Differences Between Regulatory Sandbox Provision Of IRDAI, SEBI And RBI

Over the years, the emphasis of Indian market regulators has been towards increasing regulation of market participants, often primarily focussed on safeguarding the interests of customers. However, with the advent of technology and with the rise in demand for newer products, regulators across the globe are trying to encourage participants to think out of the box and create products which not only help the industry grow but also cater to the interests of the customers. The intention of the regulators, as widely understood is to balance growth and technological development with protection of the customers' interests.

What is Regulatory Sandbox?

A regulatory sandbox refers to an environment created by the relevant regulatory authority to provide market players with an opportunity to safely and securely execute and test their innovative products, services, business models and delivery mechanisms, in an orderly manner, which aims at protecting the customers and at the