M S Sahoo

Unsettled designs: India's regulators, tribunals need deeper reform

Supreme Court's recent judgment continues a three-decade cycle of invalidations; a regulatory reset is overdue

Decade-long delay in insolvency protections leaves families vulnerable

Two recent developments heighten the constitutional and legislative rationale for bringing this protection into effect

The regulatory state's fault lines: India must restore separation of powers

Regulators operate as mini-states within their domains, simultaneously exercising quasi-legislative, executive, and quasi-judicial powers

The great Indian vanishing act: Time to replicate the demat 'miracle'

Thirty years ago, an Act made physical securities disappear. Now it's time to extend it to all paperwork

The lemon-plus problem in corporate rescues erodes enterprise value

Corporate rescues under IBC show that culture matters as much as capital-Air India's case reveals how hidden organisational baggage can shape rescue outcomes beyond financials

IBC Amendment: More clarity, less reform, focuses on incremental fixes

By sidestepping deeper structural issues and leaning on delegated legislation, it offers incremental fixes where the system needs a transformative overhaul

Policy decisions, not financial markets, can lead to real climate action

Without strong policy guardrails, markets alone can't drive the green transition

IBC in stress: Survival depends on commitment to its core principles

Public laws aim to keep the crime proceeds beyond the reach of criminals while punishing the criminals. Although these proceeds were never the state's property, state benefits from their confiscation

Finality of biz transactions: How delays undermined the Bhushan resolution

Court ordered the liquidation of BPS, which had been successfully rescued under the IBC in 2019 with the approval of relevant market participants and layers of state agencies

Are regulators becoming managers? Concerns grow over autonomy risks

Regulators are increasingly asserting control over MD appointments by rejecting candidate panels submitted by regulated entities, curtailing proposed tenures, and altering remuneration structures

Codifying citizens' role in lawmaking for more accountable legislation

In a democracy, citizens hold the highest office, vested with significant rights and responsibilities

Responsible regulation: The key to reform in an era of deregulation

As deregulation gains momentum, here are nine points to consider when crafting governing regulations

Supreme Court ruling reshapes arbitration, mandates balanced appointments

Arbitration is an adversarial process. It relies on the parties to present facts and evidence before the arbitral tribunal for a decision

A school for ease of doing business: Fostering a business-friendly economy

Regulators, through regulations, address market failures, prevent abuse of freedom, and protect the rights of market participants

Insolvency law must protect homebuyers, avoid complex resolution process

A more effective solution would be to adopt the waterfall mechanism from the FSC framework, which prioritises the interests of customers over those of other claimants

When will India celebrate failure? Insolvency key to small business growth

Entrepreneurs, fearful of social judgement, often hesitate to seek help, allowing their struggles to fester until it is too late

Balancing act: Managing conflicts in regulatory roles is key for Sebi

In the realm of market regulation, managing conflict is the key to effective governance

Smoke, fire and fog: Looking beyond the haze of Hindenburg allegations

Rather than being ensnared by the specifics of individual allegations, our focus should be on safeguarding Sebi's integrity as an institution

Governance by disguised legislation

The tyranny of circulars must end to ensure democratic legitimacy of laws and ease of doing business

A performance appraisal of IBC

Despite potential biases introduced by the Dosa approach in analysing its efficacy, the law appears successful in delivering on its key parameters