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JC - Legal Updates - RBI proposes SROs for FinTechs

Legal Updates

16 Jan 2024

RBI proposes SROs for FinTechs

Brief Overview:
 
Draft framework for self-regulatory organizations is proposed by RBI in the FinTech sector (“SRO-FT”) on 15th January 2024 (“Draft Framework”).
 
Technical Details:
 
The key focus areas of the Draft Framework are:
 
1)  Characteristics and operations;
 
2)  Eligibility and membership, including criteria for Board of Directors and Key Managerial Personnel;
 
3)  Functions and responsibilities; and
 
4)  Governance and management.
 
Issues for consensus:
 
1)  Incentives for membership of SRO-FT;
 
2)  Composition of SRO-FT members; and  
 
3)  Number of SRO-FTs that would require recognition.
 
Comments / Feedback from stakeholders and members of the public on the Draft Framework to be sent by end February 2024
 
JC Takeaways:
 
With the FinTech industry growing at a break-neck speed, the Draft Framework is an attempt towards striking a balance between facilitating innovation by the FinTech industry and meeting regulatory priorities for unregulated FinTech.
 
For further details, please see:
 
 
For any queries/clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Ankit Sinha (ankit.sinha@jclex.com)
●   Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com
)