Mumbai, March 28 -- India's markets regulator must have a regulatory impact assessment mechanism that tests the relevance of its rules for today's realities, Meleveetil Damodaran, former chair of the Securities and Exchange Board of India (Sebi), said at the Mint India Investment Summit 2026 on Friday.

"I have been telling Sebi for the last 10 years (to) have an effective regulatory impact assessment mechanism (to) see whether the regulations that are in your books are relevant for today's times," said the former Indian Administrative Services officer, who was the guest of honour at Mint's flagship summit.

Many of Sebi's rules have passed their "sell-by date", he said, responding to a question on what rule change he would ask the curren...