Regulatory relaxation powers permit procedural waivers and exemptions to foster market innovation within regulatory sandbox conditions. The Board may relax any regulation where the requirement is procedural, a disclosure is irrelevant to a class of industry or company, or non compliance was caused by factors beyond the acquirer's control. Applications must be self attested and state the relief sought with grounds, and attract a prescribed non refundable fee. The Board may exempt persons or classes for periods not exceeding twelve months to permit innovation in a regulatory sandbox, subject to specified and ongoing conditions.