Regulation: Appointments & Disappointments

In June 2011, I wrote in this column, “Who will discipline a regulator that fails to discharge its responsibilities?” This was in the context of a strongly-worded letter by Dr G Mohan Gopal, a former member of the SEBI (Securities and Exchange Board of India) board, to the PM (prime minister) of India, about how SEBI was wantonly subverting regulatory processes. I ended by saying that SEBI gets away with capricious actions because of poor oversight.

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