New law on cards to oversee functioning of regulators
Amid a spate of scams, the government is considering a law to monitor the functioning of the regulatory bodies and hold them accountable.
By PTI | Updated:
NEW DELHI: Amid a spate of scams, the government is considering a law to monitor the functioning of the regulatory bodies and hold them accountable.
"In recent years, we have established independent regulatory authorities in many areas. These authorities discharge many responsibilities which were earlier in the domain of the government itself," Prime Minister Manmohan Singh said in his Independence Day address to the nation.
At present, he said there is no legislation to enable monitoring of the work of the regulatory authorities and make them accountable.
"We are also considering enactment of such a law," he said.
The role of regulatory bodies in sectors like telecom, oil and stock markets has been a subject of discussion in the wake of various scams like 2G spectrum allocation.
Excepting some, most of regulatory authorities have been performing advisory roles to their respective ministries. They have been demanding more adjudicatory powers.
Enacting a new law to monitor the functioning of regulators "without compromising their independence" is one of several steps listed by Singh to ensure transparency.
Enactment of a law to lay down clear principles for government purchases is another measure under consideration.
"In recent years, we have established independent regulatory authorities in many areas. These authorities discharge many responsibilities which were earlier in the domain of the government itself," Prime Minister Manmohan Singh said in his Independence Day address to the nation.
At present, he said there is no legislation to enable monitoring of the work of the regulatory authorities and make them accountable.
"We are also considering enactment of such a law," he said.
The role of regulatory bodies in sectors like telecom, oil and stock markets has been a subject of discussion in the wake of various scams like 2G spectrum allocation.
Excepting some, most of regulatory authorities have been performing advisory roles to their respective ministries. They have been demanding more adjudicatory powers.
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Enacting a new law to monitor the functioning of regulators "without compromising their independence" is one of several steps listed by Singh to ensure transparency.
Enactment of a law to lay down clear principles for government purchases is another measure under consideration.
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