Tale of two regulators

Tale of two regulators: The RBI has largely been a paternalistic regulator, while the Sebi wears its 'investor protection' mandate on its sleeve



My VIEW:

This article
oversimplifies the roles of both RBI and SEBI. Sure, both are mandated with
regulatory functions. But, as much as RBI’s role in the management of financial
sector includes supervision, regulatory control, institutional development and
mandated duties relating to several other areas including monetary policy and
public debt management, SEBI has a hitherto neglected role of product
development and maintaining the health of the equity market in addition to the
supervisory role it performs now.


A word about the
concluding observation. Institution’s philosophy does not change with the
change of leadership at the top. Even Dr Rajan’s leadership acted as a catalyst
in pursuing the institutional vision of RBI. Also, frequent changes at the top
are not in the interest of smooth functioning of institutions like RBI and
SEBI.
M G Warrier, Mumbai

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