“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,” said Madhabi Puri Buch, Chairperson, of the Securities, and Exchange Board of India (SEBI).
During her keynote address at the Global FinTech Fest 2022 in Mumbai on Wednesday, Buch underlined some core principles that should guide regulators. “There are some key principles that guide a regulator. These include anonymity, transparency, financial inclusion, and structural vulnerability,” she said.
Elaborating on inadequate disclosure to a regulator, the SEBI chairperson said, “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.”
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