Government followed a detailed consultative process while formulating Rules under the Companies Act 2013 including the draft Companies (Cost Records and Audit) Rules, 2013. The draft Rules were placed on the Ministry of Corporate Affairs’ website for three weeks, during which period comments were invited from stakeholders. Approximately 14,700 comments were received from the stakeholders, and were kept in mind while finalizing the said Rules.

This was stated by Smt. Nirmala Sitharaman, MoS in the Ministry of Finance in written reply to a question in the Lok Sabha.

Consultative rulemaking ensured extensive stakeholder input shaped the Companies Cost Records and Audit Rules. Formulation of the Companies (Cost Records and Audit) Rules, 2013 proceeded through a structured consultative rulemaking process: a draft was published online, stakeholder comments were solicited, a substantial volume of feedback was received, and those comments were considered in finalizing the Rules.