Who will guard the guardians?

Parliament needs to institute oversight mechanisms for regulators, who oversee markets, without compromising their autonomy

In the long-term journey towards enhancing state capability, appointments to many more senior positions in SRAs should come via the "revolving door" of industry practitioners. This will make matters more complex in terms of discipline and removal.

Unlike civil servants, these appointees will join SRAs with a prior life of wealth and close connections with the regulated entities. We need people of this background and expertise, but they will require frameworks for discipline and integrity very different from civil service rules, though based on the same underlying principles. Given the responsibilities entrusted to SRAS, it is inevitable that a variety of disgruntled people will campaign through the press and through brown paper envelopes, carrying scurrilous tales about present and past SRA personnel. These problems will get worse before they get better.

Civil servants come under the jurisdiction of the CBI and the Central Vigilance Commission (CVC).

According to the current laws, CBI and CVC have authority not only over civil servants, but also public servants. Various court judgments have ruled that the functionaries of SRAs are public servants. A large number of complaints against SRA personnel have found he state is broken up into three co-equal vants under the Constitution of India. Looking their way to CBI and CVC, where they have often treated branches — the legislature, the executive and beyond government departments, the Constitution similarly to complaints about the working of public ers" is maintained, where the three roles are not blurred, it becomes easier to build a capable and accountable state.