Captive balloon flights (i.e. it has held down with a line) are governed by the same regulations that apply to drones, namely SA-CATS 94. The relevant sections are 94.05.1 and 94.06.05, where a partial summary would be:
May not be flown
(a) by night;
(b) in meteorological conditions less than those prescribed as suitable for flight under VFR;
(c) within controlled airspace, unless cleared by and on conditions prescribed by ATC; or
(d) within 5 NM from the aerodrome reference point of an aerodrome, licensed or approved in terms of Part 139 of these regulations and situated in Class G airspace, unless established unmanned aerodrome procedures for the particular aerodrome can be adhered to; or
(e) unless unavoidable, over built up areas and open - air assemblies of persons except for the purpose of take - off, transit and landing.
No captive balloon operation shall be conducted –
(i) higher than 150 feet above the surface; or
(ii) from or above a public road; unless with the prior approval of the Director and on conditions determined by him or her.
In the event of a captive balloon breaking free from its moorings, the operator thereof shall immediately report the occurrence to the nearest ATSU , indicating the direction in which the balloon is drifting.