SEBI says public consultation will be mandated as part of making and amending regulations

The Board approved the Securities and Exchange Board of India (Procedure for making, amending, and reviewing of Regulations) Regulations, 2024, which inter alia codifies SEBIs approach of undertaking public consultation for making and amending regulations. It also lays down the requirement of reviewing regulations. Key features of the said regulations include- Public Consultation: it mandates that the proposal(s) containing the suggested changes to the policy, including the draft regulations, shall be published for public feedback ordinarily for a minimum of 21 calendar days. Rationale for acceptance/non-acceptance will be made public. Board Agendas will carry structured analysis of feedback from public consultation. Regulations in exigency: It allows for expedited processes (without public consultation or with public consultation but with reduced time period) when it is expedient in the interest of the investors, the regulation or development of the securities market. The Board shall be apprised of cases where procedure laid down in the regulations has been exempted.

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