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Major stock exchanges — Bombay Stock Exchange and National Stock Exchange — are set to expand into businesses outside the SEBI's purview, a source-based report in the Hindu BusinessLine said.
The exchanges are seeking one-time approval for the same. The proposal has been sent to the SEBI committee, headed by former Reserve Bank of India Deputy Governor R Gandhi.
“They have sought SEBI’s permission to engage in activities or businesses that are unrelated to, or not identical to, those of an SE or of clearing corporations (CCs) or their core business, through a separate legal entity,” sources told the media.
The approval could pave way for data analytics eco-system, artificial intelligence (AI) and data repository services.
BSE already has a tie-up with Sentifi, Switzerland's algorithmic data analysis firm for social media updates related to 40,000 globally listed stocks. The exchange is also mulling selling insurance policies via a real-time digital platform.
In 2016, BSE had applied to SEBI for two insurance-related arms under its subsidiary, BSE Investments. It already has presence in mutual funds via the BSE Star MF.
The aim is to provide an information technology (IT) platform for the BSE members.
In October this year, BSE also tied-up with Nasdaq-listed Ebix Inc to develop an insurance distribution network in India. the new joint venture — BSE-Ebix — will deploy a distribution platform to allow distribution outlets, stock brokers, financial platform and wealth management advisors to sell life and non-life products.
Similarly, NSE too is a promoter of Computer Age Management Services (CAMS) and NSDL e-governance.