As per the Account Aggregator Master Directions entities that are registered and regulated by any one of the Financial Service Regulators can participate in the Account Aggregator Ecosystem as a Financial Information Provider (FIP) and Financial Information User (FIU),
3 (1)(x) “Financial Sector regulator” for the purpose of these directions, shall mean the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority;
(xi) “Financial information provider” means bank, banking company, non-banking financial company, asset management company, depository, depository participant, insurance company, insurance repository, pension fund and such other entity as may be identified by the Bank for the purposes of these directions, from time to time;
(xii) “Financial information user” means an entity registered with and regulated by any financial sector regulator;
(xiii) “Insurance Repository” means a company formed under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in electronic form on behalf of insurers.
(xv) “Non-banking financial company” means a company registered under the Companies Act and which has been granted certificate of registration by the Bank under section 45IA of the Act;
The purpose of the entity seeking data (FIU) should be commensurate with the charter it is licensed for. We list the entity types registered and regulated by the four Financial Regulators – RBI, SEBI, IRDAI, PFRDA.
| List of Registered and Regulated Entities under the RBI/SEBI/PFRDA/IRDA | ||
|---|---|---|
| Sr. No | Regulator | Regulated Entities |
| 1 | Pension Fund Regulatory Development Authority (PFRDA) | Entities regulated by the PFRDA include: a) Central record keeping agencies (FIP) e) Point of Presence (FIU) |
| 2 | Insurance Regulatory and Development Authority (IRDA) | Entities regulated by the IRDA include: a) Any person carrying on any class of insurance business in India. b) An Insurer, as defined under the Insurance Act of 1938: i) An Indian Insurance Company, or ii) A statutory body established by an Act of Parliament to carry on insurance business, or iii) An insurance co-operative society, or iv) A foreign company engaged in re-insurance business through a branch established in India. “Foreign company" means a company or body established or incorporated under a law of any country outside India. v) Corporate Surveyor vi) Web Aggregators vii) Third Party Administrators (TPA) viii) Insurance Brokers ix) Insurance Repositories x) Insurance Marketing Firms xi) Corporate Agents |
| 3 | Reserve Bank of India (RBI) | Banking Companies means any company which transacts the business of banking and includes: a) Scheduled Commercial Banks i) Scheduled Public Sector Banks ii) Scheduled Private Sector Banks iii) Scheduled Small Finance Banks iv) Scheduled Payments Banks v) Scheduled Regional Rural Banks vi) Scheduled Foreign Banks vii) Banks that are Wholly Owned Subsidiary (WOS) of foreign banks b) Co-operative Banks i) Scheduled Urban Co-operative ii) Non-Scheduled Urban Co-operative Banks iii) State Co-operative Banks |
| 4 | Reserve Bank of India (RBI) | Non-banking Financial Companies (NBFCs) which includes: a) Deposit accepting NBFCs b) Non-Systemically Important Non-Deposit taking Company c) Systemically Important Non-Deposit taking Company and Deposit taking Company d) Standalone Primary Dealers e) Housing Finance Companies f) Core Investment Companies g) Peer to Peer Lending Platform h) Mortgage Guarantee Companies i) Micro Finance Institutions j) Infrastructure Debt Fund k) NBFC-Factors l) Asset Finance Companies m) Infrastructure Finance Companies n) Asset Reconstruction Companies o) Investment and Credit Companies p) Payment Aggregators q) TReDs |
| 5 | Reserve Bank of India (RBI) | Payment Systems that are regulated by the RBI include: a) Retail Payments Organisation/NUEs b) Cards Payment Networks c) ATM Networks d) Pre-paid Payment Instruments i) White Label ATM Operators ii) Bharat Bill Payment System (BBPS) iii) Bharat Bill Payment Central Unit (BBPCU) iv) Bharat Bill Payment Operating Units (BBPOUs) v) Payment Systems Operators |
| 6 | Securities Exchange Board of India (SEBI) | Entities that are regulated by SEBI include: a) Stock Exchanges b) Depositories c) Clearing Corporations d) Recognised Intermediaries- i) Alternative Investment Funds ii) Credit Rating Agencies iii) Collective Investment Management Companies iv) Debentures Trustees v) Designated Depository Participants grant registration to FPIs on behalf of the regulator and also carry out other allied activities in compliance with regulations. vi) Depository Institutions e.g. - National Securities Depositories Ltd (NSDL) and Central Securities Depositories Ltd (CDSL) vii) Foreign Portfolio Investors (FPIs) viii) Foreign Venture Capital Investors (FVCIs) ix) Investment Advisers (RIA) x) Infrastructure Investment Trusts xi) KYC (Know Your Client) Registration Agencies xii) Mutual Funds xiii) Portfolio Managers xiv) Venture Capital Funds xv) Real Estate Investment Trusts xvi) Research Analyst xvii) Stock Broker xviii) Merchant Banker xix) Registrars to an Issue and Share Transfer Agents xx) Bankers to an Issue xxi) Custodian xxii) Vault Manager |
| Last Updated as of 11th December 2023 | ||
Last updated as of 11th December 2023
