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ARTICLE · 17 JUNE 2019

Unboxing The ‘Regulatory Sandbox'

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In the recent past, the adoption of technology has caused significant disruption in financial services sector and the financial ecosystem as a whole.

IndiaFinance and Banking
Sanjay Khan Nagra
Sanjay Khan Nagra
Prashanth Ramdas
Prashanth Ramdas
Anurag Singh
Anurag Singh
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Background

In the recent past, the adoption of technology has caused significant disruption in financial services sector and the financial ecosystem as a whole. New age Indian companies are developing various technological solutions to address existing gaps in the financial market including access to credit, adoption of digital payments, sale of financial products on e-commerce platforms, etc. With a view to encourage and support adoption of such technological solutions in a structured manner, three Indian financial services regulators, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDA) have proposed establishment of their respective regulatory sandboxes, which are controlled environments for live testing of new products, processes, or services for which appropriate regulatory relaxations could be considered by the regulators.

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