SEBI to join account aggregator framework in India

SEBI joining the framework will give an impetus to the Reserve Bank of India-regulated financial data sharing system, as it will allow customers to share information for their mutual fund and stock portfolios with financial service providers such as wealth managers, robo advisors, brokers, and lenders.

NSDL, CDSL, CAMS, and KFintech will reportedly be key data providers for the account aggregator ecosystem. Touted as the UPI moment for lending, the AA framework ensures quick data sharing with the consent of the user and eliminates the need for physical documents. Until now, only individual current and savings accounts were linked to the framework. 

The next step for the ecosystem is to grow the number of financial information providers (FIPs) and get more banks to go live, mainly the State Bank of India (SBI), which has the largest share of accounts in India.