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  • a body appointed mostly under an Act of Parliament to regulate one or several markets. Regulators were created broadly to ensure that consumers are protected as economy moves from govt. charge to private control. It drafts regulations in its legislative capacity, it conducts investigation and enforcement action in its executive function and it passes rulings and orders in its judicial capacity.The existence of independent regulatory agencies is justified by the complexity of certain regulatory and supervisory tasks that require expertise, the need for rapid implementation of public authority in certain sectors, and the drawbacks of political interference.
  • The Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as"...to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto"To Protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto." The main objective of competition law is to promote economic efficiency using competition as one of the means of assisting the creation of market responsive to consumer preferences. The advantages of perfect competition are three-fold: allocative efficiency, which ensures the effective allocation of resources, productive efficiency, which ensures that costs of production are kept at a minimum and dynamic efficiency, which promotes innovative practices."The mission of Telecom Regulatory Authority of India (TRAI) is to ensure that the interests of consumers are protected and at the same time to nurture conditions for growth of telecommunications, broadcasting and cable services in a manner and at a pace which will enable India to play a leading role in the emerging global information society.The National Highways Authority of India was constituted by an act of Parliament, the National Highways Authority of India Act,1988. It is responsible  for the development, maintenance and management of National Highways entrusted to it and for matters connected or incidental thereto. The Authority was operationalised in Feb, 1995.All India Council for Technical Education (AICTE) was set-up in November 1945 as a national level Apex Advisory Body to conduct survey on the facilities on technical education and to promote development in the country in a coordinated and integrated manner. And to ensure the same, as stipulated in, the National Policy of Education (1986), AICTE be vested with statutory authority for planning, formulation and maintenance of norms and standards, quality assurance through accreditation, funding in priority areas, monitoring and evaluation, maintaining parity of certification and awards and ensuring coordinated and integrated development and management of technical education in the country. The Medical Council of India is a statutory body charged with the responsibility of establishing and maintaining uniform standards of medical education and recognition of medical qualifications.It also ensures the ethical practice of medicine by all registered medical practitioners.
  • Brought in revolution in the telecom industry…and in turn had rollover effect in various other businesses.To substantiate: I guess we all have seen the recent airtel ad in which concept of mobile pan is shown…Also various concepts like MNP and Do not disturb have been taken.
  • None of the regulators are accountable to anyone.Accounts audited by CAG

Be Be Presentation Transcript

  • Presented By:
    Abhishek
    Dishant Hans
    Mayank Jain
  • Introduction
    Different Regulatory Bodies
    TRAI –A Review
    SEBI – A Review
    RBI – A Review
    Need for Autonomy
    Autonomy and Accountability
    Future Scope
  • Definition: a governmental agency that regulates businesses in
    the public interest
    Necessity: Complexity of Markets
    Supervision
    Rapid Implementation of Policy
    Political Interference
    Functions: quasi-legislative,
    quasi-judicial and
    quasi-executive
  • SEBI - A Review
  • Trade in stock market expanded after World War II
    Stock Exchange trebled from 7 to 21. Various problems that arose were:
    Excessive Fluctuations-Wide and Wild Fluctuations in the Stock Market
  • Defect in the system of settlement in force
    Defect in the credit facility such as budla, blank transfer
    Put through business
    Street Markets and Share Bazaars
    Independent firms and Outside Brokers
    Connection with the Stock Exchange
    Manipulations
    --Stock Exchange Members-Bear and Bull Tactics, Fake Transactions
    --Company Promoters and Directors-False Promotion, Unequal Voting Rights
  • Effect on credit System
    Widespread Tax Evasion
    Stock Market Crises and
    its effect on Banking
  • In 1988, SEBIwas established by the Government of India through
    Became fully autonomous with the passing of the (SEBI Act) on 30th January 1992 with the prime objective of
    Protecting the interests of investors in securities,
    Promoting the development of, and
    Regulating, the securities market and for matters connected therewith or incidental thereto.’
    Focus being the greater investor protection, SEBI has become a vigilant watchdog
    • Monetary  Authority
    • Regulator and supervisor of the financial system:
    • Manager of Foreign Exchange
    • Issuer of currency
    • Banker to banks
    • Banker to Government
    • Self Sustainability - Independence
    • Need for review of existing laws regarding appointment and removal of members of regulatory bodies
    • Better legal mechanism with checks and balances for the governance
    • Freedom from political interference
    • Only administrative ministry…
    • Implications of the policies of these authorities
    • Too much belief in competency and intent of individuals
    • Clear definition of functional areas of different bodies
    (recent case of IRDA vs. SEBI)
    • We have four major financial market regulators(RBI,SEBI,
    IRDA, PFRDA)…
    • Is there a need for a super regulator?
    (Role of FSDC- Financial Stability and Development Council
    Fears of Govt. intruding on RBI’s and SEBI turf)