REGULATORY SANDBOX NORMS
Irdai proposes to amend regulatory sandbox norms
The Insurance Regulatory and Development Authority of India (Irdai) has proposed changes to its regulatory sandbox, aiming to shift from a rule-based to a principle-based approach. This move seeks to encourage innovation and the introduction of new ideas within the insurance sector. Public comments on the proposed amendments are being sought until November 25th.
Regulations have an important role to play in the realm of digital assets: Propine¡¯s Tuhina Singh
As digital assets increasingly integrate into our daily lives and professional environments, it is imperative to establish infrastructure that ensures secure and compliant transactions. Propine aims to do just that.
India¡¯s crypto regulations can do with a HODL strategy
??As the global crypto asset market progresses, India finds itself at a pivotal juncture. There¡¯s an opportunity to chart a course that delicately balances innovation in this nascent but super exciting sector, together with risk management, while drawing invaluable insights from the regulatory experiences of other nations.
RBI tweaks norms related to Regulatory Sandbox scheme
Reserve Bank of India revised the guidelines for the Regulatory Sandbox (RS) scheme, requiring participating entities to adhere to digital personal data protection standards. The Regulatory Sandbox typically involves the live testing of novel products or services within a controlled regulatory environment, wherein regulators may grant specific relaxations for the sole purpose of testing, subject to certain conditions.
'Bordered' regulation to hurt Metaverse's seamless experience: Meta
The US social networking giant said the metaverse is subjected to international laws and standards and that India already has a solid legal framework that applies to internet technologies, such as the new Digital Personal Data Protection (DPDP) Act, which may continue to apply to the metaverse.
View: Telecom connections just got better
The Telecommunications Bill 2023 is seen as a positive step, particularly for satellite services, as it introduces the provision for administrative assignment of spectrum, aligning with global practices. The shift away from spectrum auctions for satellite services is observed in countries like the US, Brazil, Australia, Germany, Britain, and Taiwan.
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Going vocal with local on LLMs; and other top tech, startup stories this week
While tech biggies including Microsoft, Google, and Meta are leading the charge on AI, more localised contingents are emerging across geographies, including in India and the European Union.
Hong Kong and India¡¯s quest to regulate crypto a boon for Asia¡¯s Web3 ecosystem
Hong Kong and India are taking different routes towards developing their crypto ecosystems. Hong Kong has established a set of comprehensive regulations for the crypto industry and has made it easier for retail investors to engage in digital assets, which has attracted international crypto businesses. India, on the other hand, has seen a thriving crypto ecosystem from 2020 until early 2022, but government-imposed taxes and regulations have caused setbacks. While both countries have implemented anti-money laundering laws and mandatory KYC norms for crypto users, they have different approaches towards engaging the youth population and building crypto infrastructure.
Building entry barriers in fintech; and other top tech & startup stories this week
The free run that Indian fintech founders had is a thing of the past. Not only has the regulator stepped in to check the speed of innovation, banks are also looking to work only with regulated fintechs.
How health insurance plans have changed since Covid 19: OPD, mental health, surrogacy, pay as you go and more
Covid 19 pandemic has proven to be a pathbreaking moment for health insurance plans in India as it exposed the vulnerabilities and allowed the regulator to accelerate many reforms which were needed to address the many loopholes in the product and the processes. Here is the list of all prominent features and processes which are available to policyholders which can maximise their health protection.
Bad loans worth Rs 10 lakh cr written off by banks in last five financial years, says Nirmala Sitharaman
??The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, have been removed from the balance sheet of the bank concerned by way of write-off, said Sitharaman in a reply to Rajya Sabha.
IRDAI approves changes in capital, ownership, solvency of insurance companies
The Insurance Regulatory and Development Authority of India (IRDAI) has also approved a proposal to permit Private Equity (PE) funds to invest directly in insurance companies and at its board meeting today allowed subsidiary companies to be promoters of insurance companies.
Enhanced disclosures for F&O in the works: Sebi
Sebi chief Madhabi Puri Buch took charge at Sebi in March. She has also carried out a reorganisation exercise where three officials in each department have been given a key responsibility area (KRA) to come out with ideas on regulation the industry will 'celebrate'.
Covid has transformed the entire insurance ecosystem: Shanai Ghosh, ED & CEO, Edelweiss General Insurance (EGI)
The most impactful outcome of Covid has been the acceleration of digital claims. The entire process, right from claims intimation, to processing to settlement is now becoming completely digital, bringing in a lot of ease and convenience to all stakeholders.
Budget hopes for FinTech: Boost credit flow for MSMEs
The Finance Minister can introduce some measures like expediting approvals, streamlining compliance norms for the ease of doing business, and encouraging tech adoption.
Price arbitrage a new worry as several crypto platforms crop up
Sources close to the discussions told ET that concerns are being raised around the number of cryptocurrency exchanges operating out of India and how prices of the same cryptocurrencies tend to differ at the same time across platforms creating arbitrage opportunities.
Isro after Branson, Bezos: India needs its own entrepreneur rocketeers
This billionaire space race makes for an entertaining spectacle but it is simply one manifestation of a broader phenomenon: the increasing privatisation of space activity.
View: Personal Data Protection law should advance the goals of digital economy
The Personal Data Protection (PDP) Bill has undergone significant changes, and is expected to be tabled in the upcoming budget session in Parliament.
NITI Aayog proposes a self-regulatory body as part of national-level online fantasy sports rules
Fantasy sports platforms operate through online media on a pan-India basis but they are governed under varied state-wise regulatory regimes
Covid Impact: RBI to tighten oversight, initiate actions if necessary
"In tandem with the evolving regulations, the supervisory approach of the Reserve Bank will have to be two-pronged - first, strengthening the internal defences of regulated entities; and second, greater focus on identifying the early warning signals and initiating corrective action," RBI said.
For an atmanirbhar Bharat, make capital markets self-reliant first
While our markets have evolved significantly over time, we still have some grounds to cover to be at par with the developed countries.
Can NCB discount be claimed when buying motor insurance policies issued under sandbox regulations?
Under the regulatory sandbox guidelines, many insurers have come up with new motor insurance policies based on the concept of how much you actually drive your car. These types of motor insurance policies can help you save on premiums significantly.
At 4,572 cr, digital payments surpass govt's target for FY20
Overall transactions grew 46% over the previous year, reiterating the focus on digital payments, which the government has been pushing since demonetisation in 2016.
'Pay as you drive' vs 'Pay as you use' motor insurance policy: Which can be more beneficial?
You should know that these pay as you use or pay as you drive motor covers come under the sandbox regulations due to which the policies will have certain limitations. Therefore, your decision should not be based solely on how much it will cost.
Sebi releases framework for regulatory sandbox
The regulator has also listed out specific conditions under which the approval to participate in the sandbox may be revoked.
Individual investment advisors cannot provide distribution services, says Sebi
Sebi said it will introduce an upper limit on the fees charged to clients by investment advisers.
Sebi plans 'regulatory sandbox' to allow live testing of new products, services on select customers
A proposal in this regard will be discussed by Sebi's board later this month.
Foreign investors keen on REITs, InvITs: Sebi
Several participants also showed interest in the Alternative Investment Fund space.
Nasscom asks Sebi to ease norms for offline testing of fintechs
Sebi on May 28 introduced a discussion paper on a regulatory sandbox and mandated ¡°limited offline testing¡± by the applicants in the eligibility criteria to enter the sandbox
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