Building regulatory confidence requires a multifaceted approach:
Transparency: Regulations should be made in a transparent manner, involving all stakeholders in the decision-making process. Consistency: Consistent enforcement of rules is crucial. Any semblance of arbitrariness can erode trust. Accountability: Regulatory bodies should be accountable for their actions and decisions. Mechanisms for redressal of grievances should be in place. Communication: Effective communication between regulators and businesses can help in understanding and addressing concerns promptly. Adaptability: Regulations should be adaptable to changing market conditions and technological advancements.