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Revised Framework for Innovation Sandbox - SEBI - SEBI/HO/ITD/ITD/CIR/P/2021/16

Extract

..... lated 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 innovations in isolation from the live market and would be used for offline testing of the proposed solution .....

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Revised Framework for Innovation Sandbox - SEBI

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..... d 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 Stage-I and Stage-II are as follows: 5.3.1 Stage- I Eligibility Criteria: The Stage-I eligibility criteria shall be the following: 5.3 .....

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Revised Framework for Innovation Sandbox - SEBI

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..... hat 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 either physically or through virtual mode. Features and Structure of Innovation Sandbox 6. The components and structure of the Innovation Sandbox can be broadly classif .....

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Revised Framework for Innovation Sandbox - SEBI

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..... hich 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 applications with similar ideas in the innovation sandbox. Hence, no claim with respect to the IPR shall be applicable in the Innovation Sandbox. 6.3. Administrative Components 6.3.1. Applicati .....

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Revised Framework for Innovation Sandbox - SEBI

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