Karnataka to set up regulatory sandbox for supporting tech innovation

State aims to treble the size of its tech industry to $150 billion in 5 years, plans to set up 'Technology Development Board' to support this

Karnataka is planning to come up with a legal framework for setting up a regulatory sandbox which will allow technology entrepreneurs to test their products before going live.

Once operational, the state will be the first in the country to introduce such a law. So far, only regulators like Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) have launched regulatory sandbox frameworks.

Under the 'sandbox' norm, companies can test the viability of their innovations in live situation before going for commercial launch.

"We are providing appropriate legal framework for supporting innovations. Recently,