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Inter-State Water Disputes Act 1956

Vol. 37, Issue No. 28, 13 Jul, 2002
Ramaswamy R Iyer

The National Commission to Review the Working of the Constitution (NCRWC) has recommended the repeal of the Inter-State Water Disputes Act (ISWD Act) and the enactment of a new Act. Its recommendation is to bring river water disputes within the original and exclusive jurisdiction of the Supreme Court. This article argues that the repeal of the ISWD Act would be singularly ill-advised. Article 262 together with the ISWD Act represents a very good mechanism for dispute-resolution (as a last resort when negotiations fail) and it would be a great pity to dismantle it. There have been some deficiencies in the functioning of that mechanism; the amendments to the ISWD Act passed in early 2002 seek to remedy them and some further improvements are suggested here. The NCRWC is right in wanting to restore the jurisdiction of the Supreme Court, but it should be appellate jurisdiction.

Perfect Market Puzzles

Vol. 37, Issue No. 27, 06 Jul, 2002
Mitu Gulati, William Bratton

With the problem of sovereign debt everyone seems to assume that someone else, often referred to as 'the market', has figured out the solution. But even in the face of mounting billions in default and growing coordination problems, it looks to us as if nothing of the sort has occurred. The mechanism of the invisible hand is magical indeed - when it operates at all. But its operation is not safe to assume. Not even under the best possible set of conditions.

WTO and Indian Banking Sector: The Road Ahead

Vol. 37, Issue No. 24, 15 Jun, 2002
Mathew Joseph C, Rupa Rege Nitsure

Increasing globalisation of trade under the WTO has provided India with a new opportunity as well as a necessity to strengthen her efforts at reforming her domestic financial sector. The real issue before India is how to obtain the best deal for herself in the current round of negotiations while seeking to reform her financial sector. In this paper the authors have identified six major issues that will come up for consideration in this round of WTO negotiations and made recommendations for India's response strategy by appropriately drawing lessons from the global experience in the opening up of the banking sector.

Organisation of Regulatory Functions:A Single Regulator?

Vol. 37, Issue No. 05, 02 Feb, 2002
Nachiket Mor, Rupe Rege Nitsure

Since the beginning of the financial sector reforms in early 1990s, boundaries between products and intermediaries have been blurring rapidly. The entry of several large government-owned as well as non-governmental financial sector participants in a variety of related domains such as securities trading, investment banking, commercial and retail banking, insurance and asset management which are regulated by independent bodies has posed some unique supervisory challenges for the Indian financial system. The paper attempts to argue that such a system of regulation not only artificially fragments the financial markets but also exposes the system to the very real danger of participants behaving as mini-super-regulators as they seek to optimally allocate capital dynamically between these fragmented market

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