Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

April 2022

FORM AND SUBSTANCE OF EXTERNAL AND SELF-REGULATION

By Raman Jokhakar | Editor
Reading Time 7 mins
If there is ONE regressive belief that is perpetuated by every government of India and has generally taken the country backward, it is: if something goes wrong, the answer lies in government control; because if government controls something, it will deliver optimum results.

Such an approach to situations results in:

a.  stranglehold of babudom1;

b.  distancing citizens’ from liberty;

c. annihilation of self-governing and self-financing institutions into monolithic government bodies;

d.  developing a false narrative that government delivers and delivers for larger good;

e.  cost overruns, inefficiencies, unaccountable ways generally known by the name ‘public service’ amongst others.

Lacking Government oversight: Look at the last two big scams – where CAs were blamed, but no significant government employee responsible for oversight faced any consequences! Did you see any action on SEBI for the co-location scam? Did you see action on Reserve Bank of India after the collapse of systemically important NBFC IL&FS right under its nose called ‘supervision’? One can infer that when regulators fail and/or go unpunished, insiders above them were pulling the strings!

Connect the Dots: Two issues have been debated this week – changes in 3 Institutes and the formation of IIA.

Let’s look at the past sequence of e
Read More
Download PDF

You May Also Like

CELEBRATING 75 YEARS OF INDEPENDENCE KHUDIRAM BOSE

Bharat’s Progress and Women’s Prowess