Powers and functions of the Authority

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 within the Jurisdiction specified therein; or (b) modify any law insofar 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 Act.