Fintech Newsletter: recent legal developments and market updates from India - second edition (January 2025)

INTRODUCTION

The latest regulatory updates from the Reserve Bank of India (“RBI”) signal increased scrutiny and compliance requirements across regulated entities such as payment systems, asset reconstruction companies, and non-banking financial companies (“NBFCs”), reinforcing the need for stronger internal controls. Similarly, the Securities and Exchange Board of India (“SEBI”) has also set the tone for stricter regulatory scrutiny this year, with the introduction of the new guidelines for investment advisers and research analysts, as well as mandating certain IPO-bound companies to disclose whistleblower complaints after submission of draft public issue documents to the SEBI.

With respect to funding for the sector, 2025 began on a modest note amounting to a total of USD 100.38 million across deals, as compared to the surge in investments that happened in December 2024, which amounted to a whopping USD 425.4 million.[1]

This is the second edition of the Fintech Newsletter for the month of January, pertaining to updates for the period between January 01, 2025, and January 31, 2025, outlining key updates along with other regulatory developments and industry challenges in the Indian fintech ecosystem.

RECENT LEGAL & REGULATORY DEVELOPMENTS

RBI issues master directions for credit information reporting[2]

The RBI has issued the Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025 (“Credit Information Reporting MD”), which consolidates the previous guidelines and introduces new provisions to strengthen regulation.

Key requirements under the consolidated framework:

• Credit Information Companies (“CICs”) must follow the Uniform Credit Reporting Format (“UCRF”), with separate formats prescribed for consumer, commercial, and microfinance segments.
• Strict guidelines to protect sensitive credit data, requiring it to be processed and stored in India with robust protections.
• CICs must notify consumers via SMS or email whenever their Credit Information Report (“CIR”) is accessed.
• CIs must explain why any data correction requests are rejected.
• CICs will have to send alerts through SMS/ email to customers when their CIR is accessed by the specified users.
• Complainants will be entitled to a compensation of INR 100 per calendar day, if the complaints aren’t resolved within a period of thirty (30) calendar days.
• CICs must establish a mechanism to share credit information with third party entities, subject to an individual’s consent.
• Updated UCRF includes new credit types and catalogue values for customer, commercial and microfinance sectors, such as “Restructured due to COVID-19”, Mudra Term Loan etc. Changes also include new ID options and reporting adjustments.

SEBI issued guidelines to strengthen the framework for Investment Advisers[3] and Research Analysts[4]

On January 8, 2025, SEBI issued the ‘Guidelines for Investment Advisers (“IAs”)’ and ‘Guidelines for Research Analysts (“RAs”)’.

Key provisions from the Guidelines for IAs inter-alia include:

• IAs are required to maintain a deposit with SEBI based on the highest number of clients they had on any day in the previous financial year. The deposit amounts are: INR 1,00,000 for up to 150 (one hundred and fifty) clients, INR 2,00,000 for 151 (one hundred and fifty one) to 300 (three hundred) clients, INR 5,00,000 for 301 (three hundred and one) to 1,000 (one thousand) clients, and INR 10,00,000 for 1,001 (one thousand and one) or more clients.
• IAs are required to conduct annual compliance audits and submit reports to the Investment Adviser Administration and Supervisory Body. Any adverse findings, along with corrective actions taken, must be made public.
• Registration requirements have been specified for part-time IAs.
• The definition of an IA has also been clarified to mean an individual or partnership firm that, while primarily engaged in a business or employment unrelated to securities, provides advisory services on a part‐time basis in exchange for monetary or non‐monetary consideration. Such services can be rendered without the handling or management of client funds or the provision of investment recommendations regarding any investment products or assets.
• IAs will bear responsibility for maintaining the confidentiality of client data when employing artificial intelligence (“AI”) for provision of investment advisory services.

Key provisions for RAs from the guidelines inter-alia include:

• Registration requirements for part-time RAs have been prescribed.
• RAs will be held solely responsible for confidentiality of client data in case it employs AI for provision of research services.
• Any research services provided by an RA must be corroborated by a research report containing the relevant data and analysis forming the basis for such research service.
• RAs must implement procedures to ensure client-level segregation at the group or family level within the RA’s or research entity’s structure.
• Guidelines have been established for RAs regarding the recommendation of ‘model portfolios’.

