A fortress and a few holes

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India has no dearth of legislation in the financial sector. It also has enough regulatory authorities to administer the provisions of these laws. Often lack of coordination between these regulators creates blindspots that become breeding ground for questionable entities. Some find a loophole and others attempt to drill a loophole, where none exists. While the regulators may find it difficult to handle a legal loophole, they often are found wanting even when there is none, leading to debacles such as Saradha. A look at the legal architecture governing money-raising.