....... “We have seen how regulatory gaps have enabled sharks to swim through. The obvious reason is, if you say that this regulator has this domain jurisdiction, then it refuses to look at anything else...In between, somebody takes advantage and runs away with public money. “The ponzi scheme arises because regulator ‘A’ says this is not my baby. Regulator B says I am not concerned with this... So the ponzi runs through… That is exactly what is known as the regulatory gap,” said Srikrishna. According to him, we need one unified regulator which will, irrespective of the jurisdiction, have to deal with it (the wrongdoings), be it insurance frauds, ponzi schemes or any other financial issue........
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