“Modernising India’s regulatory framework requires more than legislative interventions alone. Positive intent now demands serious budgetary allocations for building an enterprise DPI. India must fund a National Regulatory Compliance Grid to serve as a digital central nervous system. This would enable API-driven, machine-readable data exchange under a consent-based framework, linking enterprises not only with government but also intermediaries, financial institutions and rating agencies. It would eliminate duplication and overlaps in filings and recordkeeping requirements, slashing compliance costs and boosting regulatory efficiency.
The regulatory infrastructure of Enterprise DPI must be complemented by an ecosystem of Regulatory Service Providers (RSPs), modelled on the successful GSP architecture for GST. These technology-led RSPs would seamlessly deploy APIs hosted on API Setu, abstracting complexity by embedding compliance directly into transaction cycles. This setup will ensure that as laws evolve, RSPs absorb the changes, enabling seamless transitions for businesses. Just as India Stack revolutionised payments, Enterprise DPI will transform compliance for millions of MSMEs and enterprises.”
– Rishi Agrawal CEO and CO-Founder of Teamlease Regtech
