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An Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) had been constituted underneath the aegis of the Financial Stability and Development Council – Sub Committee (FSDC-SC). The phrases of reference (ToR) of IRTG on FinTech embrace dialogue on points regarding hybrid product/service falling underneath the regulatory ambit of completely different monetary sector regulators for admission in Regulatory Sandbox (RS) and framing of Standard Operating Procedure (SOP) for Inter-operable Regulatory Sandbox (IoRS) for hybrid merchandise/providers. The group, along with the members from Financial Sector Regulators, has illustration from Department of Economic Affairs (DEA), Ministry of Finance and Ministry of Electronics and Information Technology (MeITY), Government of India. 2. In order to facilitate testing of revolutionary merchandise/providers falling inside the regulatory ambit of a couple of monetary sector regulators viz. RBI, SEBI, IRDAI, IFSCA and PFRDA, a Standard Operating Procedure (SOP) for IoRS has been ready by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The Reserve Bank of India right this moment positioned on its web site the SOP for IORS. 3. The Common Application kind for taking part within the IoRS is connected. The entities assembly the minimal eligibility standards for taking part within the RS of the Principal Regulator (as outlined within the SOP), might apply, together with requisite paperwork by electronic mail (most dimension 10 MB). Additional info and / or paperwork, as and when required, should be furnished by the applicant. The Principal Regulator/Associate Regulators shall reserve the correct on admissibility of the hybrid product/answer/innovation as per their RS framework. (Yogesh Dayal) Press Release: 2022-2023/1030 |
