Technology Law Analysis: India: Proposed unique data sharing framework in the FinTech sector
Posted by By nishithadmin at 26 November, at 13 : 25 PM Print
Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/single_blog.php on line 46
Warning: count(): Parameter must be an array or an object that implements Countable in /web/qlc/nishith.tv/htdocs/wp-content/themes/Video/single_blog.php on line 52
INDIA: PROPOSED UNIQUE DATA SHARING FRAMEWORK IN THE FINTECH SECTOR
SUMMARY
The National Institution for Transforming India (NITI Aayog) recently released a draft framework, the Data Empowerment and Protection Architecture (DEPA). DEPA is aimed to be a mechanism for secure consent-based data sharing in the FinTech sector, which builds over existing regulation by the RBI on ‘Account Aggregator’ models. Through DEPA, individuals will be able to share their financial data across banks, insurers, lenders, mutual fund houses, investors, tax collectors, and pension funds in a secure manner. While this document released by the NITI Aayog is focused on the implementation of DEPA in the financial sector alone, a similar framework has been proposed to be introduced across all sectors, beginning with the health and telecom sectors.
Inika Charles, Aaron Kamath and Gowree Gokhale provide an overview of the DEPA, and examine the proposed mechanism which DEPA seeks to institute, and the road ahead for the implementation of the framework. The article is published by OneTrust DataGuidance and can be accessed here.
Benchmark Litigation Asia-Pacific: Tier 1 for Government & Regulatory and Tax
2020, 2019, 2018
Legal500 Asia-Pacific: Tier 1 for Tax, Investment Funds, Labour & Employment and TMT
2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012
Chambers and Partners Asia-Pacific: Band 1 for Employment, Lifesciences, Tax and TMT
2020, 2019, 2018, 2017, 2016, 2015
IFLR1000: Tier 1 for Private Equity and Project Development: Telecommunications Networks.
2020, 2019, 2018, 2017, 2014
AsiaLaw Asia-Pacific Guide 2020: Ranked ‘Outstanding’ for TMT, Labour & Employment, Private Equity, Regulatory and Tax
FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)
RSG-Financial Times: India’s Most Innovative Law Firm
2019, 2017, 2016, 2015, 2014
Who’s Who Legal 2019:
Nishith Desai, Corporate Tax and Private Funds – Thought Leader
Vikram Shroff, HR and Employment Law- Global Thought Leader
Vaibhav Parikh, Data Practices – Thought Leader (India)
Dr. Milind Antani, Pharma & Healthcare – only Indian Lawyer to be recognized for ‘Life sciences – Regulatory,’ for 5 years consecutively
Merger Market 2018:Fastest growing M&A Law Firm in India
DISCLAIMER
The contents of this hotline should not be construed as legal opinion. View detailed disclaimer.
