There is a grave danger if there’s over-regulation-it
results in a strangulating bureaucracy. But there are pitfalls of
under-regulation-it makes those who should be more on their toes to relax and
become complacent. In the first, it’s the businesses that suffer; in the
latter, it’s the retail investors and poor customers who bear the burden. This is why as India
tries to ease the way to do business, she should ensure that the watchdogs are
on guard, and don’t abdicate their responsibilities.
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