........So what is it that a new government with the comfort of parliamentary numbers should do? India now has several regulators in the financial sector enjoying varying degrees of autonomy and respect. Over the last decade or so, after transfer of power from the ministry of finance to the new regulators, the government has chipped away at some of the institutions. One of its failures has been the inability to accept and settle professional differences with the regulators as illustrated by the experience of Sebi during CB Bhave and KM Abraham's tenure and at RBI during the tenures of YV Reddy and later D Subbarao. A new finance minister will have to mend ties with some of the regulators, alter the terms of engagement and allow them to grow and respect them without the shadow of a mai-baap relationship, and also ensure accountability .........
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