The Authority shall have following powers and functions, namely:-
(i) Notwithstanding anything contained in any law in force, the Authority may,-
(a) exempt any participant from compliance with any law for the purpose of innovation; or
(b) modify any law in so far as it applies to any participant, as it deems fit and permit for the purpose of establishing a Regulatory Sandbox, in accordance with the provisions of this Ordinance .
(ii) The Authority shall have the power to,- 3
(a) designate any agency or instrumentality of the state as a Sandbox Operator for a specified Regulatory Sandbox; and
(b) direct any Sandbox Operator for the purpose of this Ordinance and such direction shall be deemed to be a direction of the Government for the purpose of any law.
(c) The Authority may, based on its experience, also recommend for amendment, if any, necessary to any Acts, Rules or Regulations in force in the State to facilitate the promotion of innovations in the State. The State Government may consider the recommendations and bring suitable amendment wherever necessary.
(iii) The Authority may hold public consultations with relevant stakeholders prior to, during, or after establishing a Regulatory Sandbox, in such manner as may be prescribed.
(iv) The Authority shall also have such powers and perform such functions which as may be prescribed.