The Rs 6-trillion asset monetisation plan, which the government announced in August, represents one of the biggest leasing of public assets into the hands of the private sector, giving new owners unprecedented powers over national infrastructure. The nature of this power depends on how far the government aligns its regulatory institutions with the new operational ownerships. The critical need for institutional clarity on regulatory reach and the limits of private power were highlighted last week over the decision by Adani Ports and Special Economic Zone (APSEZ) to stop handling export-import containerised cargo originating from Iran, Afghanistan, and Pakistan at its ports from November 15. The origin of this decision lies in a haul of almost 3,000 kg of heroin about a month ago by the Directorate of Revenue Intelligence from a shipment from Afghanistan routed through Iran at Adani’s Mundra Port.