Better regulatory coordination vital | Business Standard

Better regulatory coordination vital | Business Standard

 Last couple of years have seen a
welcome rise in the awareness level about the role of regulation and regulators
in governance and management of resources in general. Perhaps, CAG Vinod Rai’s
2G report made the beginning of a new phase in the financial history of India.
Still, we have seen regulators remaining silent spectators, when their sacred
‘space’ was being encroached by political masters through ‘executive’ actions,
which on several occasions did not stand scrutiny, or had to be rushed through
back-door manoeuvrings in legislatures. AADHAAR, National Pension System, coal
mines allocation, oil pricing…the list can go on and on, if examples are
needed.




As M Damodaran put it, when
regulated entities-these include government and public sector-‘move from one
unregulated jurisdiction to another’ or find out means to circumvent need for
legislative changes, the burden of the regulators increase. In such situations,
coordination and fast sharing of information among regulators become crucial.

In the present scenario, in the
financial sector, one cannot think of a better organisation other than Reserve
bank of India to entrust the responsibility to put in place a coordination
mechanism to ensure that all financial transactions higher than a pre-decided
bench-mark complies with the regulatory norms of the body responsible to
oversee such transactions. Perhaps, the finance minister could discuss this
issue during  his pre-budget interactions
with RBI and other regulators in the financial sector.
M G Warrier
 Mumbai


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