The Sebi has registered seven offices, including Wipro and L & T Infotech, to build a private data storage cloud, automate testing of brokers and improve analytics, as the regulator examines technological leapfrogging in tracking and investigation.
Other companies on the shortlist are Accenture Solutions, Capgemini Technology Services India, Hewlett Packard Enterprise (India), EIT Services India and Tharavu Technologies.
"The bidders were candidates for another process," said the India Securities Board (SABI).
In August, Sabi called for the expression of EOIs from companies in order to improve analytical capabilities and establish a private cloud in order to provide infrastructure, storage and computing capacity for various projects.
Besides, the regulator is looking to put new and advanced software tools to help monitor its mutual funds for sharing information with other regulators.
The private cloud at the regulator's premises will ensure continuity of operations and rapid recovery during disasters and unplanned events that may adversely affect operational expectations.
The selected company will be responsible for the design, implementation and support of a large data solution with analytical capabilities.
"It will also involve the development of software activities for analytical projects such as (but not limited to) monitoring of mutual funds and automation of the examination of brokers," according to Lesbian.
Moreover, the regulator in its annual report for 2017-18 also said that it intends to deploy data analysis and new generation technologies to understand and cope with the challenges arising from technological advances in the markets.
In addition, my grandfather intends to present measures to address the problem of the major announcements of the listed companies, in order to reduce the uncertainty element in the market and to reduce the abuse of sensitive information not published by internal factors.