**Summary:**
This circular, reference number SEBI/HO/MIRSD/MIRSD_IT/PCIR/2021/0000000658, issued by the Securities and Exchange Board of India (SEBI) on November 16, 2021, modifies the application process for the Regulatory Sandbox framework. It specifically amends paragraph 6 of Annexure A of the circular SEBI/HO/ITD/ITD/CIR/P/2021/575, dated June 14, 2021, which outlines the Standard Operating Procedure for the Regulatory Sandbox. The updated guidelines clarify that applications must meet the eligibility criteria as specified in Annexure 1 to SEBI and be signed by the Chief Executive Officer (CEO), a duly authorized officer, or the compliance officer. Complete applications should be submitted to the Chief General Manager, Market Intermediaries Regulation and Supervision Department 2, SEBI Bhavan II, BKC, Plot No.C7, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 071, or via email at regulatorysandbox@sebi.gov.in. This circular is issued under the authority of Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996, to protect investor interests, promote development, and regulate the securities market. The circular is available on the SEBI website (www.sebi.gov.in). For further information, contact Anupma Chadha, Deputy General Manager, at Tel.No. 022-2644 9319 / 4045 1319 or via email at anupmac@sebi.gov.in. This circular is addressed to all Recognized Stock Exchanges, Clearing Corporations, Depositories, and Intermediaries.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body for the securities market in India.
Regulatory Sandbox: A framework established by SEBI to foster innovation in the securities market.
Securities and Exchange Board of India Act, 1992: The act under which SEBI's powers are conferred.
Depositories Act, 1996: Act related to depositories.
Anupma Chadha: Deputy General Manager at SEBI, signatory of the circular.
Mumbai, Maharashtra: City where SEBI Bhavan is located.
Chief Executive Officer (CEO): Role of the applicant who signs the application form.
Recognized Stock Exchanges: Entities regulated by SEBI and addressed in the circular.
CIRCULAR
SEBI/HO/MIRSD/MIRSD_IT/P/CIR/2021/0000000658 November 16, 2021
To
All Recognized Stock Exchanges, Clearing Corporations and Depositories
All Intermediaries
Sir / Madam,
Framework for Regulatory Sandbox
1. SEBI vide circular no. SEBI/HO/ITD/ITD/CIR/P/2021/575 dated June 14, 2021 on
Revised Framework for Regulatory Sandbox provided the updated guidelines
pertaining to the functioning of the Regulatory Sandbox at Annexure A-Standard
Operating Procedure – Regulatory Sandbox.
2. Para 6 of Annexure A to the aforementioned circular dated June 14, 2021 is modified
as under:
APPLICATION AND APPROVAL PROCESS:
The applicant shall ensure that the specified eligibility criteria are satisfied while
submitting the application as per Annexure -1 to SEBI. The application form shall
be signed by the Chief Executive Officer (CEO) of the applicant or officer duly
authorized by the CEO or compliance officer. The complete application must be
submitted to:
Chief General Manager
Market Intermediaries Regulation and Supervision Department -2
SEBI Bhavan II BKC, Plot No.C-7, ‘G’ Block, Bandra Kurla Complex,
Bandra (E), Mumbai 400 071
Or
By email at regulatorysandbox@sebi.gov.in
3. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 and Section 19 of the Depositories
Act, 1996 to protect the interests of investors in securities and to promote the
development of, and to regulate the securities market.
This circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Anupma Chadha
Deputy General Manager
Tel.No.022-2644 9319 / 4045 1319
Email id: anupmac@sebi.gov.in
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