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Foreign institutions oppose data localization proposed by India's capital-market watchdog

By Freny Patel ( December 16, 2022, 08:26 GMT | Insight) -- Foreign financial institutions have opposed a proposal by India's capital-market watchdog on data localization as a means to safeguard against cybersecurity risks. The Asia Securities Industry & Financial Markets Association, representing Citibank, Blackrock, Deloitte, Franklin Templeton and other foreign investors operating in India, said the data localization and data processing provision could give rise to data breaches and add to costs.Foreign financial institutions have opposed a proposal by India's capital-market watchdog on data localization as a means to safeguard against cybersecurity risks, saying it would actually defeat the entire purpose of the regulator's proposed cloud framework....

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