Devanshu Dawn’s Post

A New Milestone in Indian FinTech: Recognition of Self-Regulatory Organisations. (4 ways it will help our Fintech space 👇) The Reserve Bank of India (RBI) has taken a significant step towards enhancing the regulatory framework in the FinTech sector by recognising Self-Regulatory Organisations (SROs). This move aims to foster a more structured and consumer-centric approach within the rapidly evolving FinTech landscape. 1. Enhanced Consumer Protection: The recognition of the Fintech Association for Consumer Empowerment (FACE) as an SRO-FT underscores the importance of consumer protection in the FinTech sector. FACE will play a pivotal role in ensuring that consumer interests are safeguarded and that ethical standards are upheld. 2. Streamlined Regulatory Oversight: By establishing SROs, the RBI aims to streamline regulatory oversight, making it more efficient and effective. This will help in addressing the unique challenges posed by the FinTech industry, ensuring compliance with regulatory norms. 3. Industry Collaboration: The recognition of SROs fosters greater collaboration within the FinTech ecosystem. It encourages industry players to work together towards common goals, such as innovation, transparency, and consumer trust. 4. Encouraging Innovation: With a structured regulatory framework in place, FinTech companies can focus on innovation without the constant fear of regulatory uncertainties. This will drive the development of new and improved financial products and services. The recognition of Self-Regulatory Organisations in the FinTech sector marks a significant milestone in India’s financial landscape. It not only strengthens consumer protection but also promotes innovation and collaboration within the industry. As we move forward, the role of SROs will be crucial in shaping a robust and resilient FinTech ecosystem. Found this useful? Repost & share with your connections. Follow me Manish Jeloka to see more such content. #RBI #Fintech #Finance #Money #IndianEconomy

The regulatory landscape for fintech companies in India is complex and multifaceted, involving numerous acts, rules, and compliance obligations. Here's a breakdown of the key points highlighted in the conversation with Rishi Agrawal, CEO and Co-Founder of Teamlease RegTech, along with additional insights into SEBI's regulations for publicly traded fintech firms: 1. Initial Licenses and Registrations:   👉Enterprises must obtain various registrations and certificates under acts like the Contract Labour (Regulation and Abolition) Act, 1970, and State rules.   👉 Compliance with the Employees State Insurance Act, 1948, and related regulations is required.   -👉Adherence to the Central Goods and Services Tax Act, 2017, and State Goods and Services Tax Act, 2017, along with their respective rules, is mandatory. 2. Banking or Non-Banking License:   👉Fintech companies involved in accepting deposits and lending must acquire appropriate banking or non-banking licenses from the Reserve Bank of India (RBI).   👉Depending on the nature of financial offerings, additional approvals and licenses from RBI, SEBI, or IRDAI may be necessary. 3. Specific Regulations for Payment Aggregators and Gateways:   👉Payment aggregators must obtain licenses under the Guidelines for Payment Aggregators and Payment Gateways issued by RBI. 4. Peer-to-Peer Lending and Cross-Border Payment Processing:   👉Fintechs engaged in peer-to-peer lending or cross-border payment processing for current account transactions need corresponding licenses from RBI. 5. Intellectual Property (IP) Licensing:   👉Businesses utilizing intellectual property in their offerings must obtain licenses from the patent holder, unless they are the patent holder themselves. 6. Regulations for Publicly Traded Fintech Companies:    👉Publicly traded fintech firms must adhere to disclosure and listing regulations set by the Securities and Exchange Board of India (SEBI).  👉 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outline critical disclosure requirements ensuring transparency and investor awareness.   👉Regulation 30 mandates disclosure of material events or information to stock exchanges within specific timeframes, including within 24 hours of occurrence and 30 minutes of the end of board meetings. These regulations collectively form a comprehensive framework designed to ensure compliance, transparency, and stability within the fintech sector in India. Compliance with these regulations is crucial for businesses to operate legally and maintain trust among stakeholders. #fintech #finventoeconomics #fintech #license

