New Delhi, May 7 -- A series of recent policy reversals by the Securities and Exchange Board of India (Sebi) has fuelled concerns of regulatory uncertainty and whether a rule change last year has led to regulations being framed without adequate consultation with stakeholders.

A Mint analysis of Sebi circulars and consultation papers found at least four instances between January and April this year where the market regulator reversed or deferred a policy decision after industry feedback. There was just one such instance in the nine months between April and December last year. (The analysis was limited to regulations changed within 14 months of being introduced.)

Of the five instances, two regulations were implemented without prior consul...