Hi @Kalpesh
Thank you for posting your question in the Microsoft Q&A forum.
Based on the information you described, I understand that you have successfully registered for the Microsoft 365 Developer Program and received the welcome email, but your dashboard shows that you "don't currently qualify" for the Microsoft 365 E5 sandbox subscription.
Microsoft has recently updated the criteria for the free E5 Sandbox. Joining the "Program" (which triggers the welcome email) gives you access to documentation and community resources, but it does not automatically guarantee the free E5 "Subscription". According to the latest updates, to qualify for a sandbox subscription, you typically need to have one of the following:
You can read more about these changes in the official FAQ here: Microsoft 365 Developer Program FAQ
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