ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Why the Financial Sector Needs a Single Regulator

Why the Financial Sector Needs a Single Regulator S SUBRAMANYAN This piece is in response to the article by R H Patil (EPW, p 4255, November 10, 2001) on this subject. It is a comprehensive and interesting article. The issue of establishing an appropriate regulatory mechanism for India

This piece is in response to the article by R H Patil (EPW, p 4255, November 10, 2001) on this subject. It is a comprehensive and interesting article. The issue of establishing an appropriate regulatory mechanism for India’s fast-growing financial services industry is not only topical but one which naturally generates a wide variety of views. There are as many experts who advocate the continuance of the multi-regulatory system as there are those who equally forcefully plead for a single regulator. There are equally a sizeable number who seek a via-media keeping in view our own regulatory history and conditions and the need not to rock the boat too violently. In other words, a structural reform without too many hassles if one were possible!

In this backdrop, an open debate of the pros and cons of the alternative regulatory mechanism will certainly help the government to formulate firm views for a formal consultative process prior to starting the formal legislative process.

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