IRDAI issues regulations on information maintenance and sharing[5]

On 01 January 2025, the Insurance Regulatory and Development Authority of India (“IRDAI”) issued the Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority Regulations 2025.

Key provisions:

• Insurers and intermediaries are required to maintain essential operational data in electronic format, ensuring robust security measures and adherence to comprehensive compliance frameworks.
• Effective data governance mechanisms must be established to facilitate regulatory investigations under the Insurance Act, 1938.
• Confidential information may only be shared in accordance with stringent guidelines, which mandate obtaining consent from the relevant entities and adherence to established confidentiality principles.
• Disclosure of non-public information shall be subject to a merit-based assessment, ensuring alignment with legal requirements and public interest considerations.
• Insurers must implement board-approved policies governing record maintenance, data security, and disaster recovery protocols.
• All records must be stored exclusively within India to ensure accessibility for regulatory oversight.

SEBI strengthens investor awareness with enhanced digital tools including the “Saa₹thi” app[6]

SEBI has enhanced investor protection and education through its official investor website, offering a comprehensive suite of tools and resources. This initiative aims to equip both new and experienced investors with the knowledge to make informed investment decisions.

Key features and updates include:

• A video learning repository which has an extensive collection of investor awareness and education videos from key stakeholders, including stock exchanges, depositories, the Association of Mutual Funds in India and the National Centre for Financial Education. These videos cover topics such as stocks, bonds, derivatives, mutual funds, investor safeguards, and personal finance management.
• An interactive feature called a ‘spot a scam tool’ that helps investors assess the legitimacy of investment offers by answering a series of questions, aiding in the identification of fraudulent schemes.
• A ‘financial health checkup’ diagnostic tool, that evaluates an investor’s financial status based on key parameters, providing a broad overview and recommendations for improvement.
• The website hosts 24 (twenty-four) investment related calculators to assist investors in planning and analysing their financial strategics effectively.
• Investors can access details on registered market intermediaries, a list of mobile trading apps approved by stock exchanges, and a comparative fee structure of depository participants, fostering transparency and informed decision-making.
• The platform provides Investor Charter, free study materials for National Institute of Securities Markets certifications, and information on investor awareness programs across India.
• Additionally, SEBI’s “Saa₹thi” app consolidates essential investor tools, including financial health checks, scam detection guidance, Know Your Customer (“KYC”) modules, insights on mutual funds, Exchange-Tradd Funds, stock market transactions, investor grievance redressal mechanisms, and the online dispute resolution platform. The app also offers educational videos on personal finance planning.

RBI clarifies the role of NaBFID as AIFI[7]

The RBI through its notification dated January 01, 2025, has clarified that the National Bank for Financing Infrastructure and Development (“NaBFID”) is permitted to participate in financial markets as an All-India Financial Institution (“AIFI”).[8]

Furthermore, the regulatory framework permits AIFIs including NaBFID, to engage in credit default swap and repo transactions in line with RBI’s Credit Derivatives Directions, 2022 and Repo Directions, 2018.

Accordingly, the RBI has confirmed NaBFID’s eligibility to:

• Act as a market maker for credit derivatives, facilitating hedging and risk management in credit markets; and
• Undertake repo transactions, strengthening its liquidity management and funding capabilities.

FIU-IND and IRDAI Strengthen Cooperation on AML/CFT Through MoU[9]

The Financial Intelligence Unit-India (“FIU-IND”) and IRDAI have signed a Memorandum of Understanding (“MoU”) to enhance coordination and information exchange for the effective implementation of the Prevention of Money Laundering Act (“PMLA”) and associated regulations. The MoU was formalized in New Delhi as part of ongoing efforts to strengthen anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) measures in the insurance sector.

