New law on cards to oversee functioning of regulators

New Delhi, Aug 15 (PTI) Amid a spate of scams, the
Indian government is considering a law to monitor the
functioning of the regulatory bodies and hold them
accountable.
"In recent years, we have established independent
regulatory authorities in many areas. These authorities
discharge many responsibilities which were earlier in the
domain of the government itself," Prime Minister Manmohan
Singh said in his Independence Day address to the nation.
At present, he said there is no legislation to enable
monitoring of the work of the regulatory authorities and make
them accountable.
"We are also considering enactment of such a law," he
said.
The role of regulatory bodies in sectors like telecom,
oil and stock markets has been a subject of discussion in the
wake of various scams like 2G spectrum allocation.
Excepting some, most of regulatory authorities have
been performing advisory roles to their respective ministries.
They have been demanding more adjudicatory powers.
Enacting a new law to monitor the functioning of
regulators "without compromising their independence" is one of
several steps listed by Singh to ensure transparency.
Enactment of a law to lay down clear principles for
government purchases is another measure under consideration.