......Regulation can be painful. When the Reserve Bank of India (RBI) asked non-banking finance companies (NBFCs) to get an investment grade rating in the late 1990s, there was a shake-out. Barring the soundest, many NBFCs had serious adjustment problems with the new regulatory regime. Again, when the government came down heavily on unincorporated entities — partnerships, sole traders — offering sky-high interest rates on deposits, it brought to a halt not only some unscrupulous deposit takers but even some businesses that have been in existence for long and served a useful purpose. There can be many.....
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