Regulatory Bodies Part - 1 SIVA PRASAD
About Me . Bachelors and Masters in Physics from Indian Institute of Science (ISc), Bangalore .INSPIRE Scholar, DST Govt. of India Interested in Physics, current affairs, economics.... . Physicist, Blogger, Teacher.... Wrote UPSC CSE Mains 2017 Research Publication in Journal of Applied Physics
Advent of Regulatory Authorities Origins in USA . 1920's Great Depression -> Unregulated markets Following great depression -State monopoly -> states PSU's instead of Supplementing private markets started to substitute them Neo-Right Philosophy -> Ending State monopoly, more freedom to private sector . But from the experiences of great depression-> Need to regulate the markets were realised -> Independent regulatory commission in USA
Objectives of regulatory authorities . To protect the interest of the consumers To prevent monopolies and oligopolies .To protect interest of small scale Industries against the domination of MNC's . Ensure transparent and accountable functioning of markets . Ensure consumers are not exploited To prevent market failure . Greivenace redressal mechanism
Powers of Regulatory Authorities They have semi/quasi - Legislative, executive and judicial powers They make rules and regulations for effective functioning of markets (Legislative) . They have the authority to implement the rules made by them (Executive) In events of disputes, they come out with judgements .
Next lesson Regulatory bodies in India
Alumni- Indian Institute of Science(IISc), Bangalore; UPSC Mains'17;Stanford Reliance Fellowship Finalist; Telegram- akmsiva