Episode Description
This episode dives into the latest regulatory advancements impacting India's financial and cybersecurity sectors, highlighting the newly introduced Integrated or Inter-operable Regulatory Sandbox (IoRS) framework. We also cover the evolving cybersecurity compliance requirements and the significant international banking development involving GIFT City.
The Securities and Exchange Board of India (SEBI) has launched IoRS, a unified sandbox mechanism enabling hybrid financial product testing across multiple regulators via a single application process coordinated by the Reserve Bank of India. Additionally, SEBI mandates regulated entities to comply with the Cyber Security and Cyber Resilience Framework (CSCRF) and adopt cloud services aligned with prescribed standards.
In procurement news, a corrigendum to the Cyber Risk Insurance Policy RFP enforces stringent bidder criteria, including detailed project disclosures and restrictions on procurement from countries sharing a land border with India.
Internationally, Mega International Commercial Bank from Taiwan has secured approval to establish a branch in Gujarat International Finance Tec-City (GIFT City), marking a key development in cross-border financial services regulated under local Indian laws.
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