This refers to the editorial "Little and late" (October 11). The National Spot Exchange Ltd (NSEL) episode suffers from some generic failures and appears more a conspiracy of silence. Things could never come to such a pass overnight and many people must have been watching from the sidelines and drawing false solace that they are not directly responsible for the failures. Sadly, the business of governance/monitoring in India has come to such a pass that either we do not have regulation or regulators and when they are present, basic things are allowed to deteriorate while they fight turf wars. Regulators need to first ensure that the basic structures of a financial system are intact. It is because of its no-nonsense approach to core regulation that the Reserve Bank of India is respected worldwide. The slow-motion handling of the NSEL saga during the last two months does not bring any glory to our capabilities.
Y P Issar, Karnal
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