Mumbai, Oct. 8 -- The Securities and Exchange Board of India (Sebi) is bracing India's markets for a future where ultra-powerful quantum computers could crack today's passwords in seconds-a threat its chief likened to the Y2K scare of the 1990s. The regulator said preparation for a combat plan is underway.

Also called the 'Millennium Bug,' the Y2K problem had threatened to crash computers worldwide at the turn of the year 2000, but the impact was not too severe mostly on account of proactive actions globally.

Speaking at the Global Fintech Fest, Sebi chairman Tuhin Kanta Pandey on Wednesday warned that the arrival of quantum computers could render current encryption standards obsolete, potentially breaking passwords and compromising sec...