The sudden exit of Yogesh Agarwal as the chairman of the Pension Fund Regulatory and Development Authority, or PFRDA, has once again brought the relationship between financial sector regulators and the finance ministry into sharp focus. The facts of the case are also a clear pointer to the need for a better system for appointing regulators as well as removing them if indeed such a step becomes necessary. Agarwal does not belong to the Indian Administrative Services (IAS), a powerful cadre of officers who have a virtual monopoly ove rregulatory jobs across sectors. He is a banker.........
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