Sebi issues std operating procedure for inter-operable regulatory sandbox
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 ...