Paytm founder Vijay Shekhar Sharma Thursday said data should be "stringently domiciled" to ensure that such information of consumers stays protected.

"If anyone wants to take the data, they should take it on a sample basis," Sharma said speaking at the TiE India Internet Day 2019.

Paytm, in the past too, has supported the view that critical data like financial transactions need to be stored locally.

Sharma said companies that argue that data needs to be taken to other geographies for better product development should look at doing so in India itself.

"Why not instead bring the software to this part of the world when there are enough development centres here. So think about bringing the code here and running it," he said.

Sharma also asserted that there is a huge talent pool that can meet this demand.

Data sovereignty is an issue that the Indian government is also looking at addressing.

Based on the recommendations of Justice Srikrishna panel, a data protection bill was crafted that is being given final touches before it goes to cabinet for approval.