in the market, she added.

[The Indian Express]