Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi).
Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
“Post 2008, financial sector regulation is suffering from excessive activity. There has been regulatory hyperactivity in order to justify one’s existence. It is not just regulators but includes rating agencies and investment bankers, and others in the financial sector, which are suddenly making out a case to show that they are relevant, counted, and are a part of the solution and not the problem. You need regulations that are simpler and don’t get changed, have continuity and clarity,” he said.
Damodaran, who chaired the capital markets regulator from February 2005 to February 2008, also suggested that there should be a sunset clause added to each regulation and a law to revisit its relevance over time.
“Unless it is very basic and paramount, it must have a sunset clause because then three years or five years later, the regulator is obliged to revisit the regulation to see whether it has contemporary relevance or not,” he said.
Speaking at the summit, the former bureaucrat added the need for specialised talent in the regulatory bodies, ranging from lawyers to accountants and auditors.
“Regulatory capacity building is something to which very few jurisdictions have paid attention to. You set up a regulatory organisation and then start thinking of how you will populate it — that it is not enough,” said Damodaran.
He added that the bigger challenge was whether the specialisation that people bring to the table was relevant to present times, and if it provided the regulator with the ability to understand the complexity of the issues and instruments they were dealing with.
He appreciated the stance of the current Sebi chairperson Madhabi Puri Buch on asking companies to focus on the spirit of the law and not just the letter of the law. “You can comply with every regulation and still run a business in a manner which is not in the interest of other stakeholders,” Damodaran added.
On the sidelines of the Sebi board meeting on December 20, Puri Buch had warned that if the spirit of the law was not respected, then the regulator would need to tighten rules further.
At the BFSI summit, Damodaran asked regulators to have the right temperament and the ability to hear both sides in any matter before reaching a conclusion or order.
“The temperament is to not look at the regulated universe as a bunch of crooks. If you start with that assumption, then you will not make any progress. My preferred philosophy is to trust and verify. Don’t go on the path of distrust and crucify. In an attempt to fix a small problem, you may kill the institution,” he said.
In his opinion, the right definition of governance is to do the right things at the right time in the right manner for the right reasons. He also cautioned companies to not follow a “deny, defy, decry” formula in governance as it would only lead them backwards.
Damodaran holds director positions on the boards of many listed companies and has worked the last few decades with the government, financial institutions, and regulatory bodies. He has also been a constant member on several committees formed by the Reserve Bank of India (RBI) and several ministries.
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
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For the lads, Video Games athletes are also stronger within the power lifts, and the variations almost attain statistical significance.
This all suggests that energy, especially the flexibility to apply that power
dynamically, is the most important distinction between a Games athlete and a regional athlete.
This 12 months, there might be new ways to compete in events hosted by Legends should you don’t
qualify for the Games.
The top athletes worldwide of every age group (minimum 200) will advance
from the Open to Quarterfinals. Groups will then advance to the Quarterfinals based on their prime two
female and prime two male scores in each workout.
CrossFit will use strength of field to finalize
the number of Games-qualifying positions at every Semifinal.
View the number of assured Games-qualifying positions for every region below.
The 2024 season seems to be probably the most exciting so far with growth in a number of divisions and a new CrossFit
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If you’ve competed in a very grueling event, it’s important to offer
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You can also preview and observe the most
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Ben Smith completed fourth but well earlier than Mat Fraser,
thereby emerged the general winner of the 2015 Video Games.
Katrin Tanja Davidsdottir gained for the women’s occasion, which made her champion of the Games.
Spencer Hendel received for the men and Margaux Alvarez for the women. Mat Fraser completed second, which gave him an total lead of simply two points in entrance of Ben Smith going into the ultimate event.
The handstand push-ups had been accomplished with gymnastic rings and it was the second time
the motion has featured on the CrossFit Video Games. It additionally had strict
point penalties for any athletes that would not both finish the primary
set for the boys or one push-up for the ladies. All six group members will do a minimal of one exercise
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In Workout 2, a sluggish team member can maintain again the progress of
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The subsequent piece of information that shall be thought-about is the
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Emma Cary, a promising CrossFit athlete, went lacking
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The world’s top 200 masters athletes in every age division in the Open shall be routinely entered into the Masters Qualifier.
Like last yr, the qualifier will be a four-day on-line competitors.
PT on Thursday, April 23, and the opponents will have until 5 p.m.
The workouts at the CrossFit Regionals are intense and demanding.
Athletes face a series of occasions over the
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evaluation of their health abilities. Every region has its own set of coaching zones and workouts.
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The high 20 athletes in every age division on the finish of the qualifier might be
invited to compete within the Masters Competitors at the
CrossFit Video Games. The Masters QualifierApril 23-27, 2015The Regional competitions
shall be held over three weekends in Could. The 17 areas within the
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from a minimal of one other region in the new format. (Read extra.) Every Regional will take place over three
days, and the highest five males, five women, and five teams on the finish of the weekend will qualify for the CrossFit Games.
The Age-Group and Individual Quarterfinals will be held on the identical weekend.
Any athlete who qualifies for each competitions might compete in both and will only be
asked to pay one registration fee.
Your coach is conscious of your training program and may
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They will keep in mind your total health stage, competition objectives, and any
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The CrossFit Games consists of a number of phases, with the CrossFit Regionals
being a pivotal step in the qualification process. The top athletes
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To be eligible for CrossFit Regionals, athletes have to be a minimum of 18 years old
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