Digital Privacy: First Step Towards Data Localization

Thursday, April 26, 2018

SESSION: 18:30 TO 19:30 (IST)

INTRODUCTION

The Reserve Bank of India, i.e. India’s central bank recently by way of a notification directed all payment system providers to ensure that the entire data relating to the payment system operated by them are stored in a system only in India.

This data localization requirement could have an impact on multi-national companies (MNCs) operating payment systems in India (including major card operators, e-wallet providers, payment gateways etc.).

Furthermore, the new requirement could also impact MNCs doing business in India and to whom Indian customer / transactional data is key for their global operations. Such MNCs could henceforth be restricted from even transferring transactional data outside India, including within its group companies.

Key Pointers :

  1. The data to be stored only in India includes “full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction.”
  2. For a foreign leg of a transaction (if any), the data could also be stored in the foreign country if required.
  3. Payment system providers need to comply with the Notification by October 15, 2018 and a compliance report to be submitted to the RBI by the end of the year.

We cordially invite you to be a part of an interactive webinar on April 26, 2018 on the implications this notification.

Focus Area

  • What kind of ‘data’ may be covered under this notification?
  • What is meant by a ‘foreign leg of a transaction’?
  • Will foreign companies targeting Indian customers get affected?
  • Impacts on foreign payment system providers (MNCs) operating in India?
  • Conflict with foreign law requirements applicable to such MNCs operating in India?
  • Will this impact the privacy laws?

Flow of the session

18:30 PM – 19:15 PM :

PANEL DISCUSSION

19:15 PM – 19:30 PM :

QUESTIONS AND ANSWERS

Speakers

SWETA JAIN

Head, Legal & Compliance

PayU India

In her role, Sweta is in charge of handling the legal and compliance vertical for the Indian geography. Her role includes supporting the organization in setting up the digital credit architecture and support on tapping cross border opportunities for the Indian entity. She's also overseeing GDPR implications in addition to the support on new product initiatives that PayU intends to foray into.

In the past, she was instrumental in setting up licensing architecture for various companies in the fintech domain including digital banking for DBS Bank, digital credit for ZestMoney, digital cross border payments for Times of Money, Mutual Funds, Portfolio Management, Broking amongst others.

She also has substantial experience in liaising with many regulators across geographies, not limited to United States, United Kingdom, Australia, MAS, RBI, SEBI and others.

VAIBHAV PARIKH

Leader, Telecom–Media–Technology (TMT), M&A and PE Practice,

Nishith Desai Associates

Vaibhav Parikh is an Electronics Engineer and a Lawyer. He is the head of Bangalore office of the multi-skilled, research-based international law firm, Nishith Desai Associates. He also heads the Telecom Media Technology(TMT), Mergers and Acquisitions, Private Equity practice groups.

He has a wide range of experience in corporate and technology transactions. He has advised several private equity and venture capital funds in their investments, specifically in e-commerce, technology, media and life sciences industry. He has been passionately involved in setting up operations and raising finance for several start-up companies. He works closely with TiE, IVCA and NASSCOM and has helped the Government on its startup policy.

He has been nominated as one of Leading Lawyers in Private Equity Practice by IFLR1000 in the year 2013. He has also been nominated as one of the world's leading practitioners in ‘Who's Who Legal’ for Regulatory Communications. He is recommended by Legal 500 as an expert in TMT and competition law in 2014. He has regularly been ranked number one for TMT by Chambers and Partners.

He has authored several papers and lectured at several prestigious gatherings on a worldwide basis. He has also been acknowledged as a ‘Highly Recommended Lawyer’ for Outsourcing, and Telecom and IT and ‘Recommended Lawyer’ for Intellectual Property by the PLC Which Lawyer? 2009. He has represented NASSCOM at a WTO symposium at Geneva for presenting a paper on ‘Movement of Natural Persons’ in 2001. He is a Charter Member of TiE, Bangalore Chapter.

HUZEFA TAVAWALLA

Leader, International Commercial Law and Disruptive Technologies Practice,

Nishith Desai Associates

Huzefa Tavawalla is a techno-enthusiast who heads the International Commercial Law and Disruptive Technologies Practice at the multi-skilled, research based international law firm Nishith Desai Associates.

He is also an integral member of the TMT & Corporate Practice Groups and focuses on matters pertaining to Payment Systems, Technology, Mergers & Acquisitions, and International Tax.

Huzefa has been at the forefront on advising on several cutting edge, complex and cross-border payments, telecom, regulatory and technology issues.

Further, Legal 500 accredited Huzefa as “an accomplished professional with a deep understanding of M&A transactions”.

Huzefa has also done extensive research and undertaken various matters in relation to cutting areas of technology such Artificial Intelligence, Driverless Cars, Drones etc. In addition, he has significant expertise in joint ventures, asset acquisitions and business transfers with a special focus on public private partnerships.

KARTIK MAHESHWARI

Leader, Regulatory and Start-up Practice,

Nishith Desai Associates

Kartik Maheshwari is a Leader at Nishith Desai Associates where he is a senior member of the TMT and corporate investments practice group at the firm. Kartik leads regulatory and policy initiatives in the TMT space along with fronting the firm’s start up practice. He has worked closely with the Government as well as various industry bodies on the Government of India’s Startup India initiative.

Kartik has substantial experience in public policy matters and regularly works with the Department of Telecom, Department of Electronics & Information Technology, Ministry of Information and Broadcasting, Telecom Regulatory Authority of India apart from various other sectoral regualtors. Apart from representing clients, he also works with the regulators in terms of providing inputs on a wide range of policy related issues spanning privacy, payments, telecommunications, content regulation amongst others.

He was also an integral member of the team that helped the Government of Mauritius on preparing its ‘National Innovation Framework’.

AARON KAMATH

Member, Technology–Media-Telecom (TMT) and International Commercial Law Practice

Nishith Desai Associates

Aaron Kamath is qualified to practice law in India and is enrolled as an Advocate with the Karnataka State Bar Council. He is a member of the firm’s TMT and International Commercial Law Practice. He has advised a number of multi-national corporations on various aspects including data privacy compliances and also assisted on privacy related documentation. Further, he regularly advises payment gateways / operators from a legal and regulatory standpoint and structures their operations in India.

He has also played a key role in the firm’s regulatory and policy initiatives, including various speaking enragements and representations to the Indian Government.