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IBBI seeks public comments on draft norms for regulation-making process

Press Trust of India  |  New Delhi 

In a unique move, the and Board of India (IBBI) has put out for public consultations draft norms for governing "the process of making regulations" under the law.

Public comments have been sought on the draft 'and Board of India (Mechanism for Issuing Regulations), Regulations, 2018'.

The IBBI is implementing the and Code (IBC) which provides for market-determined and time-bound resolution process.

According to the board, it is proposing to "make regulations to govern the process of making regulations and consulting the public".

This is the first time that a regulator in the country has come out with draft norms regarding the regulation-making process.

"Given the importance of subordinate legislations for the processes under the Code, it is essential that the IBBI has a structured, robust mechanism, which includes effective engagement with the stakeholders, for making regulations," it said in a release.

Generally, the process of making norms starts with a working group making draft regulations and then the same are put up for public consultations.

Later, a few round tables to discuss draft regulations with the stakeholders are conducted and then advice of its is taken.

"The process culminates with the of the IBBI finalising regulations and the IBBI notifies them.

"This process endeavours to factor in ground reality, secures ownership of regulations, imparts democratic legitimacy and makes regulations robust and precise, relevant to the time and for the purpose," the IBBI said.

Comments have been sought on the draft norms till March 31.

More than 500 cases have been admitted by the National Company Law Tribunal (NCLT) for resolution under the Code, which came into force in December 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 14:55 IST
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