The Sebi has been directed by the Ministry of Finance to submit proposed regulations to an independent committee for vetting before they are passed by the regulator's board, reported Mint citing two people aware of the matter.

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As per the report, it wasn't clear whether the committee, whose members will be named by the finance ministry’s department of economic affairs, will consist of external members or independent directors of the Sebi board.

All through its 25-year history, the markets regulator has independently drafted regulations for approval by its board.

The latest development has revived the debate over autonomy and accountability at India’s financial market regulators, said the report.