SEBI plans to rope in agency to inspect market intermediaries, enhance efficiency of complaint redressal process

New Delhi: Regulator Securities and Exchange Board of India (SEBI) plans to rope in an agency in order to improve the online registration, inspect market intermediaries and enhance the efficiency of the complaint redressal process. In this regard, the SEBI has issued a notice inviting expression of interest (EoI) from the interested parties for carrying out “Knowledge Management (KM) and Business Process Re-Engineering (BPR)”. According to the regulator, the aim of this EoI is to streamline the registration process, make it more efficient and improve the online registration portal accordingly; and to focus on the automation of the inspection process. [caption id=“attachment_4307425” align=“alignleft” width=“380”] Representational image. Reuters[/caption] It will also seek to create a new mechanism to achieve complete coverage of inspection of all the intermediaries in efficient, electronic and automated way. Besides, SEBI wants to focus on increasing efficiency in the process of prosecution so that speedy and error-free resolution of the case is achieved as well as to improve the complaint redressal process and proper check on regulatory information interchange. The regulator said that interest bidders will be responsible for performing an assessment of existing business process and its supporting hardware or software infrastructure and developing new business processes that will enable the operational transformation of the SEBI. Further, the agency will have to integrate the business process and create a benchmark for each processes and setting up alerts. Spelling out the eligibility criteria, the regulator said the applicant must have a consulting practice in the financial sector specifically in the securities market. The applicant should have been in operation for at least three years; should be a profit making unit in each of the last three financial years and should have the annual average turnover of Rs 10 crore in each of the last three fiscals. The regulator said that interested agencies need to submit application till 11 September.