"Why can't we have that kind of framework where approvals of the authorities are minimised, institutions work and everything is delivered by the market?" he asked here.
The chief of the Insolvency and Bankruptcy Board of India (IBBI) emphasised that there should not be over-regulations and their side-effects. "Do as much as minimum required... facilitate market participants," he said in the context of mergers and acquisitions.
There is a need to "segregate the control market from the market of product and not bring both of them together as part of mergers and acquisitions", Sahoo said.
Sahoo pitched for a market-driven institutional mechanism to facilitate mergers and acquisitions with minimum regulations that can conveniently safeguard legitimate interests of the stakeholders concerned, according to a release issued by the industry body.
"India has also evolved from this situation and now already entered a regime in which exit of business is permitted with emphasis on ease of doing business," he was quoted as saying in the release.