India's largest bourse, the National Stock Exchange of India (NSE), has enhanced its regulatory capabilities by partnering with software-as-a-service (SaaS) vendor Qlik.
NSE’s senior VP for its regulatory group, Dinesh Kumar Soni, said Qlik supports multiple teams within NSE to “improve efficiency and provide insights that facilitate data-driven decision making”.
NSE generates large amounts of data every day and is responsible for the surveillance of all trades on its platform.
In addition to taking action against issues of non-compliance, it also alerts the market regulator, the Securities and Exchange Board of India (SEBI), in case of any anomalies and these processes are mostly data-driven.
In order to better monitor the compliance of listed entities, NSE uses Qlik’s analytics tools to integrate data inputs from numerous databases, including trading data, clearing and settlement data, reported by members, risk management services and client data, Soni said.
He added that by using Qlik’s associative engine platform, NSE generated insights from all their data collection and could run “comprehensive reporting for regulatory purposes”.
This helped the team to quickly be alerted on risk areas so they can make informed decisions, he said.
“Data utilisation is very important for NSE… We wanted to be able to have a single view of our data and be able to analyse it very intuitively,” Soni added.
NSE said it has significantly reduced the time needed to integrate and load data.
Manual tasks that used to take 3-6 hours can now be completed within 30 minutes, Soni noted.
The Qlik solutions have empowered non-technical NSE team members to create and use their own reports with no-code solutions and natural language processing, he added.
“The best part of implementing the Qlik platform is seeing how users can interact with data using dynamic visualisations,” Soni added.
NSE is a front-line regulator with a pivotal role in compliance monitoring for about 1,100 trading members and 2,000 listed companies.
Its subsidiary NSE IFSC Limited has recently launched Negotiable Large Trades (NLT) in collaboration with Singapore Exchange (SGX Group).
Its financial literacy academy has partnered with the Risk and Insurance Management Society to enhance risk management capabilities through training programs.