The SEZ sector has grown significantly since the enactment of the SEZ Act 2005 and Rules in 2006, in terms of the number of SEZs, investment attracted, and employment and exports generated. While these achievements are irrefutable and significant, a comprehensive analytical assessment of the performance of the sector and certain key developments in the politico-economic environment in recent years reveals aspects of the SEZ Policy and Operational framework that perhaps require a re-look with a view to possible reform. The objective of this paper is to identify these areas and throw up possible approaches to addressing them, with the objective of facilitating wider consultation with various stakeholders, before arriving at the future course of action to be adopted in an informed and transparent manner.