SEBI Introduces Framework for Securities Market Rule-Making Process with 21-Day Public Comment Period

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....SEBI established new regulations outlining procedures for making, amending, and reviewing securities market regulations. The framework mandates public consultation with minimum 21-day comment period, except in exigent circumstances. Departments must publish proposals with draft regulations, statutory provisions, and regulatory objectives on SEBI's website. Post-consultation, rationale for rejected comments must be published. Regular review of regulations required based on stated objectives, enforcement experience, court orders, global practices, and business environment changes. Exemptions apply to internal organizational matters, procedural requirements, and amendments predating these regulations. Non-adherence to specified procedures does not invalidate existing or future regulations. Regulations effective upon Official Gazette publication.....