Ranchi, Sept. 7: Controlling social behaviour with the help of law is the key role of regulatory agencies in the country.
This and other aspects of regulatory agencies were the topic of a discussion hosted by National University of Study and Research in Law (NUSRL).
The two-day national seminar on Role of Regulatory Agencies in Developing Business Laws in India kicked off in the state capital today.
Supreme Court judge Gyan Sudha Misra recalled her experiences as a judge and stressed on the relevant aspects of regulatory agencies to develop business laws.
“The new era of Indian economy is based on liberalisation, privatisation and globalisation. These three have brought about changes in the society that needs to be tackled with the help of monitoring agencies, which can regulate different conditions and circumstances to maintain stability,” Misra said.
Former judge of the apex court S.B. Sinha said that regulatory bodies like the Reserve Bank of India, Securities Exchange Board of India, Pension Fund Authority and other such entities play a crucial role in ensuring that rules are not flouted and are adhered by one and all.
“Rules are accompanied by punishment that is required in order to maintain peace and discipline in the society,” the former judge added.
Former vice chancellor of National Law School, Bangalore, A. Jayagovind highlighted a different aspect. “Regulations are nothing but the intervention of the state through its agencies. However, regulations are different from restrictions,” he said.
Jharkhand High Court Justice Narendra Nath Tiwari, on the other hand, spoke about the present economic crisis and its impact on growth at large.
The programme was also attended by other senior jurists, academics and law students from different parts of the country.
07RanLaw: Supreme Court judge Gyan Sudha Misra addresses the forum in Ranchi on Saturday.