India’s International Financial Services Centres Authority (IFSCA) used its World Investor Week conference on consumer protection in the digital era to set out five expectations for regulated entities and address risks from artificial intelligence, digital fraud and technology outsourcing. Chairperson K. Rajaraman called on firms to design products and processes around consumers, provide clear information and timely risk disclosures, embed security and privacy safeguards, use complaints to improve services, and remain accountable for technology providers, intermediaries and other service providers. Discussions emphasized that outsourcing technology does not relieve regulated entities of responsibility toward investors. Participants called for stronger identity verification, timely consumer alerts, predictive fraud detection, early identification of mule accounts and coordinated information sharing. They also highlighted the need for financial and AI literacy, human oversight, effective internal controls and safeguards for cross-border investing. The IFSCA Academy launched three certification offerings through partnerships with the National Institute of Securities Markets, the Institute of Company Secretaries of India and the Insurance Institute of India. The programs cover basic and advanced cybersecurity and cyber resilience, corporate governance, and professional capabilities for insurance personnel in GIFT International Financial Services Centre.
India’s International Financial Services Centres Authority sets five consumer protection expectations and launches three certification programs
India’s International Financial Services Centres Authority set five expectations for regulated entities covering consumer-centered design, clear disclosures, security, complaint handling and accountability for outsourced technology. Conference discussions focused on AI-enabled fraud prevention, while the IFSCA Academy launched certification programs in cybersecurity, corporate governance and insurance.