IBBI's draft framework sets new standards of regulatory governance in India

IBBI's draft is indicative of a mature regulatory institution that is open to self-evaluation and critique

On March 7, the Insolvency and Bankruptcy Board of India (IBBI) published on its website a draft framework that will govern the process of making regulations by the IBBI. The draft makes three substantive proposals to enhance the robustness of IBBI's regulation making process. First, the IBBI will conduct a public consultation process before making every regulation. It sets out the details of this process, including the information that it will publish for aiding the public consultation and at the time of issuance of the final regulation. Second, the IBBI will conduct an economic analysis of all the proposed regulations.