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Policy Update: IFSCA releases Framework for Regulatory Sandbox

Blog: NASSCOM Official Blog

Context

On 19 October, the International Financial Services Centres Authority (IFSCA) released a Framework for Regulatory Sandbox. Under this framework, entities operating in the capital market, banking, insurance and financial services space shall be granted certain facilities and flexibilities to experiment with FinTech solutions in a live environment with a limited set of real customers for a limited period. These features shall be fortified with necessary safeguards for investor protection and risk mitigation.

The circular has been issued in exercise of powers conferred by section 12 of the International Financial Services Centres Authority Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres (IFSC).

Major Highlights of the Framework:

1. Applicability

The following entities shall be eligible for testing in the regulatory sandbox:

2. Eligibility Criteria

3. Application and Approval Process

4. Evaluation Criteria

The applicant may be evaluated using a scoring process by IFSCA, inter alia, based on the parameters given below:

5. Regulatory Exemptions

Please read the circular for more details regarding the Regulatory Sandbox. A copy of the circular has been attached with this blog.

In case you have any views/comments on this blog, please write to komal@nasscom.in

 

 

 

 

 

 

The post Policy Update: IFSCA releases Framework for Regulatory Sandbox appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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