Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) planning to expand business outside the Securities and Exchange Board of India (SEBI’s) purview.
The exchanges are seeking approval for the same. The proposal has been sent to the SEBI committee, headed by former Reserve Bank of India Deputy Governor.
The approval could concrete way for data analytics eco-system, artificial intelligence (AI) and data repository services.
In 2016, BSE had applied to SEBI for two insurance-related arms under its subsidiary, BSE Investments. It already has a 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.
Similarly, NSE too is a promoter of Computer Age Management Services (CAMS) and NSDL e-governance.