Amendment status not verified — confirm the current text below against the official source.
Repeal and Savings 2 STATEMENT OF OBJECTS AND REASONS Act 04 of 2020.-The Government of Karnataka witnesses development of innovative products and services using descriptive technologies which usually do not fall within the parameters of established regulatory regimes. These innovators are subject to legal hardship and this curbs innovation to happen, while amendment to the law to address regulatory challenges thrown by these new products and services using emerging technologies takes time, a legal frame work to enable innovation, needs to be established in interim. Therefore, “Karnataka Innovation Authority” is to be established to enable setting up of “Regulatory Sandboxes” wherein such innovators are allowed a small window of exemption for a prescribed period to carry out innovation and the State also gets to observe such innovations and time to respond with further legislation and amendments, if required. The Karnataka State is one of the Global Innovation Hubs. Several Foreign Countries are having Global Alliance with Karnataka. Niti Ayog of Government of India has ranked Karnataka as the top most Innovative State in the country. Bengaluru Tech Summit, flagship event of the State Government, on Information Technology, Biotechnology, Electronics, Animation and Startups, is scheduled from 18th to 20th November 2019 at Bengaluru Palace. Government has received confirmations of participation from 20 foreign countries. The setting up of Karnataka Innovation Authority is proposed to be announced by Hon'ble Chief Minister during the inauguration of Bengaluru Tech Summit 2019 on 18th November, 2019, to signal to the world that Karnataka is way ahead of others in promoting and encouraging innovation and entrepreneurship. Hence there is a great need to sustain this position in view of the competition from other States. Since, the matter was urgent and both the houses of the State Legislature were not in session, the Karnataka Innovation Authority Ordinance, 2019 (Karnataka ordinance 2 of 2019) was promulgated to achieve the above object. Hence this Bill replaces the said Ordinance. Hence the Bill. [L.A. Bill No. 02 of 2020, File No. Samvyashae 06 Shasana 2020] [Entry 32 of List II of the Seventh Schedule to the Constitution of India.] [Published in the Karnataka Gazette Extra-ordinary No. 149 in part-IV dated: 27.04.2020] 3 KARNATAKA ACT NO. 07 OF 2020 (First Published in the Karnataka Extra-ordinary on the 27th day of April, 2020) THE KARNATAKA INNOVATION AUTHORITY ACT, 2020 (Received the assent of the Governor on the 24th day of April, 2020) An Act to provide for establishment of an authority to promote and regulate Innovative Technologies in the State of Karnataka. Whereas it is expedient to establish an authority to promote and regulate innovative technologies in the State of Karnataka and for the matters connected therewith or incidental thereto. Be it enacted by the Karnataka State Legislature in the seventy first year of the Republic of India, as follows:- CHAPTER-I PRELIMINARY