Deloitte, EY in shortlist to revamp online redressal, inspection: Sebi

Regulator Sebi has shortlisted five entities including Deloitte and EY that will be entrusted with the task of improving the online registration system, inspect market intermediaries and enhance the efficiency of the complaint redressal process.

Other firms on the shortlist are Accenture Solutions, BDO India LLP and EIT Services India.

Pursuant to issuance of a notice in August inviting expression of interest (EoI) from the interested parties for carrying out "Knowledge Management and Business Process Re-Engineering," the regulator said it has shortlisted these entities for further process.

According to Sebi, this EoI aims to streamline the registration process, make it more efficient and improve the online registration portal accordingly; and to focus on the automation of inspection process.

It will also seek to create new mechanism to achieve complete coverage of inspection of all the intermediaries in efficient, electronic and automated way.

Besides, Sebi wants to focus on increasing efficiency in the process of prosecution so that speedy and error-free resolution of the case is achieved as well as to improve the complaint redressal process and have proper check on regulatory information interchange.

The regulator said selected firm(s) will be responsible for performing an assessment of existing business process and its supporting hardware or software infrastructure and developing new business processes that will enable the operational transformation of the Sebi.

Further, the firm will have to integrate the business process and create a benchmark for each process and setting up alerts, the Securities and Exchange Board of India (Sebi) noted.

Besides, Ernst & Young Associates LLP and Deloitte Touche Tohmatsu India LLP are among the nine entities that have been empanelled by Sebi, earlier this month, to conduct forensic audits of financial statements of listed companies to check frauds.