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Insolvency regulator IBBI has come up with a novel initiative of seeking public and stakeholders comments on all the regulations framed by it so far since the enactment of the Insolvency and Bankruptcy Code in 2016.
The idea is to enable the Insolvency and Bankruptcy Board of India (IBBI) get an universe of ideas based on which the extant regulatory framework could be fine-tuned. The window for providing comments will be open from April 13 to December 31. The comments would be processed together and following the due process, regulations would be modified to the extent necessary, a release issued by IBBI said.
With this approach, stakeholders could play a more active role in making regulations. They may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternative solutions to address them, in addition to responding urgently to draft regulations proposed by the regulator, the release added.
The move to invite stakeholder comments would be in addition to the extant approach of inviting public comments on draft regulations before notifying them.
Process for regulations
The IBBI has evolved a transparent and consultative process to make regulations. It has been the endeavour of the regulator to effectively engage stakeholders in the regulation making process. The process generally starts with a working group making draft regulations. The IBBI puts the draft regulations out in public domain seeking comments. It holds a few round tables to discuss draft regulations with the stakeholders. It takes advice of its advisory committees. The process culminates with the Governing Board of the IBBI finalising the regulations and the IBBI notifies them thereafter.
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