Saturday, March 23, 2013

Zenith Case ; Super Regulatory Authority ON THE ANVIL !

One super regulator proposed; RBI to remain monetary authority

The Financial Sector Legislative Reforms Commission (FSLRC) headed by Justice (retd) B.N.Srikrishna handed over its final report* to Finance Minister P. Chidambaram at North Block today. ... »

*FSLRC Report
Posted: 28 Mar 2013 07:19 AM PDT

The report of the Financial Sector Legislative Reforms Commission, which has recommended elaborate reforms in the financial sector, is now available.

Volume 1 contains the findings and recommendations of the Commission, while Volume 2 contains a draft of the proposed Indian Financial Code, 2013.

Zenith Case>

Zenith SEBI Order - disturbing findings and curious SEBI Order

Requires to be intensively studied- in the context of the new corporate law and super regulatory authority ?!

Historically speaking,not refraining from looking back, it is absurd or perverse to even suggest, unwittingly or otherwise, that this is the first instance of its kind that the SEBI's findings could be faulted to be 'disturbing' or its resulting order be dubbed 'curious'.

The zenith's episode, as one can well imagine, may prove a specimen for a purposeful 'case study'; more so, for the experts' purpose of analyzing and examining in-depth whether the lately brought in new corporate law is, or how far it is going to prove, foolproof enough so as to effectively plugging in the deficiencies in or improving upon the replaced law, as widely acclaimed, all in the name of protecting and preserving the rights and interests of the 'stake holders'. Do so, having in the backdrop the recently rebooted idea of a 'super regulatory authority'.

Cross refer:
Editorial pg. 10>

Simplify The Rules

Push reforms by reducing the number of regulators in the financial sector (The recommendatin of the Financial Sector Legislative Reform Committee - FSLRC) to prune the number.... 
Not a single day passes without an anouncement proposed announcement of this type; hardly any mind or time left to make a conscious note of its purport or effect ...

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