Key areas of cooperation between FIU-IND and IRDAI are as follows:

• Nodal Officers: Each party will designate a nodal officer and an alternate nodal officer to facilitate coordination.
• Information Sharing: Relevant intelligence and data from their respective databases will be exchanged.
• Regulatory Reporting: Establishing procedures for regulated entities to report to FIU-IND under the rules under the PMLA.
• Training and Capacity Building: Conducting outreach programs and skill enhancement initiatives for insurance sector stakeholders.
• AML/CFT Risk Assessment: Evaluating risks and vulnerabilities within the insurance sector.
• Suspicious Transaction Monitoring: Identifying red flag indicators for suspicious transaction reports in insurance-related financial activities.
• Supervision and Compliance: Ensuring adherence to PMLA and the rules thereunder, and guidelines issued by the IRDAI, by regulated entities.
• International Standards: Aligning compliance efforts with global AML/CFT norms.
• Quarterly Reviews: Holding regular discussions on typologies, emerging financial crime trends, and cases where regulatory actions have been taken.

IFSCA extends timeline for implementation of Grievance Redressal Circular[10]

The International Financial Services Centres Authority (“IFSCA”) has extended the implementation timeline for its circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC”, originally issued on December 2, 2024. The circular mandated regulated entities to align their complaint handling procedures with the specified norms and was initially set to take effect from January 15, 2025. In response to representations from regulated entities citing operational challenges, IFSCA has extended the implementation deadline to April 1, 2025. This decision has been taken after careful review of the difficulties faced by entities in complying within the original timeframe. The extension has been granted under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, reaffirming IFSCA’s commitment to the development and regulation of financial products, services, and institutions in International Financial Services Centres.

NPCI has introduced a revised fee structure for the National Financial Switch dispute resolution processes[11]

The National Payments Corporation of India (“NPCI”) has revised the fee structure for arbitration under the National Financial Switch dispute resolution mechanism, effective from January 1, 2025. This update aims to ensure greater due diligence by issuing and acquiring banks before raising arbitration requests.

Key observations and recommendations:

• Data analysis indicates that 56% of arbitration cases are resolved in favour of the beneficiary/acquirer bank, suggesting inadequate due diligence by remitting/issuing banks.
• NPCI has issued recommendations for issuing and acquiring banks, as discussed in the Steering Committee meeting on September 20, 2024.

Revised fee structure:

• NPCI Review Panel processing fee: INR 500 + GST per arbitration.
• Panel for Resolution of Disputes processing fee: INR 3,000 + GST per arbitration.

Clarifications published by SEBI on regulations regarding association with persons engaged in prohibited activities[12]

On January 29, 2025, SEBI published certain details/clarifications regarding the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2024, Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Fourth Amendment) Regulations, 2024, and the Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2024, which introduced new provisions regarding the association of regulated entities and their agents with persons engaged in prohibited activities.

Key points include:

• Regulated entities and agents: The regulations apply to persons regulated by SEBI, including stock exchanges, clearing corporations, depositories, brokers, mutual fund distributors, etc., and their agents.
• Prohibited activities: SEBI restricts association with individuals engaged in either providing advice or recommendations related to securities without proper registration and making unauthorized claims regarding returns or performance on securities.
• Definition of ‘Association’: Association is defined as any transaction involving money or referrals, or sharing of client information, directly or indirectly with such prohibited individuals.
• Responsibility of SEBI-regulated entities: These entities must ensure that neither they nor their agents engage with persons involved in prohibited activities. For example, a broker availing tax advisory services must ensure that the advisor is not engaged in prohibited activities.
• Investor education exception: Educators may associate with regulated entities as long as they do not engage in prohibited activities. Educational content must not indirectly provide advice or predictions related to securities.
• Consequences of violation: Violations could result in penalties, suspension, or cancellation of registration, and other actions under Securities and Exchange Board of India Act, 1992.
• Clarification on professional services: Using services like opening a demat account is allowed if they are not linked to prohibited activities. However, if used for such activities, SEBI may take corrective actions.
• Marketing/branding: Regulated entities may engage in branding/marketing activities, provided they ensure no association with persons involved in prohibited activities.
• Effective date: The regulations are in force from August 29, 2024. A circular issued by SEBI on October 22, 2024, mandates regulated entities to terminate any existing associations with persons engaged in prohibited activities by November 22, 2024.

