Under this Sandbox framework, entities operating in the capital market, banking and insurance and financial services space shall be granted facilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame.
These features shall be fortified with necessary safeguards for investor protection and risk mitigation.
The Regulatory Sandbox shall operate within the IFSC located at GIFT City.
The creation of an “Innovation Sandbox” is proposed as an additional step towards creating an innovation-centric ecosystem in the IFSC.
The Innovation Sandbox will be managed and facilitated by the Market Infrastructure Institutions (MIIs) operating within the IFSC.
Do you know?
IFSCA has an objective to develop a world class FinTech hub at the IFSC in GIFT City, Gandhinagar (Gujarat).
Thus, it endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial products and services across the fields of banking, insurance, securities and fund management.
“Regulatory Sandbox” is a step towards attaining this vision.
