India’s decision to include RMG under PMLA supervision was long due, but without distinguishing between skill and chance and ignoring judicial pronouncements, it introduces a compliance dilemma that threatens the growth of India’s digital economy.

SEBI’s proposal to further tighten the noose around P-notes represents a swift change in the regulatory landscape for P-notes and ODIs. 

Per the author, the e-KYC aggregator does not seem to fulfil a distinct need.