the end of the year. This digitisation is expected to further reduce
compliance costs for resolution professionals and other
intermediaries. In addition, amendments to regulations were made
following extensive consultation, seminars, and workshops, and
the Ministry of Corporate Affairs (MCA) is actively considering
them. “
POLICY AND ITS DATE OF EFFECT
6. Given the above background, the Ministry has taken a decision to
frame a policy for pre-legislative consultation and for comprehensive
review of rules/regulations which is annexed hereto. The concerned
Divisions of the Ministry and the regulators constituted under various
Statutes being administered by the Ministry would comply with the
Policy as far as practicable and within the respective statutes.
7. Where there is a specific statutory provision on the subject of or
manner of consultation, it shall be followed. This policy is advisory in
nature and may not be construed as a policy directive under section 55
of competition Act, 2002 or under section 225 of IBC, 2016.
8. The policy aims towards carrying out public consultations both at the
time of framing original rules and regulations, and at the time of review
as outlined in Para 100 of Budget Speech (2023-24).
9. The annexed Policy shall be effective with effect from 01.01.2024.
ANNEX
MINISTRY OF CORPORATE AFFAIRS
Part A: Policy for pre-Legislative consultation with
regard to framing of rules and regulations
PART A.1 POLICY WITH REGARD TO FRAMING OF RULES BY
THE MINISTRY