The government is planning a comprehensive overhaul of certain watchdogs — which are simultaneously acting as the representative bodies of important professional services — by stripping them of their regulatory powers, as it seeks to remove any conflict of interests in their respective roles and ensure tougher oversight in accordance with the best international practices.
So, The Institute of Company Secretaries of India (ICSI), the Institute of Chartered Accountants of India (ICAI) and the Medical Council of India (MCI) will be among the bodies that could cease to act as regulators of their respective profession, said one of the sources.
However, they will continue to deal with other internal professional matters as they are doing now and the government will set up separate regulators for these professional services, added the source.
So, The Institute of Company Secretaries of India (ICSI), the Institute of Chartered Accountants of India (ICAI) and the Medical Council of India (MCI) will be among the bodies that could cease to act as regulators of their respective profession, said one of the sources.
However, they will continue to deal with other internal professional matters as they are doing now and the government will set up separate regulators for these professional services, added the source.
The commerce ministry is anchoring this proposal as it believes that having strong, independent regulators is an absolute prerequisite to project India as a potential global services hub, especially when the country is seeking to drum up supports for a trade facilitation agreement in services at the World Trade Organization, said another source.
Also, a regulator without any conflict of interest will be able to guide the government better without any bias. “If we want to emerge as a serious player in services, we have to align our regulatory mechanisms in the services sector with the best globally,” said the source.
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