On Mar. 12, IND RBI issued framework with respect to self-regulation.
IND RBI issued Framework for recognising self-regulatory organisation(s) for the account aggregator ecosystem (SRO-AA), and invited applications regarding same.
In addition, it published Form of application for recognition as SRO for AA ecosystem.
Follows IND RBI Sep. 2021 gave speech on regulating account aggregators, #115840.
Document dated Mar. 12, 2025, was added on May 10, 2025 due to editorial backfill.
Outline of Framework
Framework states AA ecosystem encompasses wide range of stakeholders, the entities which are directly involved in the transmission of financial information of customers.
The framework provides a comprehensive outline of aspects including characteristics, responsibilities, eligibility criteria, governance related aspects, with respect to SRO-AA.
SRO-AA is expected to operate with credibility, objectivity, responsibility under overall oversight of IND RBI, to promote healthy, sustainable development of AA ecosystem.
Framework states primary responsibility of SRO-AA towards its members would be to promote best business practices and controls; SRO-AA shall establish minimum benchmarks and conventions for professional market conduct amongst its members.
In the interest of its members, the SRO-AA should aim to protect interests of the customers, participants as well as other stakeholders within the ecosystem.
In particular, SRO-AA should undertake prescribed functions, i.e. dispute resolution, responsibilities towards the IND RBI as well as other financial sector regulators.
Namely, IND SEBI, IND INS, IND PFRDA; IND DOR is deemed to be the regulator for Goods and Services Tax Network for the purpose of onboarding to the AA ecosystem.
Effectiveness
Applications may be submitted via PRAVAAH portal by Jun. 15, 2025 at the latest.
