Finance Minister Calls for Enhanced Vigilance in Cybersecurity
On Saturday, Finance Minister Nirmala Sitharaman emphasised the necessity for all entities within the financial sector to exercise heightened diligence regarding cybersecurity.
While refraining from directly naming the newly launched platform Mythos by Anthropic, a prominent AI firm, she cautioned that advancements in artificial intelligence are amplifying the speed and adaptability of cyberattacks.
“These innovative tools possess the ability to circumvent detection through methods such as automated identification of system vulnerabilities and the manipulation of source code,” she remarked.
“It is imperative that not only the Securities and Exchange Board of India (SEBI) but all regulated organisations maintain an exceptionally vigilant stance.
The arsenal of attacks is advancing rapidly, necessitating an even swifter evolution in defensive strategies,” Sitharaman stated during her address at SEBI’s 38th foundation day celebration.
Her comments arrived amidst increasing global trepidation regarding the implications of the Mythos platform, prompting regulators and policymakers to rapidly seek a comprehensive understanding of its functionalities and the means to protect their systems.
She cautioned that a singular successful cyber assault on a major exchange, central depository, or significant brokerage could instigate national market disruptions, obliterate wealth, and undermine public trust. Consequently, she urged SEBI to confront the burgeoning cybersecurity challenges with urgency.
In addition, she noted a vibrant atmosphere in initial public offering (IPO) activities, boasting a record of 366 IPOs that amassed approximately ₹1.9 lakh crore during the fiscal year 2025-26.
Sitharaman highlighted that SEBI has been instrumental in India’s transition to a T+1 (Trade date plus one) settlement cycle for all listed securities, successfully completing the phased implementation in January 2023.
This advancement positions India ahead of numerous leading markets, including the United States, which is set to transition to T+1 in May 2024.
She remarked on SEBI’s pioneering of the ASBA (Applications Supported by Blocked Amount) framework for IPOs, an international innovation that has eradicated refund cycles and exclusively blocked the allotted amount in the investor’s bank account.
Moreover, the Finance Minister underscored that SEBI and the National Payments Corporation of India (NPCI) have made India the first jurisdiction globally to enable IPO applications via UPI, facilitating real-time retail engagement in primary markets from any smartphone.
Further underlining SEBI’s impressive success metrics—over 90% in the Supreme Court, 73% at the Securities Appellate Tribunal, and 92% at Civil Courts/NCLT—she affirmed that these figures are indicative of its robust legal framework.
Regarding cybersecurity, Sitharaman praised SEBI for its commendable efforts in implementing the Cybersecurity and Cyber Resilience Framework, which became operational on April 20.
Source link: Tribuneindia.com.
