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Nanotechnology finds applications in almost all industry verticals. Along with its benefits, nanotechnology also brings some potential risks which can impact human health and the environment. To steer the growth of nanotechnology and at the same time address the safety concerns, many developed/developing countries are taking initiatives. India is one such with the government spending around 300 million INR each year on nanotechnology research. Till now there has been no formal regulatory structure to deal with commercialization of the nanotechnology products in the country. In this communication, the authors argue that there is need for knowledge management of nanoscience and technology and institution of a formal regulatory framework in India. To address this requirement with respect to various stakeholders and policy makers the International Advanced Research Centre for Powder Metallurgy & New Materials (ARCI), an autonomous R&D Institution under the Department of Science & Technology Government of India, which has a strong R&D base for nanomaterials application development, recently set up the Centre for Knowledge Management of Nanoscience &Technology (CKMNT) with partial financial support from NANO MISSION of the Department of Science & Technology, Govt, of India. In this paper CKMNT reviews the regulatory initiatives in various developed economics and proposes a conceptual regulatory framework to tackle the potential risks associated with nanotechnology.