Brief Overview:

Common window for innovators to test hybrid financial products/ services falling within the regulatory scope of more than one financial sector regulator was introduced.

FAQs on the Inter-operable Regulatory Sandbox (IoRS) initiative has been issued.

Technical Details:

Key Highlights

1) There is no application fee for applying to IoRS.

2) Applications are accepted on an ‘On-Tap’ basis throughout the year-so no deadline.

3) Regulators involved in the IoRS initiative are- RBI, SEBI, IRDAI, PFRDA, and IFSCA.

4) Regulatory Sandbox (RS) enables live testing of innovative financial products in a controlled regulatory environment.

5) In spirit facilitates cross-sectoral innovation via a single-window application.

Takeaways:

IoRS initiative eliminates the need to separately engage with different regulators and simplifies testing processes and fosters innovation in the financial ecosystem.

For further details, please see:

Inter-operable Regulatory Sandbox: FAQs

For any queries/clarifications, please feel free to ping us and we will be happy to chat: