Fintech Market Overview

This article does not constitute legal advice.

Smart contracts in India


Several corporate entities are exploring self-executing contracts for daily transactions. Despite meeting the conditions of consensual agreement and payment, these contracts exist in a blurry regulation space. Existing legal structures like the Indian Contract Act, IT Act and Indian Evidence Act are applicable here; however, there remains a gap with regards to authentication and admissibility. For example, the IT Act allows digital signatures from government-certified sources only and the Indian Evidence Act accepts documents authorised by this same act.1

The MEITY recently produced a report on the use of blockchain technology for smart contracts. Potential applications include land records and e-Notary services. To increase security, they have formed a repository of known vulnerabilities, including the Smart Contract Weakness Classification and Test Cases registry. Further research is needed in order to improve interoperability, scalability and performance, consensus mechanisms, security & privacy, key management and secure smart contracts. Additionally, they need to detect any vulnerabilities in blockchain technology-based solutions. However, India currently lacks a dispute resolution mechanism for disputes arising from smart contracts.1

Client identification in India

Fintech in India

Fintech in other countries

Let's introduce you

Indian Fintech Lawyers

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/india