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Saksham
Legal Advisor! • 1y
The RBI released a framework for self-regulatory organizations (SROs) in the fintech sector to balance innovation with regulatory compliance. Key points: •SROs must represent the fintech sector, including RBI-regulated entities, facilitating self-governance. •They should be independent, objective, setting standards, monitoring compliance, penalizing violations, and resolving disputes fairly. •Eligibility criteria include being a non-profit, sufficient net worth, robust IT systems, and managing risks. •SROs perform developmental roles like training, research, assisting smaller firms, and promoting compliance culture. •They are the sector's voice to RBI, sharing data, violation updates, consulting on taxonomy etc. The RBI oversees them. •High governance standards with transparency, independent directors, skilled resources. RBI can nominate observers. This enables fintech self-regulation under RBI oversight, harmonizing innovation with responsible practices in this sector.
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