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To participate in AA ecosystem as an FIU or an FIP, entities are expected to be regulated by any one of these financial service regulators—

  • Reserve Bank of India (RBI)
  • Securities Exchange Board of India (SEBI)
  • Insurance Regulatory and Development Authority (IRDA)
  • Pension Fund Regulatory Development Authority (PFRDA)

#Reserve Bank of India (RBI)

These are the entities which are regulated by the RBI.

1. Banking Companies
EntitiesSub type
Scheduled Commercial BanksScheduled Public Sector Banks
Scheduled Private Sector Banks
Scheduled Small Finance Banks
Scheduled Payments Banks
Scheduled Regional Rural Banks
Scheduled Foreign Banks
Banks that are Wholly Owned Subsidiary (WOS) of foreign banks
Co-operative BanksScheduled Urban Co-operative
Non-Scheduled Urban Co-operative Banks
State Co-operative Banks

2. Non-banking Financial Companies (NBFCs)
Deposit accepting NBFCs
Non-Systemically Important Non-Deposit taking Company
Systemically Important Non-Deposit taking Company and Deposit taking Company
Standalone Primary Dealers
Housing Finance Companies
Core Investment Companies
Peer to Peer Lending Platform
Mortgage Guarantee Companies
Micro Finance Institutions
Infrastructure Debt Fund
Core Investment Companies
Asset Finance Companies
Infrastructure Finance Companies
Asset Reconstruction Companies
Investment and Credit Companies

3. Payment Systems
EntitiesSub type
Retail Payments Organisation/NUEs
Cards Payment Networks
ATM Networks
Pre-paid Payment InstrumentsWhite Label ATM Operators
Bharat Bill Payment System (BBPS)
Bharat Bill Payment Central Unit (BBPCU)
Bharat Bill Payment Operating Units (BBPOUs)
Payment Systems Operators

#Securities Exchange Board of India (SEBI)

These are the entities which are regulated by SEBI.

EntitiesSub type
Stock Exchanges
Clearing Corporations
Recognised IntermediariesAlternative Investment Funds
Credit Rating Agencies
Collective Investment Management Companies
Debentures Trustees
Designated Depository Participants grant registration to FPIs on behalf of the regulator and also carry out other allied activities in compliance with regulations
Depository Institutions e.g. - National Securities Depositories Ltd (NSDL) and Central Securities Depositories Ltd (CDSL)
Foreign Portfolio Investors (FPIs)
Foreign Venture Capital Investors (FVCIs)
Investment Advisers (RIA)
Infrastructure Investment Trusts
KYC (Know Your Client) Registration Agencies
Mutual Funds
Portfolio Managers
Venture Capital Funds
Real Estate Investment Trusts

#Insurance Regulatory and Development Authority (IRDA)

These are the entities which are regulated by the IRDA.

EntitiesSub type
Any person carrying on any class of insurance business in India.
An Insurer, as defined under the Insurance Act of 1938An Indian Insurance Company
A statutory body established by an Act of Parliament to carry on insurance business
An insurance co-operative society
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
Corporate Surveyor
Web Aggregators
Third Party Administrators (TPA)
Insurance Brokers
Insurance Repositories
Insurance Marketing Firms
Corporate Agents

#Pension Fund Regulatory Development Authority (PFRDA)

These are the entities which are regulated by the PFRDA.

Point of Presence (PoPs)

#Become an FIU with Setu

Setu is a TSP that can help you become an FIU and participate in the Account Aggregator ecosystem.

Information source—Sahamati

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