INDUSTRY CHALLENGES

The RBI has revised the framework for the settlement of dues by borrowers of Asset Reconstruction Companies (“ARCs”) under the Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024, effective immediately[13]

ARCs are now required to, inter alia, (i) adopt a Board-approved policy addressing eligibility criteria for one-time settlements, permissible sacrifices based on exposure categories, and methodologies for determining the realisable value of securities; (ii) ensure that settlements should occur only after exploring all recovery options; and (iii) prioritize lump-sum payments unless supported by a robust business plan and projected cash flows.

Furthermore, for accounts exceeding INR 1 crore in outstanding principal, settlements must be reviewed by an Independent Advisory Committee comprising professionals in finance, law, or technical fields, with recommendations presented to the Board for final approval, ensuring a comprehensive rationale is recorded. Accounts with outstanding amounts of INR 1 crore or below must follow internally prescribed criteria, with quarterly reports on such resolutions submitted to the Board for review.

While the RBI’s new guidelines aim to make the settlement process between ARCs and borrowers fair and more thorough, the added compliances on ARCs may pose certain challenges for them. The requirement to constitute an Independent Advisory Committee solely for the purpose of reviewing of settlements of accounts exceeding INR 1 crore is an added regulatory burden for ARCs, resulting in cost escalation and requiring them to engage personnel who would possess the necessary skill sets.

Stricter penalties in payment systems add regulatory strain on the industry^[14]

On January 30, 2025, the RBI issued a circular detailing the revised Framework for Imposing Monetary Penalty and Compounding of Offences under the Payment and Settlement Systems Act 2007 (“Revised Penalty Framework”). The Revised Penalty Framework has superseded the previous penalty framework.

This revised monetary penalty and compounding framework under the Payment and Settlement Systems Act, 2007, presents a significant challenge for the payments industry, particularly for fintech companies, payment aggregators, and digital wallet providers. The framework introduces stricter compliance requirements and higher penalties, increasing the regulatory burden on market participants. The prospect of penalties up to INR 10 lakh or twice the default amount, coupled with daily fines for continued contraventions, creates financial and operational risks for businesses operating in the digital payments ecosystem.

One of the primary challenges is ensuring timely compliance with evolving regulatory expectations. Given the complexity of payment systems, they may inadvertently fail to produce required statements or information, triggering penalties. Additionally, businesses operating in multiple jurisdictions or across different payment models may struggle with differing interpretations of compliance obligations.

The framework also raises concerns regarding enforcement and subjectivity in penalty imposition. The ability of RBI officers to compound contraventions provides some relief but requires businesses to engage in discussions with regulators, adding to their compliance costs. Ultimately, the stricter penalty framework necessitates stronger internal controls, continuous monitoring, and proactive engagement with the RBI, all of which increase costs and resource allocation for industry players.

MARKET UPDATES

RBI cancels the certificate of registration of 10 NBFCs on supervisory grounds[15]

The RBI cancelled the certificates of registration (“CoR”) of at least 10 (ten) NBFCs located in West Bengal, citing supervisory grounds. Some of these entities are Agarani Credit and Finvest Private Limited, Amot Goods and Suppliers Private Limited, Anchal Credit Capital Private Limited, and Anika Tie-Up Private Limited. Due to the cancellation of registration by the RBI, these companies are no longer permitted to carry on the business of a non-banking financial institution.

The RBI has also cancelled the CoR issued to Mumbai-based NBFC ‘X10 Financial Services Limited’. This step was taken by the RBI due to the company’s violation of the RBI’s guidelines on code of conduct in outsourcing of financial services in its digital lending operations, as well as failure to conduct due diligence on service providers. The company was providing loans through several service provider apps without conducting due diligence on them and also outsourced its core decision-making functions such as credit appraisal, determination of interest rates and Know Your Customer verification to such service providers.[16]

The RBI’s wave of scrutiny over non-compliances and violations by regulated entities demonstrates its commitment to ensuring security, transparency and customer protection in financial markets.

