Digital transformation (DT) has become a strategic imperative across industries, yet its success rate remains alarmingly low. This paper argues that digital transformation in the securities market industry must be seen through a different lens, given its unique positioning, stringent regulatory oversight and systemic responsibilities. On account of these factors, DT must be carefully balanced with operational continuity and risk containment. The paper draws on a synthesis of academic literature and the real-world experience of NSE Clearing to propose a contextualised, seven-pillar framework that emphasises regulatory alignment, risk-aware innovation, modular technology, cross-functional execution, talent enablement, stakeholder co-creation and outcome measurement. The authors argue that rapid but incremental and sustained changes that align digital ambition with institutional realities and regulatory intent will help achieve successful transformations in the industry. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Bhanu et al. (2026) studied this question.