Amazon, Facebook, Google Faces PIL Over Fintech Regulation in India

Social

The Delhi High Court Wednesday sought response of the Centre, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDAI), and National Payments Corporation of India (NPCI) on a PIL seeking a detailed legal framework for regulating operations of fintech companies such as Amazon, Facebook, and Google, in India’s financial sector space.

According to the petition filed by an economist, ‘techfin’ entities are technology, telecommunications, or e-commerce companies that have entered the financial sector to provide financial services and need to be regulated.

A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the ministries of finance and law as also RBI, NPCI, IRDAI, SEBI, and the Pension Fund Regulatory and Development Authority (PFRDA) seeking their stand on the plea by Resmi P Bhaskaran.

In her plea filed through advocate Deepak Prakash, Bhaskaran alleged that the “lackadaisical approach” of Indian financial regulators permits unregulated operation of fintech firms and claims that this could adversely affect the financial stability of the country.


Are Micromax In 1b, In Note 1 good enough to take the brand to the top in India?? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Products You May Like

Articles You May Like

Elon Musk Teases Potential Social Media Site as Competitor for Twitter
Government Exploring Adoption of Common Charger for Devices, Meeting on August 17, Says Ministry Official
Cisco Patches High-Severity Vulnerability Affecting ASA and Firepower Solutions
iPhone 14 Pro Models Said to Offer 128GB Storage, Same as iPhone 13 Series
Tencent, Alibaba Have Submitted Details of Algorithms Used in Their Products, Says China Regulator

Leave a Reply

Your email address will not be published.