Mumbai: The Securities and Exchange Board of India (SEBI) has begun a project to rewrite its regulations for capital market intermediaries by compressing the various circulars over the last 15 years into one master circular.

The draft comprehensive rules for intermediaries seek to make the registration process simpler and cost effective, mutual funds, depository participants and foreign institutional investors included.

SEBI issued draft regulations for market intermediaries to consolidate the common requirements in the regulations, under the `Consultative Paper on Draft SEBI (Intermediaries) Regulations, 2007''.

These regulations will apply to all intermediaries and prescribe the obligations, procedure, limitations etc, in so far as the common requirements are concerned, said the consultative paper put on the SEBI website this evening for public comments.

Given that the rules on intermediaries on basic provisions regarding registration, general obligations, inspection and investigations, default etc, are similar, the regulator proposes to bring them under a single rulebook.

A key feature of the proposed guidelines allows persons currently registered with SEBI to apply for perpetual registrations. Persons who are currently registered with SEBI under regulations shall be required to apply afresh within two years of notification of the proposed regulations the paper added.