the consultation ledger

Every paper, every window, every answer

Consultation papers of India's financial regulators — with the one fact that decides whether a consultation means anything: were the comments published?

ibbi2
irdai3
pfrda1
rbi4
sebi7
OpenedClosedConsultationDeskStatusComments published?
06 Nov 2026 27 Nov 2026 Consultation Paper: AML/CFT certification requirement for Principal Officers of intermediaries (NISM exam, six-month compliance window)
SEBI paper of 6 Nov 2026 proposes mandatory AML/CFT certification (exam developed with NISM, launched 28 Feb 2025) for principal officers of all s.12 intermediaries, with a proposed six-month compliance period; comments via SEBI online form by 27 Nov 2026. Draft circular at Annexure A.
SEBI live unknown source
05 Nov 2026 26 Nov 2026 Consolidation of PSL instructions — five draft Directions (Commercial Banks, SFBs, LABs, RRBs, UCBs – Priority Sector Lending – Targets and Classification), 2026
RBI press release 2026-2027/1447 (5 Nov 2026) places five entity-wise draft Directions on the website; comments via Connect 2 Regulate or email by 26 Nov 2026; instructions not consolidated would be repealed on issuance. Publication of comments or response statement not specified.
RBI live unknown source
03 Nov 2026 23 Nov 2026 Exposure Draft: IRDAI (Subsidiary Instructions and Consultative Committees) Regulations, 2026
Exposure draft dated 3 Nov 2026 operationalises SBSR Act sections 114B/114C; comments by email to named IRDAI officials by 23 Nov 2026. Split from the June 2026 regulation-making draft (irdai-regmaking-2026). FLAG: IRDAI's own exposure-drafts page did not list this draft as of 2026-11-09 (latest entry 31-07-2026) — recheck for an IRDAI-hosted document URL.
IRDAI live unknown source
22 Oct 2026 12 Nov 2026 Consultation Paper: automatic approval route for investment in related activities by MIIs
Proposal: MIIs other than recognized clearing corporations may use automatic approval for specified related activities; fund deployment is capped at the lower of 5% of net worth or regulatory minimum, with governing-board approval and half-year reporting. Not a rule in force.
SEBI live unknown source
14 Oct 2026 04 Nov 2026 Consultation Paper: Review of ICDR provisions for SME IPOs
SEBI invites feedback by 4 Nov 2026 on SME IPO eligibility and issue/allotment rules, among other matters; publication of submissions or response statement not verified.; window shut on its stated deadline; publication of submissions or response statement not verified.
SEBI closed unknown source
13 Oct 2026 03 Nov 2026 Consultation Paper: LODR review — monitoring and disclosure of utilization of issue proceeds
SEBI invites feedback by 3 Nov 2026 on monitoring-agency reporting and disclosure of issue-proceeds use; publication of submissions or response statement not verified.; window shut on its stated deadline; publication of submissions or response statement not verified.
SEBI closed unknown source
23 Sep 2026 31 Oct 2026 Public Consultation Paper on Recalibrating Economics of Insurance Distribution (commissions, EoM, Bima Sugam, Public Insurance Registry)
Window closed 31 Oct 2026 per IRDAI's 24 Oct release (>650 comments; deadline extended from 25 Oct). Submissions went via the IIB portal/Excel template/email; publication of comments or a response statement remains unverified.
IRDAI closed unknown source
12 Sep 2026 03 Oct 2026 Consultation Paper on Review of Closing Auction Session, Market Timings and Settlement Methodologies for Derivative Contracts
SEBI's verified account reported 20,000 comments by 19:00 IST on the final submission day, 3 Oct 2026. Submissions and the regulator's response remain to be tracked.
SEBI closed yes source
24 Jul 2026 24 Aug 2026 Discussion Paper: Guidance to Insolvency Professionals for Due Diligence to Identify Fraudulent or Malicious Initiation of Corporate Insolvency IBBI closed yes source
02 Jul 2026 22 Jul 2026 Discussion Paper: amendments to CIRP, Liquidation and Personal Guarantor Regulations
Comments submitted through the IBBI website's Public Comments section.
IBBI closed yes source
17 Jun 2026 08 Jul 2026 Draft framework for regulation-making and public consultation under the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025
If notified as proposed: minimum 21-day comment windows, and a published general statement of response to comments by notification date — plus a fresh consultation round when final rules differ substantially from drafts.
IRDAI closed unknown source
29 Sep 2025 Consultation Paper to Align Valuation Practices in the NPS Architecture
Released with an invitation for stakeholder comments; PFRDA's comment-publication practice is the open question this register tracks.
PFRDA closed unknown source
07 Feb 2025 Consultation Paper on Corporate Governance: secretarial compliance, auditors, related-party transactions SEBI closed yes source
18 Dec 2024 SEBI (Procedure for Making, Amending and Reviewing of Regulations) — formalised pre-legislative consultation
Board-approved procedure (18 Dec 2024) making structured pre-legislative consultation mandatory — the strongest transparency baseline among the six desks; the watch compares other regulators against it.
SEBI final yes source
02 Jul 2024 30 Apr 2025 Regulations + Directions on Export and Import of Goods and Services (unified EDF for goods/services/software; SOFTEX folded in)
RBI published a 15-item summarized feedback annex (PR 1933) - responses ARE published but commenter identities are not. Rejected asks: EDF waiver continuation, service-export EDF exemption (FEMA s.7 cited), PEM retention. Accepted: monthly consolidated EDF, threshold marking-off, STPI retention, AD 5-day EDPMS window. In force 2026-10-01. Case file: /consultation-rbi-exim-fema-2026.html
RBI final partial source
17 Aug 2022 03 Oct 2022 Discussion Paper on Charges in Payment Systems (40 questions on UPI/IMPS/NEFT/card charges)
Submissions were never published by RBI; commenters self-published (NASSCOM's full submission is public by its own choice). The paper set off the UPI-charges debate; the finance ministry publicly denied any plan to charge UPI, and the merchant-discount-rate question resurfaced in later rule-making.
RBI final no source
17 Oct 2019 Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators
Final PA/PG directions followed in 2020; the comment record survives only because commenters like Vidhi published their own submissions, including its delegated-legislation objections on the PSS Act.
RBI final no source

How to read this table: "unknown" is a finding, not a gap in this register — it means the regulator has not demonstrated a practice of publishing what it receives. RTI is the fallback route; see Access & RTI for ready-to-file templates.

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