Finance Minister Arun Jaitley recently pitched for a level playing field for the private and the public sectors, pointing out that the latter runs the risk of becoming non-competitive in the face of excessive regulation and outdated legal framework. However, the fact remains that public sector enterprises (PSEs) have over the years enjoyed several regulatory exemptions under company law, securities law, and competition law, among others. A recent study by Vidhi Center for Legal Policy (Competitive Neutrality for Corporate Governance Norms for CPSEs) highlights the impact of these exemptions on corporate governance culture in PSEs. Here is a snapshot of