The main attraction of the festival is Kudamattam (change of colourful umbrellas on mounted elephants) of Thiruvambady and Paramekavu Devaswoms and parading of the pachyderms.
Organisers fear the ban by the forest department, among other new rules, would take away the sheen on this year's edition on April 21.
The Wildlife Department recently banned parading of jumbos during festivals between 11 AM to 3.30 PM and also said they should not be paraded more than six hours continuously and at night and should be given rest the next day.
Madhavankutty said the matter has been taken up with Chief Minister Oommen Chandy.
The rules state organisers should keep onlookers at least three metres away from the elephants and ensure they do not touch the animal. Drunk mahouts have also been barred from managing elephants during festivals.
Restriction of jumbo carnivals and not increasing the number of elephants in existing festivals from that fixed earlier have also been suggested.