(1) Every participant in the Regulatory Sandbox shall follow such terms and conditions as may be prescribed.
(2) Such conditions may provide for all or any of the following, namely:-
(a) Time period and geographical area within which an innovation may be conducted and goods or services may be offered to the prescribed customers:
Provided that, the time period of a Regulatory Sandbox shall not be more than one year, subject to any extension made under Section 15, however for recorded reasons it may be further extended for not more than one year.
(b) The eligibility and number of customers to whom goods or services may be offered;
(c) The consumer protection and risk mitigation safeguards to be followed by participants, including, but not limited to dispute and grievance redressal conditions, mandatory disclosures of risks to customers, requirements for obtaining consumer consent and adequate compensation arrangements in case of defaults;
(d) Capital requirements of the participants;
(e) Data security and confidentiality requirements;
(f) Reporting requirements of the participants to the Sandbox Operator; and
(g) Any other terms or conditions as the Authority may deem fit.
(3) The Sandbox Operator shall be responsible for overseeing the compliance of the participants within the terms and conditions of the Regulatory Sandbox.