Sebi extends timeline to submit public comments on proposal concerning account aggregator
public comments on a proposal putting in place additional measures for the account aggregator framework to curb misuse of financial information like fraud and mis-selling. The Securities and Exchange Board of India (Sebi) had placed a consultation paper on August 1 seeking comments on the proposal by August 31.
«It has been decided to extend the timeline for submission of comments to September 15,» the regulator said in a notice.
An Account Aggregator (AA), a RBI-regulated Non-Banking Finance Company (NBFC), helps an individual securely and digitally access and share information from one financial institution they have an account with to any other regulated financial institution in the AA network.
AAs cannot see or store customer data since the data processed through them is encrypted, they merely transmit it from one financial institution to another based on a customer's direction and consent.
In its consultation paper, Sebi stated that there could be certain situations in the securities market when the «financial information» of a client could be sought using the AA framework.
