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TMI BlogFramework for Innovation SandboxX X X X Extracts X X X X X X X X Extracts X X X X ..... e an ecosystem which promotes innovation in the securities market, SEBI feels that FinTech firms should have access to market related data, particularly, trading and holding data, which is otherwise not readily available to them, to enable them to test their innovations effectively before the introduction of such innovations in a live environment. 3. With a view to operationalizing the abovementioned endeavor, SEBI is proposing an Innovation Sandbox , which would be a testing environment where FinTech firms and entities not regulated by SEBI including individuals (hereinafterwards referred to as participants/applicants) may use the environment for offline testing of their proposed solutions in isolation from the live market, subje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e) The use of datasets shall be governed by comprehensive confidentiality agreement which shall include an End User Agreement clearly specifying that the datasets made available shall not be sold or sublet or shared in any manner with any other entities. B. Infrastructure a) The datasets to be used for testing solutions in the Innovation Sandbox shall be shared through application program interface (APIs), which will be widely published and available to all eligible participants. b) Virtual machines may be made available with configurations similar to the live environment for testing an innovative product, service or solution on the datasets. II. Legal components a) Flexibility ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r unauthorized access. III. Administrative Components a) Application Assessment Applications received for participating in the Innovation Sandbox will be assessed and going forward, rule based self-assessment process shall be formalized, in order to allow the applicants automatic entry into the Innovation Sandbox. b) Governance body A governance body shall be formed comprising of representatives from the Stock Exchanges, Depositories and Qualified Registrar and Share Transfer Agents. This body shall supervise the operations of the Innovation Sandbox in the interests of its contributors, users and securities market in general. The governance body shall be responsible for ensuring that the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as follows: a) Applicability Conceptually, the Innovation Sandbox framework is applicable to any entity, who intends to innovate on the products, services, and/or solutions for the securities and commodities market in India. b) Genuine need to test The applicant should have a genuine need for testing the solution using resources available in the Innovation Sandbox. The applicant should be able to postulate that the solution cannot be developed properly without testing in the Innovation Sandbox. c) Testing readiness of the solution The applicant should have the necessary resources to support testing in the sandbox. The applicant must show testing plans with clear objectives, param ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved, grievance redressal etc. The Steering Committee shall also be responsible for registering/onboarding the applicant post approval of the application and monitor the participant throughout the lifecycle of the project. 8. Each of the MIIs and QRTAs shall build their own interface and APIs. Any approved sandbox applicant can then get access to the APIs of the respective MIIs and QRTAs where the applicant would test its solution. 9. The Sandbox applicant may give a presentation to the Steering Committee upon completion of the testing and exit from the Innovation Sandbox. 10. The Steering Committee overseeing the testing of the applicant s solution within the sandbox shall maintain an Objective and Key Result Area ..... X X X X Extracts X X X X X X X X Extracts X X X X
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