OVERLAPPING JURISDICTION OF REGULATORS IN INDIA: A NEVER.

Abstract

In the regulation of transactions, in almost every jurisdiction in the world, several regulators operate concurrently to determine whether such transactions comply with the multitude of laws. India, being no exception to this rule, has a host of regulators that must grant approval to these transactions. This paper sets out to identify the various regulators in the Indian legal sphere such as Securities and Exchange Board of India (SEBI), Insurance Regulation and Development Authority (IRDA) etc. and critically analyse their overlapping jurisdiction. In light of the Financial Sector Legislative Reforms Committee, a nuanced research has been undertaken with regard to the often overlapping competence of SEBI and Competition Commission of India (CCI). This brings out the fundamental rationale behind the existence of a multitude of regulators – a sector wise expertise (telecom, electricity etc) vis-à-vis a overarching expertise in maintaining the integrity of the market for investors and commercial entities alike. Given that there has been widespread critique of India’s complicated and often unnavigable regulatory landscape, the authors have further examined the legislative changes that have been made in the recent past to harmonise the statutes and other laws to usher in a regime of consistency in the applicable laws. Finally, the analysis contained in this paper seeks to offer a solution to the regulatory conundrum that has been considered a hindrance in attracting investment from both India and abroad across several sectors.