Train workforce, adopt technology before reforms: Chitra Ramkrishna

NEW DELHI: Financial institutions need to equip themselves with latest technology and have a trained workforce to re-invent themselves to meet the challenges and growth prospects arising from legislative reforms, NSE Managing Director and CEO Chitra Ramkrishna said today.

"When a set of institutions are re-inventing their role and responsibility in today's age, technology can play a huge role in bringing in efficiency and effectiveness and the institutions needs to leverage the use of this technology when they re-invent their role," Ramkrishna said here.

She was speaking at an event on the 'Indian Financial Code' (IFC) framed by Financial Sector Legislative Reforms Commission with a view to update the laws and regulations dealing with the sector. The event was organised by Institute of Company Secretaries of India.

According to Ramkrishna institutions need to create an IT system that would help in better regulation and which can avoid duplication of cost and efforts.

These measures according to her are required to be taken along side and before financial legislation's are implemented.

"To my mind this does not have to wait for any law to be passed and will only help in better preparedness as done for example in the new pension system recently," she added.

Ramkrishna noted that the sector needs significant amount of training, re-training and capacity building so that the workforce "can handle the new paradigm".

Among other things, promoting awareness and education among the market participants is also crucial, she added.

"All this must be done ahead of the legislative changes and not in the reverse order," she noted.