FRAMEWORK FOR REGULATORY SANDBOX

 

IFSCA has introduced a Framework for Regulatory Sandbox to tap into innovative FinTech solutions.


 The International Financial Services Centres Authority (IFSCA) has an objective to develop a world class FinTech
hub at the IFSC located at GIFT City in Gandhinagar (Gujarat, India).

 Thus, it endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial
products and financial services across the spectrum of banking, insurance, securities and fund management.

 As a step towards attaining this vision, IFSCA has introduced a framework for “Regulatory Sandbox”.

 Under this Sandbox framework, entities operating in the capital market, banking, insurance and financial services
space shall be granted facilities to experiment with innovative FinTech solutions in a live environment with a
limited set of real customers for a limited time frame.

 These features shall be fortified with necessary safeguards for investor protection and risk mitigation. The
Regulatory Sandbox shall operate within the IFSC located at GIFT City.

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