The Reserve bank of India (RBI) has informed the Delhi High Court that operations of tech-fin firms such as Facebook, Google and Amazon in India's financial sector space are being regulated under the relevant laws and they have been permitted to function only after necessary compliances.

A similar stand has been taken by Sebi which said that there are already adequate provisions in place providing mandatory registration for any entity entering into the securities market.

The market regulator has also said that it has constituted a Market Data Advisory Committee ''to recommend appropriate policy for access to securities market data, identify segment wise data perimeters, data needs and gaps, recommend data privacy and data access regulations, etc''.

The submission by Sebi and RBI have been made in response to a PIL seeking a detailed legal framework for regulating operations of techFin companies such as Facebook, Google and Amazon in India's financial sector space.

RBI said the decision to allow an entity to operate on Unified Payments Interface (UPI) is solely taken by the National Payments Corporation of India (NPCI) which has framed the system rules, guidelines and procedures governing the UPI payment system ''NPCI has, accordingly, allowed Amazon under the single sponsor bank model of UPI, Google and WhatsApp under the multi-bank model to operate as Third-Party App Providers,'' RBI said in its affidavit filed in response to the petition by Resmi P Bhaskaran.

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