Mumbai, Feb. 7 -- Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey on Saturday underscored the growing centrality of data in India's capital markets, describing it as a critical but often invisible layer of market infrastructure that now rivals capital and liquidity in importance.

"For decades, when we spoke of market infrastructure, we meant exchanges, clearing corporations, depositories, etc. Today, there is another layer of infrastructure that is just as critical, though largely invisible data," he said.

"Data is the new plumbing of capital markets: unseen, indispensable, and powerful. In this world, the quality of data, the security around it, and the governance frameworks that guide its use matter as much a...