(1)Where the Authority establishes a Regulatory Sandbox in exercise of its powers under Section 10 and 11, it shall do so by notification in the Official Gazette, and such Regulatory Sandbox shall come into effect from the date of such notification.
(2) Any notification made under sub-section (1) shall specify the provisions of laws which are exempted or modified, as well as the terms and conditions to be followed by participants in the Regulatory Sandbox, period of operation of the Regulatory Sandbox and shall specify the Sandbox Operator.
(3) Any notification made under sub-section (1) shall have effect despite anything inconsistent in any other law in force or any instrument under any such law.
(4) No notification made by the Authority under sub-section (1) shall have retrospective effect.
(5) Any notification made under sub-section (1) shall cease to have effect after the expiry of the period permitted or withdrawal of the Regulatory Sandbox under section 16.
(6) Every notification issued under this section shall be laid before each house of the state legislature.