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Redistributing Regulatory Power

Financial Sector Legislative Reforms Commission
Vol - XLVIII No. 20, May 18, 2013 | C P Chandrasekhar

The Financial Sector Legislative Reforms Commission has exploited its ambiguous terms of reference to suggest a complete revamp of financial regulation. The recommendations, if accepted, would shift power from Parliament to "independent" bodies run by nominated experts and subject to scrutiny by a legal framework that might be capable of judging fairness of regulatory reach but not its appropriateness from the point of view of development. This is no legislative reforms commission but a commission that is serving as a vehicle to legalise a regulatory structure suited to a liberalised financial sector.

Ambedkarites against Ambedkar

Vol - XLVIII No. 19, May 11, 2013 | Anand Teltumbde

It is one thing to revere one's hero but quite another to consider him to be god. Following Ambedkar means being inspired by his vision of "liberty, equality and fraternity" and acting in accordance with his advice to "educate, agitate, organise" so as to realise his goals of annihilation of castes and achievement of socialism.

Criminalising People's Protests

Vol - XLVIII No. 14, April 06, 2013 | Anand Teltumbde

The manner in which Irom Sharmila's demand for the repeal of the draconian Armed Forces (Special Powers) Act has been handled by the Indian state is indicative of its intent to further narrow the scope for democratic protest, even opposition that is centred on the right to life itself. With such actions, the state is subtly communicating to the people that there is no democratic option left in the country.

In Defence of Prakash Ambedkar

Vol - XLVIII No. 11, March 16, 2013 | Anand Teltumbde

Prakash Ambedkar's recent statements that the political reservations given to dalits (scheduled castes) and the requirement of mentioning caste in school leaving certifi cates should be done away with, as also his stand against the hanging of Afzal Guru, all of which have evoked varied reactions, need to be refl ected upon.

World Investment Outlook

The Long View
Vol - XLVIII No. 07, February 16, 2013 | Avinash Persaud

Where to invest? Those with cash or charged with investing other peoples’ savings have had a serious headache over the past two years. The world is a deeply uncertain place right now. This normally indicates an attraction for bond markets – which in traditional versions offer a fixed interest rate and a commitment to repay the initial investment in full. They are relatively safe over the long run and are less volatile over the short term. But like most investments, by the time it is the obvious investment, it is too late.

Delhi Gang Rape Case

Some Uncomfortable Questions
Vol - XLVIII No. 06, February 09, 2013 | Anand Teltumbde

Why is it that heinous crimes -including the rape and murder of Surekha and Priyanka Bhotmange in Khairlanji - against dalits have failed to provoke anger amongst the larger Indian public? Were they any less gruesome than the recent Delhi gang rape? Even in the case of Khairlanji, despite spontaneous dalit protests lasting for over a month in Maharashtra and beyond, not even the so-called progressives had joined them. It was natural therefore that dalits felt alienated from the upmarket uproar against the Delhi gang rape.

FDI in Retail and Dalit Entrepreneurs

Vol - XLVIII No. 03, January 19, 2013 | Anand Teltumbde

Questioning the thesis that foreign direct investment in retail will have a favourable effect on the fl edgling class of dalit entrepreneurs in India because processes of capitalist modernisation automatically undermine the significance of social identities like caste, creed and race, this article argues that only a minuscule section of dalits has benefi ted from globalisation while the majority, being "uncompetitive", has been pushed to suffer ontological insecurities and existential uncertainties.

Is the Global Financial System Safer

Vol - XLVIII No. 02, January 12, 2013 | T T Ram Mohan

The financial crisis that erupted in 2007 and is still unfolding prompted a search for reforms that would make the global financial system safer. Several initiatives have emerged. They represent an attempt at addressing flaws in the system that rendered it vulnerable to a crisis on the scale we have seen.

Politics of Divine Edict and Reverse Secularism

Vol - XLVII No. 52, December 29, 2012 | N William Singh

Mizoram's churches promise to correct and guide the political culture of the state, a trend that challenges the universal understanding of secularism. While the church is closely aligned with the state, the concept of separation of state and religion is practised differently. In this scenario, reverse secularism dictates political idioms and social affairs in Mizoram.

The Quiet Power of the Ratings System

Vol - XLVII No. 50, December 15, 2012 | C P Chandrasekhar

Over the years, the ratings system and, therefore, the ratings fi rms have become a part of the regulatory framework in many countries which has given them enormous infl uence in the fi nancial system. But there is a basic confl ict of interest when a ratings fi rm is paid by an issuer to rate its offering. With an Australian court delivering a landmark judgment ruling that a ratings fi rm was guilty of "negligent representations", the stage is set for a number of court processes that will investigate the working of these powerful agencies.