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ARTICLE · 24 JUNE 2024

Reserve Bank Releases Framework For Self- Regulatory Organisations(s) In The Fin-Tech Sector.

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While FinTech sector drive innovation, they also raise concerns about customer protection, data privacy, cybersecurity, and governance.

IndiaTechnology
AKS Partners
AKS Partners

While FinTech sector drive innovation, they also raise concerns about customer protection, data privacy, cybersecurity, and governance. Thus, Selfregulation in the FinTech sector can help by setting industry standards, fostering ethical practices, and enabling adaptability to technological changes.

Self-regulation requires a consensus-based structure. This gives rise to a framework for SRO-FT, responsible for setting and enforcing standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency. The framework includes the functions, governance standards, eligibility criteria and expectations for SRO-FT recognition.

On May 30, 2024, the Reserve Bank of India ("RBI") released the final Framework for Recognizing Self-Regulatory Organizations for the FinTech Sector ("SRO-FT") based on inputs and examinations from stakeholders. This framework aims to initiate the recognition process for SROs. Entities seeking eligibility

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