Report of the Committee for Reforming the Regulatory Environment ...

More documents

Recommendations

Info

4.9 Having regard to India's federal setup, there are anumber of powers and functions vested with the StateGovernment apart from those that reside with theUnion Government. The exercise of these powers andfunctions necessitates the writing of Rules andRegulations as well as theenactment of laws. In addition,there are regulatory andadministrative bodies empoweredto write regulations, the right forwhich is derived from thelegislature. It has been noticedthat in a number of cases differentauthorities have written different,It has been noticedthat in a number ofcases differentauthorities havewritten different,often conflicting,rules and Regulationsgoverning identicalactivities, thuscreating avoidableconfusion in theregulated space.often conflicting, Rules andRegulations governing identical activities, thus creatingavoidable confusion in the regulated space. Given thisconfusion and uncertainty, it becomes extremelydifficult for individuals or institutions to take investmentdecisions. The fact that these regulations are revisited46
and revised frequently creates a climate of uncertaintyin which the investors and even advisors do not knowwhat laws are in vogue. Added to this is the problem ofclumsy drafting that creates doubts and difficultiesleading to the establishment of an interpretationindustry.4.10 The problem of regulation isa problem of both stock and flow.It is necessary to address theexisting body of regulations (thestock) in terms of contemporaryrelevance, clarity and continuity.This task is best accomplished byIt is necessary toaddress the existingbody of regulations(the stock) in termsof contemporaryrelevance, clarity andcontinuity. This taskis best accomplishedby creating aRegulation ReviewAuthority in eachorganisation that isempowered to writerules and regulations.creating a Regulation ReviewAuthority in each organisation that is empowered towrite rules and regulations. It would be the primaryresponsibility of such an Authority to examine, inconsultation with all stakeholders, whether an existingrule or regulation has outlived its utility. In the process,regulations re-written at different points of time, on47
Page 5: Finally, I wish to place on record
Page 8 and 9: doing business, and cause appropria
Page 10 and 11: 5) Autonomy of regulatory authoriti
Page 12 and 13: 11) System of advance ruling: It ha
Page 14 and 15: Enabling MSMEs15) Setting up a over
Page 16 and 17: 19) Incentivising regulatory reform
Page 18 and 19: and keen to attract both domestic a
Page 20 and 21: unravel the regulatory maze and to
Page 22 and 23: those recommendations in the contex
Page 24 and 25: modern day trade and commerce. The
Page 26 and 27: 2.3 It is imperative that persons i
Page 28 and 29: increasing evidence that the lower
Page 30 and 31: into the need for such an organisat
Page 32 and 33: the administrative Ministry because
Page 34 and 35: appointment is finalised. To appoin
Page 36 and 37: The present practice invariably is
Page 38 and 39: place in the revised regulations. I
Page 40 and 41: hesitant to drop the investigation
Page 42 and 43: e approached by persons who are not
Page 44 and 45: unsuspecting public often leads to
Page 48 and 49: different aspects of the same subje
Page 50 and 51: from a lack of ownership in regard
Page 52 and 53: 4.14 Sunset provisions have been us
Page 54 and 55: new regulation. It is only when the
Page 56 and 57: proposal. One of the alternatives c
Page 58 and 59: would necessitate capacity-building
Page 60 and 61: Chapter FiveEnabling MSMEs5.1 MSMEs
Page 62 and 63: detailed information regarding the
Page 64 and 65: Chapter SixAddressing State Level I
Page 66 and 67: information on the procedural and s
Page 68 and 69: wheel in regard to practices and pr
Page 70 and 71: Chapter SevenAction on the World Ba
Page 72 and 73: usiness. This is a parameter in res
Page 74 and 75: within the applicable collateral an
Page 76 and 77: has also been noticed that there ar
Page 78 and 79: No.11/08/2012-CL.VGovernment of Ind
Page 80 and 81: (b) Hold wide consultations with al
Page 86 and 87: Independent Panel Review of the Doi
Page 88 and 89: • The report relies on a narrow i
Page 90 and 91: ecause they involve aggregating acr
Page 92 and 93: cardinal scores as being more infor
Page 94: 10. Improve the report’s communic

Report of the Committee for Reforming the Regulatory Environment ...

Create successful ePaper yourself

Delete template?

Save as template?