Letters: The right regulators

This refers to the editorial "Denying discretion" (October 15). If the top regulators shy away from making decisions based on discretion wherever necessary, they degrade themselves. If the Narendra Modi government talks of right governance, this class should be protected sensibly. Regulators, bankers and bureaucrats going beyond their brief require a closer watch by the Prime Minister's Office.

We have had instances of disputes between regulators: between the Securities and Exchange Board of India and Insurance Regulatory and Development Authority chief on unit-linked insurance plan (ULIPs); between the Competition Commission of India and companies going in for mergers and acquisitions; between the Comptroller and Auditor General and government and so on. Some of these cases can be justified, but many of them could have emerged out of sheer ego. As the prime minister said, there are many conflicting and competing verticals in the governance structure with the divergent policy perceptions and style of functioning that has been at play. Unless the government identifies the reasons for such situations, there can be no progress. A basic problem could possibly be the selection process of personnel to man these organisations.

K U Mada Mumbai

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