Mumbai, Oct. 24 -- Rapid technological adoption and capacity building in capital markets are proceeding at a brutal pace, making traditional brokerage setups and legacy operational models unsustainable within the next decade, a senior government official said on Saturday.

Addressing market intermediaries at the 16th ANMI International Capital Market Convention in Mumbai, Dr Alok Tiwari, Joint Secretary (Financial Markets), Department of Economic Affairs (DEA), Ministry of Finance, warned that market participants must proactively transform their governance and ownership frameworks.

"Technology, the rate of change and capacity building are brutal. 10 years down the line, many of the participants in this room may not be there in this room,...