The Insolvency and Bankruptcy Board of India (IBBI) on October 12, 2023, issued a notification inviting suggestions to simplify, ease, and reduce the cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016.
The following has been stated namely: -
• The suggestions are invited to simplify, ease, and reduce the cost of compliance. Financial sector regulators will be requested to carry out a comprehensive review of existing regulations.
• The comments may be provided online by visiting the IBBI website
• Apart from wide and transparent public consultation before making regulations, the IBBI follows a dual-review mechanism of its regulations, as under –
1. Annual Review of Regulations after inviting public comments.
2. Review of regulations every three years based on set criteria including intended objectives and outcomes achieved.
• The three-year review process was completed in the year 2021 and IBBI issued a press release on May 04, 2023, seeking public comments on Regulations for Annual review for this year.
The last date for submission of comments and suggestions is December 31, 2023.
[Release ID: IBBI/PR/2023/14]
