The Delhi High Court today issued notice in a PIL seeking a direction to the Central Government and Reserve Bank of India to frame guidelines to govern entry and operation of "TechFin" companies such as Facebook, Google, Amazon in the financial sector. (Dr Resmi P Bhaskaran vs UOI &Ors).Apart from Centre and RBI, response is also sought from SEBI, National Payments Corporation of India, Insurance Regulatory & Development Authority of India and Pension Regulatory & Development Authority of India. .The PIL was heard by a Division Bench of Chief Justice DN Patel and Justice Prateek Jalan. .The petitioner is Dr Resmi P Bhaskaran who claims to be a practicing applied economics. .As per the petitioner, the current approach of Indian finance regulators is “lackadaisical” inasmuch as they permit “unregulated" operation and entry of global tech companies..“The absence of dedicated regulations have allowed non-licensed financial institutions (i.e tech giants) to enter into financial domain by partnering with existing entities and to compete with regulated financial institutions in number of areas, without having to comply with the same.”, the petition reads. .It is stated that such TechFins are not subject to any client/customer/investor protection rules or regulations that would ensure the prevention of build-up systematic risks..Raising issues of data privacy, the petitioner has also claimed that the TechFin entities with the most accurate, detailed and extensive digitised information about customers have an undue advantage over the traditional financial institution as they can influence the decision of customers..The petitioner has thus prayed for a strict and robust framework for entry and operation of TechFins. .The petitioner was represented by Advocate Deepak Prakash. .The matter would be heard next on January 29.