Market regulator Securities and Exchange Board of India (SEBI) and banking regulator Reserve Bank of India (RBI) on Wednesday separately issued standard operating procedure for inter-operable regulatory sandbox in a bid to facilitate testing of innovative products falling within the regulatory ambit of more than one financial sector regulators. Financial products or service providers whose business models fall within the remit of more than one financial sector regulator such as RBI, SEBI, IRDAI (Insurance Regulatory and Development Authority of India), PFRDA (Pension Fund Regulatory & Development Authority) and IFSCA (International Financial Services Centres Authority) will be considered for the testing under Inter-operable Regulatory Sandbox (IoRS). In this episode of the Business Tit bits, our Business Editor Mr Akhilesh Bhargava shares his take.
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