NEW DELHI: The ministry of electronics and information technology (MeitY) Sunday said that it is holding consultations with industry to work out a regulatory framework for mobile security, while assuring stakeholders that the security standards will be firmed up based on feedback.“MeitY is conducting routine stakeholder consultation on various safety compliance, EMI/EMC (electromagnetic interference/ compatibility) parameters, Indian language support, interface requirement, and security requirements. Once a stakeholder consultation is done, then various aspects of security standards are discussed with the industry,” the ministry said late Sunday.Amid reports of cyber frauds and privacy concerns, govt is looking at ways to strengthen the system and is exploring multiple options that range from securing phones to a more robust system in banks and a mechanism for faster and effective recovery of funds from scammers.“Mobile security is of critical importance, as smartphones are increasingly used for financial transactions, delivery of public services, and storage of sensitive personal data. With over a billion people in India using mobile devices for various transactions, they hold vast amounts of sensitive personal and financial data, making them prime targets for hackers seeking banking details, photos, and login credentials, leading to identity theft, financial loss, and privacy invasion. Even for businesses, unsecured mobile device risk potential operational disruption,” MeitY said.Some of the issues raised during the consultations were cited as options on the table and govt sought to reassure companies and other stakeholders. “Govt is committed to working with the industry and addressing their concerns. That is why, govt has been engaging with the industry to better understand the technical and compliance burden and best international practices which are adopted by the smartphone manufacturers... any legitimate concerns of the industry would be examined with an open mind in the best interest of the country and industry.”The statement came amid a news agency report saying that consultations have been held on introducing new security features, including software changes and even the possibility of sharing source code by smartphone makers.