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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.
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