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TMI BlogRevised Framework for Innovation SandboxX X X X Extracts X X X X X X X X Extracts X X X X ..... ovation in the securities market, SEBI feels that startups including FinTech firms should have access to market related data, and test environments which are 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 operationalize the abovementioned endeavor, SEBI had proposed a concept of "Innovation Sandbox". Innovation Sandbox facilitates access to an environment (testing facilities and test data) provided by Enabling Organizations like Stock Exchanges, Depositories and Qualified Registrar and Share Transfer Agents (QRTAs) wherein innovators (hereinafter referred to as Sandbox Applicants) would be testing their innov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isting services more efficient / investor friendly/ inclusive This would be achieved by giving access to both test data and test environment to Financial Institutions, FinTech firms, startups including entities not regulated by SEBI including individuals. 5.2 Stages of Innovation sandbox: The details of the stages are as below: 5.2.1 Stage - I: During Stage - I, limited access to the test environment shall be provided and there shall be cap on the utilization of resources in terms of processing power, memory, storage etc. 5.2.2 Stage - II: During Stage - II, the cap on the utilization of resources shall be removed, subject to availability of resources at that point of time. 5.3 Eligibility Criteria: The eligibility criteria for St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose: The purpose of the project should be aligned with the objective of the innovation sandbox. 5.3.2.2 Adequate Progress: The applicant should demonstrate that they have achieved adequate progress and are on track with their testing plan. 5.3.2.3 Post-testing strategy: The applicant should present their post-testing plan. 5.3.2.4 Benefits to investors: The solution should offer identifiable benefits (direct or indirect) to investors and / or to the capital market and financial sector as a whole. 5.3.3 An applicant is eligible for Stage-II after completing minimum 60 days in the Stage-I of Innovation Sandbox testing. Applicants are required to make a presentation before the steering committee for evaluation and entry to Stage-II ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 6.1.2. Infrastructure 6.1.2.1. The datasets to be used for testing solutions in the Innovation Sandbox shall be shared preferably through application program interface (APIs), which would be published and made available to all eligible applicants. 6.1.2.2. Existing test platform shall be made available by the enabling organizations to the eligible applicants to ensure that the innovative solution is working in the enabling organization's environment. 6.1.2.3. Enabling organizations shall also provide Innovation Sandbox test kit (comprising of Test data, test environment, APIs, configurable access rights etc.) to the eligible applicants. 6.2. Intellectual Property Rights (IPR): It is envisaged that there will be multiple app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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