National eGovernance Division launches Entity Locker[17]

The National eGovernance Division (“NeGD”), under the Ministry of Electronics and Information Technology (“MeitY”), has developed Entity Locker, a digital platform that simplifies the storage, sharing, and verification of business / organisation documents for a wide range of entities, including large organisations, corporations, MSMEs, startups etc. Entity Locker is a cloud-based solution that integrates with multiple government databases and regulatory systems offering (a) real-time access and verification of documents; (b) Aadhaar-authenticated role-based access management; (c) valid digital signatures for authenticating documents; and (d) consent-based mechanisms for sharing of personal sensitive information. Entity Locker has been integrated with government databases such as Ministry of Corporate Affairs, the Goods and Services Tax Network, and the Directorate General of Foreign Trade, providing businesses and organisations with instant access to critical documents.

This platform forms a crucial part of India’s Digital Public Infrastructure and will be implemented by the MeitY in phases by gradually integrating with more government platforms. It has been envisaged that Entity Locker will also eventually be used by businesses for streamlining their corporate filings. Entity Locker has been designed to reduce administrative friction for organisations, and if it is eventually integrated with the websites of regulators such as the SEBI and the RBI in the future, regulated entities may also adopt this initiative to enable seamless document handling.

RBI completes test phase of Regulatory Sandbox on the theme of ‘Retail Payments’[18]

On January 29, 2025, the RBI issued a press release announcing the completion of the test phase of the ‘Regulatory Sandbox: On Tap application’ program on the theme of ‘Retail Payments’. The sandbox entity was Exto India Technologies Pvt. Ltd. (“Exto”).

Exto had been selected for the Test Phase under the ‘On Tap’ application facility for the ‘Retail Payments’ theme of RBI’s Regulatory Sandbox program. Exto tested an offline digital payment solution which utilises a combination of Distributed Ledger Technology (“DLT”) and private biometric authorisation to enable offline card-to-card and card-to-phone transactions. The innovation is related to use of cryptography of distributed ledgers, on-card biometric authentication and time limited balances to secure against double spend. RBI declared that Exto’s product had been found acceptable under the regulatory sandbox and that it could be used by regulated entities in compliance with applicable regulations.

RBI publishes Payment System Report till December 2024[19]

On January 27, 2025, the RBI published the Payment System Report, December 2024 (“PS Report”), which provides an overview of the payment landscape in the country over the last decade.

Some key highlights of the PS Report are as follows:

• Retail digital payments have increased from 162 crore (one hundred and sixty-two crore) transactions in FY 2012-13 to over 16,416 crore (sixteen thousand four hundred and sixteen crore) transactions in FY 2023-24, marking an increase of over a 100 (one hundred) times.
• UPI is processing over 16 (sixteen) billion transactions on a monthly basis
• The contribution of UPI to the cumulative digital payments ecosystem has more than doubled in the last 5 (five) years, increasing from 34% in 2019 to 83% in 2024.

The share of other digital payment methods such as the National Electronic Funds Transfer, Real Time Gross Settlement, Immediate Payment Services and credit and debit cards, have declined from 66% in 2019 to 17% in 2024.

Jio Platforms Limited rolls out a reward-based crypto token ‘JioCoin’ for JioSphere web users[20]

Jio Platforms Limited has partnered with Polygon Labs to launch ‘JioCoin’, a digital token built on the Polygon blockchain. The JioCoin is rewarded to users who browse the web using the company’s JioSphere browser. Customers can earn JioCoins by using Jio’s mobile services, purchasing Jio products and even by generally engaging with the Jio ecosystem. However, this new offering seems to be more in the nature of digital loyalty points or tokens rewarded to users of the JioSphere, rather than a blockchain-powered cryptocurrency in the traditional sense of the term.

At present, there is no information on the functionality or valuation of the token or if it will even be listed on cryptocurrency exchanges. However, this launch by the company is likely to be closely monitored by the regulators in future given that it could potentially be seen as a digital asset. 

Skydo secures Payment Aggregator license from the RBI[21]

Skydo Technologies, a cross-border payments startup, has received in-principal authorisation from the RBI to operate as a Payment Aggregator-Cross Border (“PA-CB”) entity. The company has also secured Payment Service Provider (“PSP”) approval from Amazon which will enable it to process payments for exporters participating in Amazon’s Global Selling programme. Skydo’s customer base primarily comprises of small and medium businesses that sell a range of products and services to customers regularly. The company also currently provides payment management solutions to leading banks including services such as invoicing, payments and reconciliation etc.

