DailyPost 2533
NATIONAL REGULATORS PROTOCOL
No one is sure of the fact if all the regulators work on the same first principles, and then approach specialized issues and complexities again with the same approach. All of us have experienced, heard and seen the judicial administration of the country and we are sure how things happen there. The mandated laws and the hard coded procedures are all common knowledge. Exactly, the opposite is the case with the regulators, they hit the media at times, at their own violation or if the situation brings them there, that is nearly all. Whatever might be the reason, they seem to shrouded in secrecy or love being opaque or are fine with their work not being known to the people who get impacted.
Whether NHRC has been able to bring down human right violations? There are similar questions in each of the areas they work. What level of sanity has SEBI brought into system? How does it regulate the red herrings, what is mechanism to bring them to book? Leaving the process and procedures apart, are they fully tech enabled, which is must. All these regulatory authorities come at a huge price, all at the taxpayer’s cost, have people of eminence, from connected or unconnected fields, but the purpose not clearly spelt and more often not known to the world with the level granularity and detailing which the wider world needs to know.
Only then will they know what to expect out of them and under what circumstances and in what issues could they look forward to these authorities to provide succor. They are great organizations, if put on the right track. From laying guidelines to regulating, you can term it enforcement they do it all. They have quasi-judicial powers and thus the right to adjudicate. They also double up as an investigation agency of sorts. It is supposed to be a one-stop shop for that particular economic or any other activity. On the other side, from a completely macro point to view, the regulator is mandated to the reigning deity of that ecosystem.
The purpose, objectives, targets, goals, process and the impact of any regulator needs to be regulated to get the desired results. All this can be neatly woven into a National Regulators Protocol. This would be the base document, you can call it a policy document or a blueprint document, on which you can lay your rules, SOPs, detailed process of working and how to reach the final destination. All that falls under the purview of the regulator has to be audited from the point of the view of impact. Like any other organisation, regulators need to audited into the nitty gritty of their functioning and results. It would be more like a performance audit. All encoded in a National Regulators Protocol would be make their functioning and delivery easy and transparent. It would still take a long time till we reap the benefits of the regulators ecosystem which has been put in place, to provide intensive administration to specific areas.
A REGULATOR WITHOUT A FUNCTIONING AND DELIVERY PROTOCOL CAN BE A NON-STARTER.
Sanjay Sahay
Have a nice evening.