The Securities and Exchange Board of India’s (Sebi’s) proposed cloud framework covering data localisation, risk assessment and data ownership has raised concern among the foreign investor fraternity.
Asia Securities Industry & Financial Markets Association (ASIFMA), which represents members like CLSA, Citi, abrdn, BlackRock, Barclays, among others, has requested the capital markets regulator not to impose local data storage and processing requirements.
In a letter to Sebi, the association has argued that data localisation will expose financial institutions (FIs) to greater cybersecurity risks by creating a more decentralised environment, which could inhibit central oversight and information sharing across borders.
“Local processing