.... You can make a regulatory organisation as autonomous on paper as is imaginable, but will fail unless you ensure its members have incentives to stay independent, too. There’s currently much comment about former RBI deputy governor Shyamala Gopinath joining board of the National Stock Exchange. Yet Ms Gopinath’s new job is hardly unusual. Unfortunately, former regulators frequently join those they were regulating. And, similarly, many new regulators are IAS officers pronouncing on policies that they themselves had helped draft.......
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The Indian state needs more regulatory capacity. But that demands autonomy not just for institutions, but for the people in them
