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SEBI sets up panel to recommend policy on non-personal data related to securities market

The Securities and Exchange Board of India (SEBI) has set up a standing committee to recommend a policy on access to non-personal data related to the financial securities markets, the regulator announced on Tuesday. Named the "Market Data Advisory Committee (MADC), it will recommend regulations on data privacy and data access. SEBI's move comes in the absence of legislation governing non-personal data (NPD) in the country — earlier this year, an expert committee had recommended a framework for the same. The markets regulator has set up the standing committee as it believes that NPD — which it dubs as "non-private data" — within the Indian securities market is a “public good". SEBI hopes the initiative will help make available data on the Indian securities market to researchers, policy makers and the general public. "Financial markets are traditionally data rich and data driven. With ever growing financial markets, the volume and variety of data have also increased many fold over the years and will continue to do so. With increasing size and complexity of financial markets, the importance of data for research, decision making, and innovations in financial markets cannot be overemphasized." SEBI Press Release October 19, 2020 The 20-member MADC is chaired by Madhabi Puri Buch, whole-time member, SEBI and includes the chief executive officers of stock exchanges and depositories, among others, as its members. In July this year, SEBI had signed a memorandum of understanding (MoU) with the Central Board of Direct Taxes (CBDT) to exchange “any information in their respective databases”…

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