A K Bhattacharya’s “Regulatory spine, at last” (July 20) makes interesting reading since he is saying that the absence of a joint secretary in the finance ministry is the main reason for financial regulators like the Reserve Bank of India and the Insurance Regulatory and Development Authority now coming out into the open against the finance ministry’s decision to set up a joint committee mechanism to oversee all regulatory disputes. Since the committee will be headed by the finance minister, these regulators see it as an attempt to undermine their independence.
It is not clear if Bhattacharya’s assessment is correct, but it is interesting to know that it is only now that the regulators are coming out in the open.
Sachin Gupta, New Delhi
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