Some members of the Fintech Convergence Council (FCC), under the Internet and Mobile Association of India (IAMAI), have come together to set up 'India Fintech Foundation (IFF)'. 

The entity has applied to the Reserve Bank of India to become self-regulatory organisation (SRO) for the country’s fintech sector (SRO-Fintech).

Once approved, IFF will be the second Fintech-SRO after Fintech Association of Consumer Empowerment (FACE) -- which received the RBI nod to operate as an SRO in August 2024.

The new SRO will include fintech startup founders such as Lendingkart founder Harshvardhan Lunia, Jupiter’s Jitendra Gupta, Fi Money co-founder Sujith Narayanan, Signzy co-founder Ankit Ratan, Onecard co-founder Anurag Sinha, and others, reported ET.

Former vice president at Invest India, Sai Sudha Chandrasekaran, has been appointed as the CEO of the new proposed SRO.

Last year in January, the RBI released a draft framework for SROs in the fintech sector. SRO is an industry-led entity responsible for establishing and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency and accountability among its members.