Inter-regulatory push for the sandbox initiative: Check details here

The Fintech department of the RBI will act as a nodal point for receiving applications under this initiative

In a fresh push for the sandbox initiative, domestic regulators Sebi, RBI, IRDAI, IFSCA and PFRDA have come together to allow an inter-operable regulatory sandbox.A regulatory sandbox is a framework that allows live experiments in a controlled environment under a regulator's supervision. 

"In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulators viz. RBI, Sebi, IRDAI, IFSCA and PFRDA, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech,” said Sebi in its statement.

Based on the dominant features of the product, the