Abstract: The rapid growth of financial technology (FinTech) has challenged traditional regulatory frameworks in emerging economies such as India, as innovative financial services often operate beyond conventional regulatory boundaries. While FinTech offers opportunities for efficiency, financial inclusion, and market innovation, it also creates regulatory uncertainty and risk. In response, regulators have introduced regulatory sandboxes as adaptive governance tools that enable controlled experimentation under supervisory oversight. This study evaluates the role of regulatory sandboxes in fostering FinTech innovation in India through a desk-based qualitative policy analysis. Using secondary data from regulatory documents, institutional reports, and academic literature, the study examines sandbox frameworks implemented by the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, and the International Financial Services Centres Authority. A comparative evaluation reveals that Indian regulatory sandboxes primarily function as mechanisms for adaptive regulation, supporting experimentation, regulatory learning, and risk mitigation rather than directly accelerating innovation. The innovation impact varies across regulators, with the IFSCA sandbox demonstrating stronger commercialization potential due to clearer scaling pathways. Strengthening inter-regulatory coordination and post-sandbox transition mechanisms could enhance sandbox effectiveness in India.