This in-principal approval from the RBI will enable Skydo to simplify cross-border payments for Indian exporters and to also expand its operations to support import payments.

RBI launches third edition of its global hackathon “HaRBInger”[22]

The RBI had launched the third edition of its global hackathon - “HaRBInger – Innovation for Transformation” with the themes ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’. The winners included – FPL Technologies Private Limited for its solution, ‘OneRadar’ for real time prediction, detection and prevention of fraud in financial transactions using alternate sources of data and Xaults Technologies Private Limited for its solution that helps ensure transaction anonymity in token-based transactions.

BHIM joins as principal partner for Fintech Yatra 2025[23]

BHIM, India’s flagship digital payments app powered by NPCI ‘BHIM Services Limited’ has joined forces with The FinTech Yatra 2025 as a principal partner. As a part of this partnership, more than 200 (two hundred) individuals from select NGOs will be trained under a train-the-trainer model, equipping them with knowledge and tools to spread digital payment awareness. By empowering trainers at the grassroots level, this initiative ensures that the benefits of digital payments reach the most underserved and remote areas of the country.

SEBI introduces its web-based portal: iSPOT for reporting of technical glitches by market infrastructure institutions[24]

SEBI has developed a web-based portal, i.e., Integrated SEBI Portal for Technical Glitches or “iSPOT”, in order to streamline the process of reporting technical glitches by market infrastructure institutions (“MIIs”) to the SEBI.

Currently MIIs, i.e., stock exchanges, clearing corporations and depositories, are required to report information regarding technical glitches by submitting Root Cause Analysis reports to the SEBI via email. However, with the development of iSPOT this process will be more streamlined and will allow for traceability of historical submissions related to technical glitches at the end of SEBI and the MIIs. The centralised reporting system will enable a more structured approach to handling and analysing technical glitch incidents and is a testament to SEBI’s ongoing commitment to modernize the financial market infrastructure and ensure smoother operations.

IDFC FIRST Bank launches a new UPI-enabled credit card in partnership with RuPay[25]

IDFC FIRST Bank, in partnership with RuPay has launched a new UPI Enabled Credit Card – “FIRST EA₹N”. The card comes with a number of benefits, such as instant card issuance, cashback on UPI payments, seamless UPI integration, comprehensive protection, among many others. The same can be availed by bank customers through a digital process on the bank’s website.

MAJOR DEALS

Namdev Finvest,[26] an NBFC offering financial solutions in rural India, secured USD 38 million in debt funding from US-based entity Developing World Markets, impact investor BlueOrchard, and asset management company Mirova. The funding will enable Nadev Fintech to diversify its current operations beyond traditional lending models and cater to underserved and unbanked borrowers in the rural markets. The proceeds will also be used to support clean mobility and renewable energy projects, furthering Namdev Finvest’s intent to focus more on climate-focused products and green financing.

BharatPe[27] raised approximately USD 17 million in debt funding from Neo Wealth and Asset Management and, Trifecta Capital. This funding has come in at the time of BharatePe’s recent expansion spree. While the company launched its new app, Invest BharatPe, in November last year, recently an e-commerce section has also been added to the BharatePe platform. This is in addition to the existing UPI payments, bill payments and credit card repayment options on the platform. The company also plans to launch mutual funds and insurance offerings soon and is considering applying for an offline payment aggregator license to the RBI.

Bharti Airtel and Bajaj Finance[28] have announced a strategic partnership to create a digital platform for financial services. As per the partnership, Bajaj Finance’s financial products will first be offered on the Airtel Thanks app, and thereafter at Airtel’s retail stores. Some of the financial products that will be made available to customers on the Airtel Thanks app include gold loan, business loan, personal loan and a co-branded Insta EMI Card. Through this partnership, the companies aim to deepen penetration of financial products and services by leveraging their combined reach across digital and physical markets.

