TCS, 2 others shortlisted for implementation of RBI’s market surveillance system

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Tata Consultancy Services and two other vendors have been shortlisted for implementation of Integrated Market Surveillance System, according to an RBI document.

The Reserve Bank of India had received responses from several vendors for implementation of Integrated Market Surveillance System (IMSS) after it invited Expression of Interest (EOI) in July last year.

The RBI’s document said responses were evaluated in accordance with the procedure laid down in the EOI, and accordingly it has been decided to shortlist three vendors — NSEIT Limited, Refinitiv India Private Limited, and Tata Consultancy Services Limited — for issuance of Request for Proposal (RFP).

“The RFP will be issued to shortlisted vendors through a separate communication at a later date,” it said.

The RBI has proposed to implement IMSS, which would include capabilities for market surveillance, management information system (MIS) reports, standard and ad hoc reports (through slicing and dicing of data), and compliance monitoring.

The Financial Markets Regulation Department (FMRD) undertakes surveillance of financial markets regulated by the RBI – government securities market, money market, foreign exchange market and markets for derivatives on interest rate, foreign exchange and credit.

In the EOI, the RBI had said the department has proposed to implement a robust Integrated Market Surveillance System for augmenting its surveillance capacities.

As per the EOI, the major requirements for IMSS include capability to identify market abuse and generate alerts by processing large number of data points across products and markets.

Tracking market developments and monitoring of macroeconomic parameters, dashboard to focus on specific products or markets, and capacity to drill-down based on the requirements of the stakeholders are among the other requirements for IMSS.

The RBI strives to adopt the global best practices, including three-tier architecture for all its applications and expects the proposed solution to align to these best practices, EOI had said.

It also said that for evaluation of RFP, the bidders selected during EOI stage may be asked to carry out Proof of Concept (PoC) in the bank’s environment based on the scenarios provided to them.

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