Abstract

The advancement of technology has never taken this toll on global regulatory landscape. With new and innovative financial products and services being released everyday, laws cannot just keep up. So, in order to maintain consumer protection and innovation in the financial sector, countries have been developing regulatory sandboxes to help new enterprises survive and thrive. In India, financial services are regulated across various sub-sectors, each governed by a distinct regulatory authority. The RBI oversees banking, SEBI regulates securities markets, the IRDAI supervises insurance, and the PFRDA (Pension Fund Regulatory and Development Authority) manages pensions. These regulators have either implemented or are in the process of launching their respective regulatory sandboxes. Among them, the RBI and IRDAI have made significant progress, with the RBI already accepting applications for its initial sandbox cohort and the IRDAI granting approvals to its first group of participants. Meanwhile, SEBI and PFRDA are yet to commence formal sandbox operations.

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