Regulation 35A - Exemption from enforcement of the regulations in special cases - Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012

1 [CHAPTER VI-A POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS Exemption from enforcement of the regulations in special cases. 35A . (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 2 [ **** ] relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets. (2) Any exemption granted by the Board under sub-regulation (1) shall be subject to the applicant satisfying such conditions as may be specified by the Board including conditions to be complied with on a continuous basis. Explanation. -For the purposes of these regulations, regulatory sandbox means a live testing environment where new products, processes, services, business models, etc. may be deployed on a limited set of eligible customers for a specified period of time, for furthering innovation in the securities market, subject to such conditions as may be specified by the Board. ] ************ NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/10 dated 17-04-2020 2. Omitted vide Notification No. SEBI/LAD-NRO/GN/2021/30 dated 03-08-2021 before it was read as in technological aspects