Question

Explain why there are so many different regulatory agencies. Devise a regulatory structure that would improve the existing system.

Answer 1

Indeed, there are many regulatory agencies and sub-agencies today. It is important to understand that every regulatory agency there is in this country, plays a crucial role in reducing the risk/collapse that we face. Even though at times the regulatory bodies are not that effective, still there is a need/story behind every regulatory agency there is. These agencies were not set up in a day, they were set up as and when the country realized a need of a regulation over something, then and there with a lot of planning a regulatory body was set up to protect citizens of the country.

Lately, it has become a problem as even when you isolate an agency it is hard to tell exactly what and how it is working and regulating. It is a need of the hour to have a regulatory structure in place which should smoothen the existing regulatory body structure. A single central agency should be encouraged which will act as a highest level of regulator and monitor the existing agencies. It should also work as an inter agencies liaison so that hours wasted in agency red-taping can be controlled.