A regulatory sandbox is an enabling interface or infrastructure constructed by a regulator, to conduct live tests on new financial innovations and technology, in which, the regulator may permit certain regulatory relaxations for testing. The regulatory sandbox allows the regulator, innovators, financial service providers and the customers to gauge the benefits and risks of a new technology.
In July 2016, the Reserve Bank of India (RBI) set up an inter-regulatory working group consisting of members from the RBI, the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), the Pension Fund Regulatory and Development Authority of India, the National Payments Corporation of India, and the Institute for Development and Research in Banking Technology to conduct a granular review of disruptive financial technologies in India. The main objective of the working group was to refine and deliver low-cost financial products and services for consumers by reviewing rapidly evolving dynamics in Fintech and recommending changes to improve the regulatory landscape.
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Archana Tewary is a partner and Arjun David Alexander is an associate with J. Sagar Associates. Their views are personal.
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Archana Tewary | Tel: +91 80 435 03632
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Arjun David Alexander | Tel: +91 80 435 03637
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