SEBI seeks IRDAI coordination to make insurance details available on e-CAS
SEBI wants investors to view their bank deposits, investments (demat, mutual funds, stocks) and insurance policies together in a single CAS, creating a unified financial dashboard through the Account Aggregator framework
Securities and Exchange Board of India (SEBI) Chairperson Tuhin Kanta Pandey has called for cooperation between the Insurance Regulator, Insurance Regulatory and Development Authority of India (IRDAI) and SEBI to make insurance information available in online Consolidated Account Statements (CAS). Pandey highlighted the potential benefits of interoperability between account aggregators (AA) in the capital market context, while also mentioning the Reserve Bank of India's (RBI) recent announcement regarding the interoperability of semi-regulated depositories.
This development could allow depositors to choose their preferred account aggregator for processing payments and sharing data, a significant change from the previous arrangement where banks dictated the choice of AA. SEBI's proposal to the IRDAI implies that customers will have access to their bank deposit information, investment details, and insurance policy information in one place.
The regulator also discussed the now-suspended implementation of the Merchant Discount Rate (MDR) on capital market transactions, which merchants like Zerodha's Nitin Kamath had warned could negatively impact the industry. SEBI is currently in dialogue with the National Payments Corporation of India (NPCI) regarding this matter.
In addition, discussions are ongoing within SEBI's working group on the Stock Lending and Borrowing Mechanism (SLBM), with a consultation paper on the topic being a high priority for the regulator.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
