Essential principles of regulatory oversight

No single law can address the issue of regulators’ accountability, but a start could be made with a committee of MPs monitoring their functioning — the practice in the United Kingdom. In his Independence Day address, Prime Minister Manmohan Singh outlined a legislative framework to monitor the work of regulatory authorities and make them more accountable. The Planning Commission has presented a framework under the Regulatory Reform Bill that seeks to rein in regulators while granting them effective autonomy. In order to address the subject comprehensively, it is important to identify the regulatory framework and the nature of the products delivered by such regulatory authorities.

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