ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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shortest possible time emerging as the be- all and end-all of existence, liberty has tended to be interpreted as licence. The deregulatory framework the Narasimham Committee has much in mind is totally inappropriate in this situation. Thie, in case ruling politicians are hell-bent to court disaster, they can always commandeer a regulated system to serve their private causes. But at least certain checks and balances would act as a break on their proclivities to carry things to excess. The free regime advocated by the Narasimham Committee would, in contrast, be an invitation to extend the lebensraum of financial recklessness installed over the past 18 months. The nation's financial system has to be re-hitched to a regulatory framework and the agenda should include enforcement of the strictest rules for merchant banking and portfolio management. Besides, foreign banks must riot be permitted to behave as sovereign entities. Such measures, contrary to hitherto received wisdom, would not kill off the prospects of investment flows from overseas, but actually enhance them. Investors, after all, are hardly likely to trust their money with certified frauds.

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