Securities and Exchange Board of India (Procedure for Making, Amending and Reviewing of Regulations) Regulations, 2025
Summary
The SEBI (Procedure for Making, Amending and Reviewing of Regulations) Regulations, 2025 were notified on February 15, 2025 vide No. SEBI/LAD-NRO/GN/2025/229 and come into force on the date of their publication in the Official Gazette. The regulations mandate public consultation with publication of draft proposals, enabling statutory provisions and regulatory intent and objectives and ordinarily a minimum 21-day comment period, with publication of rationale for rejection of comments. They provide for Board approval under the SEBI (Procedure for Board Meetings) Regulations, 2001, exigency dispensation by the Chairperson, periodic review criteria, specified non-applicability and savings for existing regulations.
Text
These regulations may be called the Securities and Exchange Board of India (Procedure for making, amending and reviewing of Regulations) Regulations, 2025.
These regulations shall come into force on the date of their publication in the Official Gazette.
“Act” means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
“Board” means the Securities and Exchange Board of India established under sub-section (1) of section 3 of the Act;
“public comments” means the feedback, suggestions or objections received on any proposal of the Board, from any person including investors, issuers, persons regulated by the Board, organizations, regulatory authorities and public interest groups, engaged directly or indirectly in the Indian securities market;
“regulations” means the “regulations” framed by the Board in exercise of the powers conferred under the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Depositories Act, 1996 (22 of 1996), the Companies Act, 2013 (18 of 2013) or under any enactment conferring powers and specific functions on the Board and shall also include amendment(s) made to an existing regulations.
Words and expressions used but not defined in these regulations, but defined in the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Depositories Act, 1996 (22 of 1996), the Companies Act, 2013 (18 of 2013), or in the rules and regulations made thereunder, shall have the respective meanings assigned to them in such enactments or any amendments or re-enactments thereof, as the case may be.
The Board may make regulations as are necessary to carry out the purposes of the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Depositories Act, 1996 (22 of 1996), the Companies Act, 2013 (18 of 2013), or any other enactment that confers specific powers and functions on the Board.
For the purpose of making regulations, the concerned Department(s) of the Board shall publish the following on its official website to seek public comments: - (a) the proposal(s) containing the suggested changes to the policy, which shall include the draft of the proposed regulations; (b) the statutory provision enabling the proposed regulations; (c) a statement of the regulatory intent and objectives of the proposed regulations; and (d) the manner, process and timelines for receiving public comments.
A minimum of 21 calendar days shall ordinarily be provided for receiving public comments.
On receipt of public comments, the rationale for rejection, if any, of comments shall be published by the concerned Department(s) on the official website of the Board.
The proposed regulations and the related agenda paper shall be considered by the Board in terms of the Securities and Exchange Board of India (Procedure for Board Meetings) Regulations, 2001.
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Source: SecMarx — Securities and Exchange Board of India (Procedure for Making, Amending and Reviewing of Regulations) Regulations, 2025. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.