Regulators now bat for longer stint

NEW DELHI: The regulators in the country are seeking a longer tenure and higher emoluments. The top regulators from important sectors like telecom, insurance and power are likely to meet in the capital on Tuesday for evolving a consensus so that a demand is put before the government to amend respective regulatory acts providing a longer tenure and better emoluments for regulators.

The meeting has been convened by Nripendra Misra, chairman of Telecom Regulatory Authority of India (TRAI). C S Rao, chairman of Insurance Regulatory and Development Authority (IRDA) is also likely to attend the meeting.

Representatives from Central Electricity Regulatory Commission would participate in meeting as the commission is yet to get a new chairman after A K Basu retired early this year.

The meeting is likely to ask the government to consider extending the term of all regulators from the present three years to a uniform five years, an official source said.

Sebi Chairman M Damodaran may not attend the meeting due to his prior commitments, but his representative may be there. It could not be ascertained whether Y V Reddy, governor of RBI, or any of his representatives would be there.

Petroleum regulator L Mansingh and other members of the Petroleum and Natural Gas Regulatory Board already have a five-year tenure and would not be attending the meeting.