Privacy Watchdog in India?

Came across this latest press release:

A data privacy watchdog is to be set up in India to oversee the country's IT industry amidst international concerns about the security of outsourced customer records and data. India does not have any data protection law equivalent to that in the UK and there have been recent cases of information being leaked from call centres to criminals who have then blackmailed the companies involved. The Data Security Council of India (DSCI) is being set up by Indian IT industry group Nasscom.