Section 32A in Securities and Exchange Board of India (Research Analysts) Regulations, 2014
32A. Exemption from enforcement of the regulations in special cases.
(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 [***] [Omitted 'in technological aspects' by Notification No. SEBI/LAD-NRO/GN/2021/30, dated 3.8.2021 (w.e.f. 1.9.2014).] 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
