Exposure Drafts

SEBI Draft

Consultation Paper on amendments to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, with the objective of enhancing ease of doing business and increasing the participation of retail investors in public issue
[Last date for Comments: December 4, 2025] 

IBBI Draft

Discussion Paper – Template for declaration of Beneficial Ownership and Section 32A Affidavit to be submitted by Prospective Resolution Applicant (PRA)
[Last date for Comments: November 16, 2025] 

SEBI Draft

Clarifications and specific modalities with respect to maintaining pro-rata rights of investors of AIFs
[Last date for Comments: November 28, 2025] 

SEBI Draft

Consultation paper on Amendments to SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007
[Last date for Comments: November 27, 2025] 

IFSCA Draft

Consultation Paper On The Proposed IFSCA (Pension Fund) Regulations, 2025
[Last date for Comments: November 25, 2025] 

IFSCA Draft

Consultation Paper on amendments to the IFSCA (Capital Market Intermediaries) Regulations, 2025
[Last date for Comments: November 24, 2025] 

RBI Draft

Draft circular on Guidelines to facilitate faster cross-border inward payments
[Last date for Comments: November 19, 2025] 

Ethical Standards Board
The Institute of Chartered Accountants of India
27th October, 2025

Exposure Draft : 13th edition of ICAI Code of Ethics - Request for Comments

Sir/ Madam,

As you are aware, the 12th edition of the ICAI Code of Ethics was issued with effect from July 1, 2020. Due to changes then, revisions have been proposed in the Code of Ethics. The Exposure Drafts of Code of Ethics may be accessed at:-

Volume-I - https://resource.cdn.icai.org/89062esb-coe-v1.pdf

Volume-II - https://resource.cdn.icai.org/89063esb-coe-v2.pdf

Volume-III - https://resource.cdn.icai.org/89064esb-coe-v3.pdf

A brief summary of the key changes proposed in comparison to the existing 12th edition of Code of Ethics is enclosed as Annexure A.

May we request you to send your inputs/suggestions/comments/feedback on the enclosed Exposure drafts, at esb[at]icai[dot]in / ashishswaroop[at]icai[dot]in within 30 days, i.e latest upto 26th November, 2025.

The comments may alternatively be submitted on https://forms.office.com/r/CunNrHqpck?origin=lprLink

All perspectives are invited. Your comments are valuable to us, and will be considered during finalization of the Code.

Warm regards,

Chairman & Vice-Chairman
Ethical Standards Board

Last updated on 30th October, 2025

IFSCA Draft

Public Consultation on Regulatory Framework for Dematerialisation of securities by entities in the IFSC jurisdiction
[Last date for Comments: November 16, 2025]
 

3 SEBI Drafts - October 29, 2025

Consultation paper on comprehensive review of SEBI (Mutual Funds) Regulations, 1996
[Last date for Comments: November 17, 2025] 

Consultation paper for permitting debt issuers to offer incentives in public issues to certain category of investors
[Last date for Comments: November 17, 2025] 

Consultation paper on Relaxation in the threshold for identification of High Value Debt Listed Entities (HVDLEs) and measures facilitating ease of doing measures for HVDLE including provisions relating to Related Party Transactions
[Last date for Comments: November 17, 2025]