MUMBAI - India's markets regulator on Wednesday said that it has formed as many as 16 working groups to ease and simplify rules related to various compliance requirements for companies, offshore funds, stock brokers and others.

The Securities and Exchange Board of India's review of its rules comes after an announcement in the union budget earlier this year where the country's finance ministry asked regulators to review their norms to reduce cost of compliance.

(Reporting by Jayshree P Upadhyay; Editing by Nivedita Bhattacharjee)