IT Services Majors vying for Sebi's business intelligence system upgrade

As financial market regulator, Sebi, has announced its plans of capacity enhancement for its fraud detection system, major IT companies are reportedly queuing up to bag the contract. IT services companies like HCL Wipro, L&T Infotech and Tech Mahindra are said to have shown interest in striking the deal with SEBI. Besides that some global players like HP, IBM and KPMG also have their eyes on it.

Sebi has plans to enhance the capacity of its Data Warehousing and Business Intelligence System (DWIBS). The system was put in place in 2011 and has been helpful in tracking and identifying manipulative and fraudulent practices in the stock market and has also been one of the main data sources to have driven investigations for the regulator.

As the market regulator, Sebi has a vital role to play in maintaining a smooth flow of financial market transactions and in tracking and preventing irregularities. The regulator’s plans to further enhance the capacity of its business intelligence system also reflects the crucial role that data analytics plays at a time when the threat landscape is evolving and advanced threats are on the rise.