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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. Such economic analysis will cover the costs and benefits of its regulatory proposals, and will be published as part of the consultation process. What’s more, the IBBI has supported this draft with a note analysing the costs and benefits of democratising the regulation making process of a regulator. Finally, the draft proposes a review of its existing
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