The Ministry of Corporate Affairs (MCA) on January 15, 2024, issued the Draft Policy for Pre-Legislative consultation and comprehensive review of existing Rules and Regulation
This Policy shall be effective with effect from January 01, 2024
The following has been stated namely: -
•It has decided to frame a policy for pre-legislative consultation and for a comprehensive review of rules/regulations which has been attached for reference
• It states that 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.
• It states that in case there is a specific statutory provision on the subject of or manner of consultation, it shall be followed.
• 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)
• It further states that the exercise of a comprehensive review of existing rules and regulations shall commence with effect from January 01, 2024, and be completed within the financial year 2024-25
