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ARTICLE · 11 JANUARY 2021

Regulating To Escape Regulation: The Sandbox Approach

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SEBI cleared a proposal to establish a regulatory sandbox for registered entities, joining its sister financial regulators, the Reserve Bank of India and the Insurance Regulatory and Development Authority in doing so.

IndiaTechnology
Poornima Advani
Poornima Advani

The Securities and Exchange Board of India (SEBI) cleared a proposal to establish a regulatory sandbox for registered entities, joining its sister financial regulators, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI) in doing so. Within a span of eight months, all three regulators have established regulatory frameworks to introduce and promote innovation through 'investor-centric experimentation' to create better financial products. The idea is hardly novel, for the United States established the first known regulatory sandbox in 2012 to encourage consumer-friendly innovation and entrepreneurship for financial products. Internationally, this approach was formalized after the success of the UK's Financial Conduct Authority's sandbox established in 2015. However, amongst non-OECD countries, the decision by India's regulators is still quite timely, even though it might be a stretch to consider it pioneering.

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