as we here um in NSC and we've inaugurated this report which is all encompassing for the entire Capital markets right it's not just about the exchange it's not just about the nsse group it's about the entire ecosystem so therefore I'm thinking you know again right I don't know most of you are much too young to even imagine a world without a television but we did not have a television in our home so when there was the Sunday movie right so there was a very well Todo family in the neighborhood and neighborhood and on the floor we would all sit down in front of the television and uh you know this well to-do neighbor would then allow us to see the movie on on Sunday evening and of course that Auntie would very graciously give us some biscuits and stuff like that so today I'm feeling like that so NSC is our well to-do neighbor uh and has undertaken to do this amazing report which covers the entire ecosystem so thank [Applause] you um the second thing I wanted to say today is that the uh spirit of today's uh getting together and I call it a getting together to me is very different from noral and what is that to me today is a celebration and as you can see I've also dressed for the part right normally you see me in Black s so my colleague today commented Madam you're not in Black I said today is Celebration Day okay so what is it we are celebrating as an ecosystem sitting here all of us together we are celebrating the fact that this ecosystem that we have that we call the Market ecosystem to my mind has evolved to become a family you know we all have different roles to play in this family as you can see from here everyone has their distinct role to play in this family but at the end of the day when one person is in trouble the other comes to bail him or her out the other one comes to assist and together they try and optimize the entire ecosystem as a whole and I would say that to me the most rewarding aspect of the last six odd years six and a half years that I've been around in this markets has been this that the entire ecosystem comes together as a family like any family we also have our battles grandparents may but finally we are a family so I think that today the spirit of the market ecosystem being a family is what I would really like to um to celebrate with all of you here together a part of this family is also what at least in sebi we have started to call the phenomenon of collaboration some people call it collaboration some people call it coopertition what it means is that you have people who otherwise compete with each other right they each commercially playing this game of chess Pawn against Pawn King against Green Rook against Castle but when it comes to the good of the ecosystem as a whole they cooperate right they collaborate and each one brings his little piece to the game and to the table and that's when the entire ecosystem can become as vibrant as we have seen it so what this report really I think projects for India as a country is not just the technological prowess of the country not just about forward-looking regulation it is about the spirit of coopertition that we will compete in the markets but we will cooperate to make sure that the ecosystem as a whole is as robust as cost efficient and as well serving to every stakeholder as it possibly can and that we will all cooperate on that so to me that's a huge celebration uh of this phenomenon and the report itself manifests that because it covers every single aspect of the marketing ecosystem now as has been pointed out we have a number of things that we as an ecosystem are very proud of because it's a global first you know very often people say um is there a difference between Global first and the only person to do it globally and I say yes there is because in many ways the technology that we have architected as an ecosystem it's not just about being first the architecture itself is so Progressive and so right I would say uh you know at the frontier that for a large number of jurisdictions it is simply not possible because the Journey of re architecting the market ecosystem and we look at the way in which we do pledge repledge of Securities the way we have asba the way we have uh upstreaming of funds all of these things segregation of collateral all of this is because over the years we have architected the markets in a way that it's Unique and that it has this amazing amount of transparency and ability to manage risk at a very very granular level so it's not just about being the first in the world to do it but uniquely positioned to do a number of these things which on the one hand make things extremely accessible to the investors and equally make it extremely well risk managed so this report really to me manifests all of these issues in terms of delivering quality and what do I mean by quality it means investor convenience and high quality risk management all at an extremely extremely uh low cost compared to anywhere else in the world the second in terms of ensuring the market integrity and you know you know I think that people don't sometimes appreciate what we have as a market you know this example that was just shared about uh the ETFs you know now globally ETFs are very common and a site like this is very common what is it that allowed us as a market to do this in such a short time right from ideation to delivery has been a very very short time the reason is that at the center when you keep the core values of Market integrity and transparency nothing is too much to do for that so the first step has been taken today in terms of the uh new website for um you know the the passive funds which will only help the investors for everyone in this room there's a lot more to come you know that when we we we adopt a strategy of of saying how can we assist the investor to compare to Benchmark to make an informed decision and how can that be done easier simpler quicker this is but the first step and very soon you will be seeing that there are other very important participants in our Market ecosystem who will soon be announcing similar kind of benchmarking uh data in uh sites which will really make things very very easy particularly for the newer asset classes that we have in our markets so keeping the market integrity at the center of everything and basically premeditated on transparency is what makes our ecosystem this strong of course the entire cost angle as we've been discussing very often and that's again a Hallmark of the Indian ecosystem that the cost is so low that a financial inclusion is actually possible and of course uh you know we're all looking forward to the 200 50 rupee sip very soon uh but it is completely happening in a viable way because of the technology that is behind it and because of the fact that the scale that the Indian market gives allows the players to even make money on very very small Sachi size investments from our citizens last but not least all of this we never forget the fact that the markets are there there and exists and the regulator exists and the ecosystem exists really as a way of facilitating Capital formation in the country and making sure that that drives the growth of the country employment in the country and basically the livelihood for each of our citizens and therefore it's a matter of great pride when we say that we had 200 odd issues in the last year which is practically one you know practically one every working day I think we have about 220 working days so practically one every working day and you add to that the fact that uh the data that wasn't here was the the debt Market the amount of money raised in the debt market and I think last year that was about 8 and a half l crores so it is not small okay if the equity markets raised about uh I don't know about 8 million so imagine okay what when you add all of that so I think that this ecosystem really has come together to to create something really worth celebrating and therefore um you know when we took this step initially uh at a smaller level and today uh you know there are Awards to be given out today in sebi we debated that you know nowhere in the world there's a regulator give an award to a regulated entity okay nowhere in the world and it's like should we do it what if tomorrow we have to issue an order against them what if we discover there's something bad that they've done it look so bad and I said really so it's like you know the principal of a school saying I don't think I'll give you an award for physics today this year because you got 100 on 100 because next year you may fail in geography now you know that's not on right what has been achieved delivered wonderful work that has been done uh just needs to be celebrated and as a regulator we always have the option of saying that past performance is not an indicator of the future so so uh We've therefore decided to step out of the creas and uh do something very different uh which no other regulator in the world has ever done which is to say that we put our name on an award that we say that we would like to congratulate and fit the Market ecosystem because of the amazing work that they've done over the years and they are truly deserving of this and just as the regulator sebi is the voice of the investor when it comes to protecting investor interest equally it is on behalf of the investors that today sebie is going to be giving these Awards to various Market uh infrastructure institutions and participants thank you a [Music]