Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch, on Wednesday laid down some core principles that guide regulators such as anonymity, transparency, financial inclusion, and structural vulnerability.
Delivering the keynote address at the Global Fintech Fest 2022 here, she said: "There is likely to be a regulatory gap when there is something new and innovative that happens in the market. It is up to the regulator to keep pace with that. Our intention is to narrow that regulatory gap in the startup ecosystem."
Buch also said that if your business model is woven around a black box, which is not open to sunlight for disinfecting or not capable of being audited or validated, it cannot be permitted.
The Global Fintech Fest 2022 is being organised and presented by the Department of Economic Affairs under the Union Ministry of Finance, the Reserve Bank of India, the International Financial Services Centres Authority (IFSCA), the National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).