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Rules for new hybrid financial instruments announced
October 14, 2022
The Reserve Bank of India (RBI) has issued rules for new hybrid financial products that combine insurance, mutual funds, banking and pension-related instruments.
According to the RBI’s SOP issued on October 12, 2022, “In order to facilitate testing of innovative products/services falling within the regulatory ambit of more than one financial sector regulators viz. RBI, SEBI, IRDAI, IFSCA and PFRDA, a Standard Operating Procedure (SOP) for IoRS has been prepared by the Inter-Regulatory Technical Group on FinTech (IRTG on FinTech). The Reserve Bank of India today placed on its website the SOP for IORS.”
Here is a look at what the RBI’s standard operating procedure for inter-operable regulatory sandbox states.
The Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) has been constituted under the aegis of Sub-Committee of the Financial Stability and Development Council (FSDC-SC) for inter-regulatory co-ordination among the financial sector regulators on FinTech-related issues including Inter-operable Regulatory Sandbox (IoRS).
The Group is chaired by Chief General Manager of the FinTech Department, RBI with representation from other financial sector regulators, viz., SEBI, IRDAI, IFSCA and and PFRDA and one representative each from DEA and MeITY.
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