the Securities and Exchange Board of India (SEBI) mandated financial intermediaries—including mutual funds, stockbrokers, PMS, AIFs, RIAs, depositories, and exchanges—to make their digital platforms fully accessible to persons with disabilities (PwDs), aligning with the Rights of Persons with Disabilities Act, 2016. Despite SEBI’s progressive directive, the actual availability of tailored financial products—like disability-specific insurance, inheritance planning, and accessible mutual fund schemes—remains severely limited, highlighting ongoing gaps in true financial inclusion.
Context: SEBI’s Digital Accessibility Mandate
Following a landmark Supreme Court ruling that affirmed digital access as a fundamental right under Article 21, SEBI issued Circular No. SEBI/HO/ITD-1/…/2025/111, directing all regulated entities (REs) to ensure their digital platforms comply with WCAG 2.1, GIGW, and IS 17802 standards.
Key deadlines included:
1 month: Submit inventory of digital platforms
45 days: Appoint IAAP-certified accessibility auditor
3 months: Conduct accessibility audit
6 months: Remediate identified issues
Ongoing: Annual compliance reports and grievance redressal mechanisms
Reality Check: Financial Products Still Don’t Meet PwD Needs
SEBI’s infrastructure-level reforms are crucial—but users with disabilities face persistent hurdles:
High Access Costs: PwDs often incur extra expenditures like caregiving, mobility aids, and assistive devices, which eat into disposable income and restrict investment options.
Product Gaps: There’s a dearth of disability-specific insurance, pension plans tailored to life expectancy variations, or inheritance solutions that prioritize long-term financial security.
Digital Exclusion ≠ Financial Inclusion: Accessibility tools (like screen readers, alt-text, or ISL videos) are steps forward, but without products built for PwDs, inclusion remains shallow.
Implications for Stakeholders
| Stakeholder | Key Considerations |
|---|---|
| Regulators & SEBI | Building accessible systems is vital, but product innovation must follow. |
| Fintechs & REs | Innovate for PwDs—accessible digital interfaces need to be backed by inclusive offerings. |
| Customers & Advocates | Push for financial products that address mobility, income limitations, and dependency risks. |
| Society | True inclusion involves systemic innovation, not just infrastructure. |
