PART A.2.: POLICY WITH REGARD TO FRAMING OF REGULATIONS
BY REGULATORS
(i) All principal regulations as well as amendments to the principal
regulations may be placed in public domain for prior public consultations
for a period of at least 30 days. Regulations which are of emergent
nature or where in public interest it is expedient that they be issued
earlier may not be placed for stakeholders’ consultations or may be
placed for comments for a shorter period than 30 days. The decision on
the necessity/feasibility as well as period of public consultation shall be
taken by the Regulator.
(ii) Draft principal regulation or any amendment to the principal
regulation (including any Form annexed to the regulations) may be
prepared along with an explanatory note mentioning, inter-alia:-
(a) the issue/difficulty that the proposed amendment seeks to
address;
(b) regulatory practices on the subject matter, if any;
(c) manner of implementation of the proposed regulation; and
(d) the manner, process and timelines for receiving comments
from the public.
(iii) The Regulators shall devise a template for seeking public
consultation which should enable seeking clause-by-clause feedback on
the proposed regulation.
(iv) A circular to be issued by the Regulator may be placed in public
domain for public consultation in a manner similar to one for regulations,
provided that such consultation will not be necessary in case of a circular
that reiterates / clarifies legal position with respect to any regulation
issued by the regulator and does not create any new obligation on the
stakeholders.
(v) Regulators may consider and decide whether circulars on minor or
interpretational clarifications need to be issued.
(vi) Regulators may consider and decide whether circulars providing
relaxations in fee or filing dates or for any other purpose of temporary
nature may be placed in public domain for consultations.
(vii) Regulators may also consider whether the process of public
consultation needs to be followed before issuance of guidance notes /
FAQs.
(viii) Specific consultations with any independent/external expert, if
considered expedient, may also be undertaken for which necessary
decision may be taken by the regulator.
(ix) Where public consultations are being done on a regulation, the
regulators may also consider publishing a general statement of its
response to the public comments, not later than the date of notification
of the regulation.
(x) Sufficient time of at least 30 days may be given for implementation /
enforcement of set of regulations. This requirement may not be
applicable in case of regulations of urgent nature or involving public
interest.