- The Reserve Bank of India (RBI) has issued the Framework for Recognising Self-Regulatory Organisation for the FinTech Sector (SRO-FT) for better self-governance and compliance by firms in this space.
- Entities meeting or intending to meet the eligibility conditions and requirements of the SRO-FT framework have been asked to submit applications.
- The SRO-FT should operate objectively, with credibility and responsibility under the RBI’s oversight.
- The applicant should be set up as a not-for-profit company and its shareholding should be sufficiently diversified, with no entity holding 10% or more of its paid-up share capital.
Dig Deeper: Read about FinTech areas that come under SEBI’s purview.
