New Delhi: The Delhi High Court has filed a PIL requesting a detailed legal framework to regulate the operations of financial technology (tech fin) companies like Facebook, Google, and Amazon in India’s financial sector, the Reserve Bank of India (RBI), Securities and The Exchange Board (SEBI), Insurance Regulatory and Development Authority of India (ERDAI) and National Payments Corporation of India (NPCI) on Wednesday sought replies.
A petition filed by an economist According to a petition filed by an economist, these tech fin companies are actually a technology, telecom, or e-commerce companies, which have now entered the financial sector to provide financial services and need to be regulated is.
A bench of Chief Justice DN Patel and Justice Prateek Jalan issued notices to the Ministries of Finance and Law. Apart from this, the bench also issued notices to RBI, NPCI, IRDAI, SEBI and Pension Fund Regulatory and Development Authority (PFRDA) and asked them to express their stand on the petition of Silky P Bhaskaran. The allegation made in the petition Bhaskaran, in his petition filed through advocate Deepak Prakash, alleged that the flawed approach of the Indian financial regulators has given Tekfin companies an exemption from uncontrolled operations. The petition claimed that this could adversely affect the financial stability of the country.
