Markets regulator Sebi on Monday came out with revised eligibility criteria for the regulatory sandbox, laying down requirements to apply for the two stages of sandbox testing. The revision has been done in order to enhance the reach and achieve the desired aim, Sebi said in a circular.
Besides mentioning that all Sebi-registered entities are eligible for testing in the regulatory sandbox, it added that 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 will be solely responsible for testing of the solution, it added.
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During the stage-I testing, applicant would use limited and identified set of users; while in the stage-II, there will be a larger set of identified users. In both the stages, there will be a maximum cap on users based on the requirement of the applicant duly approved by Sebi. For stage-II, an applicant will be eligible after completing minimum 90 days in the regulatory sandbox testing.
Laying down the detailed eligibility conditions for stage-I, Sebi said there needs to be genuine need to tests and a genuine need for relaxation.
The solution should offer identifiable direct or indirect benefits and the solution should either be a new innovative one or should improve the existing processes or facilitate inclusion.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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First Published: Tue, June 15 2021. 00:25 IST
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