Finance panel will firm up regulators: Jayant Sinha
SummaryParliament’s standing committee on finance may examine issue of state finances, working of market and banking regulators, says Sinha in an interview to Mint.
After recommending sweeping changes to India’s bankruptcy framework and competition regulation, the Parliament’s influential standing committee on finance may examine the issue of state finances, the working of market and banking regulators, and the menace of cybercrimes, the panel’s chairperson, Jayant Sinha, said. The rapid digital transformation of India’s economy—one of the fastest-growing major economies—warrants stronger regulators. In an interview, Sinha said dominant digital market players, to be identified as digital gatekeepers, will have to file annual compliance reports to the regulator under a proposed forward-looking legal framework called Digital Competition Act that will set fair conduct norms for these entities. Sinha said the standing committee expects both the Competition Amendment Bill, 2022, and the proposed Digital Competition Bill to be passed between the forthcoming budget and monsoon sessions of Parliament. Sinha also said that a regulatory framework for news publishers to enter into fair advertisement contracts with digital market gatekeepers, such as dominant online search engines, could be set in the proposed Digital Competition Act. Edited excerpts: