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    Question

    What is the meaning of Inter-Operable Regulatory Sandbox (IoRS)?

    A IoRS is a mechanism that enables testing of innovative financial products/services that fall under the regulatory purview of multiple financial sector regulators Correct Answer Incorrect Answer
    B IoRS is a mechanism used to establish policies on the clearing and settlement of financial instruments that are regulated by more than one financial sector regulator. Correct Answer Incorrect Answer
    C IoRS is a mechanism used to overrule the decisions of various regulators and make uniform decisions under IFSCA. Correct Answer Incorrect Answer
    D Either option b or c. Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Inter-Regulatory Technical Group on FinTech (IRTG on FinTech) has been constituted under the aegis of Sub-Committee of the Financial Stability and Development Council (FSDC- SC) for inter-regulatory co-ordination among the financial sector regulators on FinTech-related issues including Inter-operable Regulatory Sandbox (IoRS). The Group is chaired by Chief General Manager of the FinTech Department, RBI with representation from other financial sector regulators, viz., SEBI, IRDAI, IFSCA and PFRDA IoRS is a mechanism to facilitate testing of innovative hybrid financial products / services falling within the regulatory ambit of more than one financial sector regulator. To obviate the need of innovators, to engage with different regulators regarding their hybrid product, a common window has been made available

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