Answer the following questions with reference to SEBI (Buy-back of Securities), Regulations, 2018: Under what circumstances, SEBI may relax strict enforcement of Buy-back Regulations?

SEBI may, in the interest of investors and the securities market, relax the strict enforcement of any requirement of the SEBI (Buy-back of Securities) Regulations, 2018 except the provisions incorporated from the Companies Act, 2013, if SEBI is satisfied that: the requirement is procedural in nature; or the requirement may cause undue hardship to investors. For seeking relaxation as above, the company shall file an application with the SEBI, supported by a duly sworn affidavit, giving details and the grounds on which such relaxation has been sought. Further, SEBI may, exempt any person or class of persons from- the operation of all or any of the provisions of SEBI (Buy-back of Securities) Regulations, 2018 for a period as may be specified but not exceeding twelve months, for furthering innovation relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets. Any exemption granted by SEBI shall be subject to the applicant satisfying such conditions as may be specified by SEBI including conditions to be complied with on a continuous basis. Regulatory Sandbox means a live testing environment where new products, processes, services, business models, etc. may be deployed on a limited set of eligible customers for a specified period of time, for furthering innovation in the securities market, subject to such conditions as may be specified by SEBI.