00:00viable enterprises. A deeper bond market must also include a serious push for municipal bonds.
00:13India's cities are central to growth, but urban infrastructure cannot be financed
00:19sustainably, that is, through budgetary resources alone.
00:28Closer to conclusion, I would like to emphasize on cyber security issues.
00:36Cebit must also be ready to meet emerging challenges, and the most pressing of these,
00:42in my view, is cyber security. A single successful cyber attack on a major exchange
00:51or a depository, or a clearing corporation, or large broker could disrupt markets at national scale,
01:01erase wealth, and shake public confidence in ways that take years to rebuild. AI-led tools is making
01:14cyber attack faster, more adaptive, scalable, and in some cases, more autonomous in execution as well.
01:25These risks can take many forms. Automated discovery of system vulnerabilities, which is being talked
01:34about now in the recent past week. Malicious source code interference. Attacks aimed at software supply chains
01:46that can evolve in real time to evade detection. Therefore, not just SEBI, but all regulated entities
01:56will have to remain exceptionally vigilant. The tools of attack are evolving at high speed, and the tools of defense
02:06must evolve even faster. SEBI has done commendably well and good work with the cyber security and cyber resilience
02:16framework that came into effect in April 2025. This is a solid foundation on which more work can be undertaken.
02:27It is praiseworthy that SEBI and its Data Analytics and Digital Forensics Laboratory is using advanced analytics, AI, and machine
02:40learning models
02:41to detect complex market manipulation patterns, to detect complex market manipulation patterns, and network-based frauds.
02:47With the increasing use of technology, there is an explosion of fake investment videos circulating on the social media,
02:59many of them using deep fake AI to impersonate popular personalities.
03:06It is commendable that SEBI has rolled out SEBI check, which allows investors to verify the payment details of registered
03:17intermediaries before transferring money.
03:21These are important interventions, and they should be expanded with urgency and visibility.
03:28I urge SEBI to invest very seriously in public awareness through campaigns on every major platform in regional languages,
03:41and through rapid response takedown mechanisms for fraudulent content impersonating public officials.
03:51I think the journey towards Vikasiddhwarath will require extraordinary investment in infrastructure,
04:00manufacturing, energy transition, urban transformation, innovation, and human capital.
04:08It cannot be financed by the public balance sheet or banks alone.
04:14It will require deep, well-regulated capital markets where SEBI's role becomes instrumental.
04:24But above all, we want better markets, not merely bigger markets.
04:31Size without integrity is fragility.
04:36Volume without investor protection is exploitation.
04:41Growth without governance is unsustainable.
04:46And ensuring that is definitely a shared national priority and responsibility.
04:53Today is a moment of gratitude as much as of reflection.
04:58It is a moment to recognize that many individuals across 38 years who have shaped SEBI through quiet competence,
05:12firm judgment, and sustained public service.
05:17I extend my deep appreciation to the chairperson, board members, officers, and staff, past and present,
05:27and a group for building an institution that has earned national trust and international respect.
05:36Jai Hind.
05:38Jai Hind.
05:39Jai Hind.
05:40Jai Hind.
05:41Jai Hind.
05:41Jai Hind.
05:41Jai Hind.
05:42Jai Hind.
05:43Jai Hind.
05:47Jai Hind.
05:48Jai Hind. Jai Hind.
Comments