The Securities and Exchange Board of India vide its notification dated 16th November 2021 has modified para 6 under the revised framework for regulatory sandbox which deals with the application and approval process.
The applicant shall ensure that the specified eligibility criteria are satisfied while submitting the application as per Annexure -1to SEBI. The application form shall be signed by the Chief Executive Officer (CEO) of the applicant or officer dulyauthorized by the CEO or compliance officer.
The complete application must be submitted to the Chief General Manager Market Intermediaries Regulation and Supervision Department-2SEBI Bhavan II BKC, Plot No.C-7, ‘G’ Block, Bandra Kurla Complex,Bandra (E), Mumbai 400 071 Or by email at regulatorysandbox@sebi.gov.in
The Objective of the regulatory sandbox is to grant certain facilities and flexibilities to the entities regulated by SEBI so that they can experiment with FinTech solutions in alive environment and on limited set of real users for a limited time frame.
All entities registered with SEBI under section 12 of the SEBI Act 1992, shall be eligible for testing in the regulatory sandbox. The entity may apply either on its own or in partnership with any other entity. In either scenarios, the registered market participant shall be treated as the principal applicant, and shall be solely responsible for testing of the solution.
