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Regulatory Sandbox
The civil aviation ministry is looking to have a regulatory sandbox for advanced air mobility solutions that will also help address urban congestion. Emphasising that the time for electric air mobility has come, Civil Aviation Secretary Vumlunmang Vualnam on Tuesday said, "Our doors are open to promote and support advanced air mobility". He was speaking at the International Conference on Air Mobility in Greater Noida which was organised by the civil aviation ministry and industry body CII. Advanced air mobility solutions include eVTOLs (electric Vertical Take Off Landing) aircraft. For advanced air mobility, the secretary said, "We are looking at a regulatory sandbox within India". It will help entities working on R&D activities as well as developing solutions. Officials from the DGCA have started field visits to firm up sites where the trials and other activities related to advanced air mobility. The Directorate General of Civil Aviation (DGCA) has set up six working groups ...
Regulator Irdai has expanded the scope of regulatory sandbox framework to encourage proposals that foster innovation, improve efficiency and ease of doing business. The IRDAI (Regulatory Sandbox) Regulations, 2025 is now more of principle-based whereby operational aspects will be issued through a master circular, Insurance Regulatory and Development Authority of India (Irdai) said in a statement. "A notable addition is an enabling provision to file Inter-Regulatory Sandbox proposals, cutting across more than one financial sector," the regulator said. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. Further, regulations on maintenance of information by the regulated entities and sharing of information too have been consolidated by the regulator. The regulation mandates electronic record-keeping with robust
Regulator Irdai has proposed to amend the norms related to 'regulatory sandbox' by incorporating principle-based approach and further facilitate adoption of innovative ideas and new concepts across the insurance value chain. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations. Insurance Regulatory and Development Authority of India (Irdai) had constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations. Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments. Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach. The changes to the norms are also aimed to facilitate introduction of innovative ideas/ne
The Reserve Bank on Friday said five products related to MSME lending have completed the test phase under its regulatory sandbox cohort and regulated entities may consider them for adoption. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment, for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. Meanwhile, the central bank has also announced the fifth cohort under the regulatory sandbox scheme. Innovative products, services and technologies cutting across various functions in RBI's regulatory domain are eligible to apply for the sandbox scheme, the central bank said. Applications may be submitted from October 30 to November 30, 2023. The RBI said products of the entities which completed the 'Test Phase' were evaluated based on mutually agreed test scenarios and expected outcomes. Products of FinAGG Technologies Private Limited, Mynd Solutions Private Limited, .
Is it time to regulate financial influencers? What does the EWS quota verdict mean for India? Is the tide turning for PSU banks? What is a regulatory sandbox? All answers here
Regulators SEwhat BI, RBI, IRDAI, IFSCA and PFRDA recently came together to allow an interoperable regulatory sandbox. But, what exactly is a regulatory sandbox? We explains it in this episode
Sebi on Wednesday came out with a 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 Reserve Bank of India (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). "To obviate the need of innovators, to engage with different regulators regarding their hybrid product, a common window has been made available," the Securities and Exchange Board of India (Sebi) said in a press release. IoRS has been prepared by the Inter-Regulatory Technical Group (IRTG) on FinTech. The group was ...
Insurance Regulatory and Development Authority of India (Irdai) is mulling to extend testing of products under the regulatory sandbox mechanism to up to three years. The Irdai Chairman said all these initiatives will help in furthering the goal of insurance penetration and reaching out to more and more people. A sandbox is an environment used in the financial services sector, which provides testing ground for new business models, processes and applications that may not necessarily be covered fully by or are not fully compliant with existing regulations. "The insurtech ecosystem is raring to grow. At Irdai we have already developed something called the regulatory sandbox mechanism where the proof of a concept is actually being allowed to be tested on the ground. We are informed that the regulatory sandbox has some shortcomings," Debasish Panda, Chairperson, Irdai said during a talk session. As of now, the applicants under the regulatory sandbox mechanism can apply through ...