Over 83% of retailers plan to increase IT budget by 2024-25: ANMI report
About 83.6 percent of stockbrokers plan to increase their IT budget by 2024-25, according to a survey by the Association of National Exchanges Members of India Western region (ANMI-WIRC) conducted among its 900 members on Friday, November 22.
This means that eight out of ten stockbrokers and 41.8 percent are looking for a 20 percent increase in their budget, the report said.
In addition, the emphasis on technologies such as Artificial Intelligence (AI), algorithmic trading, and blockchain is driving retailers to hire professionals with skills in these fields with 66 percent of retail firms surveyed intending to grow their IT workforce or recruit new talent.
The Association of National Exchanges Members of India (ANMI) conducted a study to delve into the role of financial technology in the stock trading sector.
Harin Mehta, Chairman, ANMI said the study provides a deeper insight into the technological evolution of the Indian stockbroking industry. With increasing investments in AI, automation, and security, the industry is poised to deliver improved sustainability and inclusion.
According to the survey, “34.3 percent of stockbrokers prioritize AI and ML to drive predictive analytics and personalized trading strategies. While 32.9 percent of stockbrokers focus on algorithmic trading, emphasizing accuracy and automation.”
However, 7.1 percent of stockbrokers are adopting blockchain for safe and transparent operations, the survey said.
In the survey, 84.8 percent of respondents cited security as a top priority, underscoring the need for strong risk management and cyber security strategies. Whereas, 90.9 percent of the simple value, emphasizing user-friendly platforms to encourage seller participation.
V. Sundaresan, Executive Director, SEBI said, “The StockTech Survey 2024-25 underscores the transformative potential of technology in India’s capital markets. As stock traders continue to prioritize investments in AI, Blockchain and algorithmic trading.
“SEBI remains committed to promoting an innovative, transparent environment, and protecting investors. By embracing emerging technologies and robust risk management frameworks, the industry can achieve sustainable growth while protecting the interests of market participants,” he added.
With input from agencies
