Frequently Asked Questions (FAQs)
A: Key obligations include obtaining clear consent for processing personal data, providing notice to individuals about data collection, implementing reasonable security safeguards, honouring data principal rights (access, correction, erasure), and reporting data breaches.
A: Intermediaries (like social media platforms, ISPs, e-commerce sites) may be granted ‘safe harbour’ protection from liability for third-party content they host, provided they comply with due diligence requirements under the Information Technology (IT) Act and associated rules.
A: Key aspects include defining the scope of service, service levels (SLAs), data ownership and usage rights, data security and privacy obligations, liability limitations, subscription terms, termination clauses, and intellectual property rights.
A: Yes, Fintech activities often fall under the purview of regulators like the RBI, SEBI, and IRDAI, depending on the specific service (e.g., payments, lending, investments, insurance). Licensing and specific compliance requirements often apply.
A: Software code (literal expression) is primarily protected by copyright law. Novel and inventive software-related inventions may potentially be eligible for patent protection if they meet specific criteria, often involving a technical effect or hardware integration. Business logic and functionality can sometimes be protected as trade secrets.
