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<h1>Regulatory sandbox permits temporary exemptions from securities regulations to enable live testing of innovative products.</h1> The Securities and Exchange Board may grant exemptions from specified provisions of the REIT Regulations for up to twelve months to further innovation by allowing testing of new products, processes, services, or business models in a live regulatory sandbox. Exemptions are subject to conditions specified by the Board, including ongoing compliance requirements, and the sandbox is defined as a live testing environment deploying innovations to a limited set of eligible customers for a specified period.