The regulatory landscape for fintech companies in India is complex and multifaceted, involving numerous acts, rules, and compliance obligations. Here's a breakdown of the key points highlighted in the conversation with Rishi Agrawal, CEO and Co-Founder of Teamlease RegTech, along with additional insights into SEBI's regulations for publicly traded fintech firms: 1. Initial Licenses and Registrations:   👉Enterprises must obtain various registrations and certificates under acts like the Contract Labour (Regulation and Abolition) Act, 1970, and State rules.   👉 Compliance with the Employees State Insurance Act, 1948, and related regulations is required.   -👉Adherence to the Central Goods and Services Tax Act, 2017, and State Goods and Services Tax Act, 2017, along with their respective rules, is mandatory. 2. Banking or Non-Banking License:   👉Fintech companies involved in accepting deposits and lending must acquire appropriate banking or non-banking licenses from the Reserve Bank of India (RBI).   👉Depending on the nature of financial offerings, additional approvals and licenses from RBI, SEBI, or IRDAI may be necessary. 3. Specific Regulations for Payment Aggregators and Gateways:   👉Payment aggregators must obtain licenses under the Guidelines for Payment Aggregators and Payment Gateways issued by RBI. 4. Peer-to-Peer Lending and Cross-Border Payment Processing:   👉Fintechs engaged in peer-to-peer lending or cross-border payment processing for current account transactions need corresponding licenses from RBI. 5. Intellectual Property (IP) Licensing:   👉Businesses utilizing intellectual property in their offerings must obtain licenses from the patent holder, unless they are the patent holder themselves. 6. Regulations for Publicly Traded Fintech Companies:   👉Publicly traded fintech firms must adhere to disclosure and listing regulations set by the Securities and Exchange Board of India (SEBI).  👉 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outline critical disclosure requirements ensuring transparency and investor awareness.   👉Regulation 30 mandates disclosure of material events or information to stock exchanges within specific timeframes, including within 24 hours of occurrence and 30 minutes of the end of board meetings. These regulations collectively form a comprehensive framework designed to ensure compliance, transparency, and stability within the fintech sector in India. Compliance with these regulations is crucial for businesses to operate legally and maintain trust among stakeholders. #fintech #finventoeconomics #fintech #license

India is fast emerging as a blueprint for players in the payment industry, particularly in the competitive cross-border sector. For daily news and analysis subscribe to the https://lnkd.in/gR8aX8zJ newsletter. #FinTech #Payments #Finance

India is fast emerging as a blueprint for players in the payment industry, particularly in the competitive cross-border sector. For daily news and analysis subscribe to the https://lnkd.in/gnPcGRKf newsletter. #Banking #Finance #Fintech

Is the Developing World Outpacing the Developed in Digital Payments? The evidence points to a resounding yes. India's experience with real-time payments is a testament to how financial inclusion can be dramatically accelerated, leading to a significant surge in digital transaction volumes. In this newsletter of #FutureFinance, I share my insights on the evolving payment landscape and explore why India holds a definitive edge in payment innovation. Discover how the future of money is being shaped by emerging economies. 👉 Read more and subscribe to the #FutureFinance newsletter here: https://lnkd.in/g6XznJ5T #Payments #UPI #IndiaInnovation #DigitalTransformation

Riding on NRI-Shakti: Fi Money Goes International India’s digital inclusion journey for Financial services has progressed at breakneck speeds with fintech players entering the foray. While the homebound have reaped the benefits of the developments in the financial space, the obvious next step is getting the NRIs up to speed.   The Reserve Bank of India (RBI) seeks to do just that, adding fuel to the fire of NRI financial convenience. In its latest update on the fifth cohort of RBI’s Regulatory Sandbox, the central bank announced that digital account opening for NRIs is one of the products being put to the test, with […] - https://lnkd.in/gAGe3Dzs 𝗖𝗹𝗶𝗰𝗸 𝘁𝗼 𝗝𝗼𝗶𝗻 𝘁𝗵𝗲 𝗙𝗮𝘀𝘁𝗲𝘀𝘁 𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗡𝗲𝘁𝘄𝗼𝗿𝗸 - https://lnkd.in/gsYmD_BZ #IndianConventions #TaleesRizvi #News #Awards #Conferences #India #HR #Marketing #Finance #StartUp #Business #B2B #B2C #C2C #D2C #leadership #Management #HumanResources #Healthcare

India's per capita is now $2,450 and it is expected to get to $4,000 by the end of this decade, as per report by Standard Chartered. This movement of many people from a life focused on meeting daily expenses for essentials to having a surplus and spending on discretionary items will revolutionize financial services in India. Fintech Companies must focus on: 1) Innovation with view of building enduring institution, and not unicorn which can be IPO-ed in 5 years 2) Offer sustainable services that could pay off 3) Comply with regulation with a spirit. Regulation should not be treated as a bug to be fixed. #fintechindia #RBI

India is leading the charge in digital payments, while the UK, despite being a pioneer, is facing challenges. A recent Bank of England paper highlighted this stark contrast. What can the UK learn from India's success? Our CEO, Ashish Anantharaman, explores this in his latest, and first, edition of Future Finance. Read here ⬇ https://lnkd.in/gD5mMWq3 #Fintech #payments

Reserve Bank of India introduces a self-regulatory framework for the financial technology sector. This approach aims to balance innovation with oversight, setting standards and fostering transparency. India's model contrasts with global trends, presenting unique challenges and opportunities. Dive into the future of #FinTech regulation: https://lnkd.in/ey8YvDFM via Observer Research Foundation  #FinTechRegulation #Regulation