GrayQuest,[29] a fintech startup focused on digital financial solutions in the education sector, raised approximately USD 9 million in a Series B equity funding round which was led by IIFL Fintech Fund, Claypond Capital and Pravega Ventures. GrayQuest currently runs a platform to enable digitized fee collection for educational institutions, while parallelly catering to students and parents by offering various payment solutions such as no-cost EMIs and subscription options for automatic fee payment. The funding will help the company to further enhance its technology platform and reach more educational institutions across India.

[1]https://bfsi.economictimes.indiatimes.com/news/fintech/fintech-funding-january-2025-indian-fintechs-raised-usd-100-38-mn/117950993

[2] https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12764

[3] https://www.sebi.gov.in/legal/circulars/jan-2025/guidelines-for-investment-advisers_90632.html  

[4] https://www.sebi.gov.in/legal/circulars/jan-2025/guidelines-for-research-analysts_90634.html

[5] https://irdai.gov.in/document-detail?documentId=6540652

[6] https://www.sebi.gov.in/media-and-notifications/press-releases/jan-2025/sebi-investor-website-and-saarthi-app-offer-free-tools-and-resources-for-investor-awareness-and-education_90467.html

[7] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12761&Mode=0

[8] This clarification has been incorporated by updating the Master Directions on Credit Derivatives and the Directions on Repo Transactions.

[9] https://pib.gov.in/PressReleasePage.aspx?PRID=2090679

[10]https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Fextension-of-timeline-for-implementation-of-the-circular-titled-complaint-handling-and-grievance-redressal-by-regulated-entities-in-the-ifsc-dated-december-02-202413012025074603.pdf&Title=Extension%20of%20timeline%20for%20implementation%20of%20the%20Circular%20titled%20%E2%80%9CComplaint%20Handling%20and%20Grievance%20Redressal%20by%20Regulated%20Entities%20in%20the%20IFSC%E2%80%9D%20dated%20December%2002%2C%202024%22&Date=13%2F01%2F2025

[11]https://www.npci.org.in/PDF/nfs/circular/2025-26/NFS-OC424-FY-24-25-Implementation-of-revised-fee-structure-of-NRP-&-PRD-process.pdf

[12]https://www.sebi.gov.in/legal/circulars/jan-2025/details-clarifications-on-provisions-related-to-association-of-persons-regulated-by-the-board-miis-and-their-agents-with-persons-engaged-in-prohibited-activities_91356.html

[13] Reserve Bank of India - Notifications

[14] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12773&Mode=0

[15]https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=59482 

[16] https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=59565

[17] https://pib.gov.in/PressReleasePage.aspx?PRID=2094574

[18] https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=59629

[19] https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=23127

[20]https://economictimes.indiatimes.com/markets/cryptocurrency/explained-is-jiocoin-indias-new-cryptocurrency-or-just-a-reward-token/articleshow/117592066.cms?from=mdr

[21]https://economictimes.indiatimes.com/tech/startups/skydo-secures-rbi-licence-to-offer-cross-border payments/articleshow/117413507.cms?from=mdr  (Skydo is a client of IndusLaw).

[22] https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=59465

[23]NBSL-Press-Release-BHIM-partners-with-Fintech-Yatra-to-Advance-Financial-Inclusion-and-Digital-Literacy-on-our-website.pdf

[24]https://www.sebi.gov.in/legal/circulars/jan-2025/development-of-web-based-portal-ispot-integrated-sebi-portal-for-technical-glitches-for-reporting-of-technical-glitches_91215.html

[25] https://www.npci.org.in/PDF/npci/press-releases/2025/IDFC-FIRST-Bank-Launches-all-new-FIRST-EARN-RuPay-Credit-Card.pdf

[26] https://inc42.com/buzz/namdev-finvest-bags-38-mn-debt-funding-to-diversify-operations/

[27]https://inc42.com/buzz/bharatpe-raises-inr-150-cr-debt-eyes-ebitda-profitability-in-fy25/ 

[28]https://inc42.com/buzz/airtel-bajaj-finance-to-build-digital-platform-for-financial-services/?login=1

[29]https://economictimes.indiatimes.com/tech/funding/fintech-startup-grayquest-raises-rs-80-crore-from-iifl-fintech-fund-ranjan-pais-claypond-capital/articleshow/117088951.cms?from=mdr