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Regulatory Sandbox
Entities making abnormal gains will have a lot of explaining to do before the market regulator
Is it time to regulate financial influencers? What does the EWS quota verdict mean for India? Is the tide turning for PSU banks? What is a regulatory sandbox? All answers here
Regulators SEwhat BI, RBI, IRDAI, IFSCA and PFRDA recently came together to allow an interoperable regulatory sandbox. But, what exactly is a regulatory sandbox? We explains it in this episode
Most applications have either been withdrawn or stand rejected
The Fintech department of the RBI will act as a nodal point for receiving applications under this initiative
Sebi on Wednesday came out with a standard operating procedure for inter-operable regulatory sandbox in a bid to facilitate testing of innovative products falling within the regulatory ambit of more than one financial sector regulators. Financial products or service providers whose business models fall within the remit of more than one financial sector regulator such as Reserve Bank of India (RBI), Sebi, IRDAI (Insurance Regulatory and Development Authority of India), PFRDA (Pension Fund Regulatory & Development Authority) and IFSCA (International Financial Services Centres Authority) will be considered for the testing under Inter-operable Regulatory Sandbox (IoRS). "To obviate the need of innovators, to engage with different regulators regarding their hybrid product, a common window has been made available," the Securities and Exchange Board of India (Sebi) said in a press release. IoRS has been prepared by the Inter-Regulatory Technical Group (IRTG) on FinTech. The group was ...
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years. The Irdai Chairman said all these initiatives will help in furthering the goal of insurance penetration and reaching out to more and more people. A sandbox is an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing regulations. "The insurtech ecosystem is raring to grow. At Irdai we have already developed something called the regulatory sandbox mechanism where the proof of a concept is actually being allowed to be tested on the ground. We are informed that the regulatory sandbox has some shortcomings," Debasish Panda, Chairperson, Irdai said during a talk session. As of now, the applicants under the regulatory sandbox mechanism can apply through ...
The RBI has also decided to facilitate on-tap applications for themes of cohorts earlier closed
The Reserve Bank on Monday said six entities have completed the test phase in the 'First Cohort' under the Regulatory Sandbox scheme with retail payments as theme
The revision has been done in order to enhance the reach and achieve the desired aim, Sebi said in a circular
Irdai said it has created a regulatory sandbox with the objective of using new and innovative ideas with a view to accelerate the growth of the sector
The Hub will act as a centre for ideation and incubation of new capabilities
In May this year, the insurance regulator had come out with draft regulations for the creation of a regulatory sandbox in the insurance sector
State aims to treble the size of its tech industry to $150 billion in 5 years, plans to set up 'Technology Development Board' to support this
The RBI said the window for submission of applications will be be open from November 15 to December 15, 2019
The common objective of a regulatory sandbox is to promote competition and efficiencies through innovation
A fintech regulatory sandbox is particularly useful in India, given that fintech products could potentially face regulation from multiple regulators