The Centre has set up a 21-member committee to suggest ways for reforming regulatory environment for doing business in India. The panel, headed by former SEBI Chairman M Damodaran, will prepare a detailed report within six months and submit the same to the Government.The members of the committe include Mahindra Group Chairman Anand Mahindra and Aditya Birla Group Chairman Kumar Mangalam Birla, ITC Chairman YC Deveshwar, Tata Sons Director Ishaant Hussain and Teri Vice-Chairman R K Pachauri. The committee will also have representatives from SEBI, RBI and the Ministries of Corporate Affairs, Finance, Power, Petroleum, Highways, Commerce and Industry and Urban Development.In a press release, Corporate Affairs Ministry said there was a need to conduct an in-depth study into the entire gamut of regulatory framework and come out with a detailed roadmap for improving the climate of business in India in a time bound manner. It said, easing of business environment mandates extensive examination of regulations in different areas such as financial and governance reforms and liberalised policy framework.