WATCH DOGS OR STRAY DOGS?
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    • WATCH DOGS OR STRAY DOGS?
    Securities and Exchange Board of India, SEBI for short, Telecom Regulatorty Authority of India, TRAI for short, Insurance Regulatory authority of India, IRDA for short are all but some of the so called watch dog bodies who have been mandated to keep vigil on stock market operators, Telecom operators, and Insurance sellers to ensure that they play by the rule book and do not stray. The independence of TRAI was breached when SC held that the 122 licences allotted to firms under a first come first served basis are illegal and violative of equality before law. SEBI's integrity is questioned in a writ petition before SC questioning the so called Consent orders beyond the statutue to benefit Reliance and its group companies for huge transgressions in the stock market. IRDA was targeted some time back when it said that the private insurance sellers demand that LIC should be stripped off the government guarantee to policy holders to bring a level playing field to use the euphemism is justified. In all cases, they regulators were found wanting in imposing the law and were favoring private players at the cost of the exchequer.

    Strange, Supreme Court orders sometimes some legal luminaries to assist them in the form of Amicus Curae. They were supposed to be indepedent and give a balanced opinion. They also betrayed the trust. Take for instance the claim of Anil Dhiwan that P Chidambaram as HomeMinister ordered the eviction of Ramdev supporters from Ramlila grounds using police force. Raju Ramachandran brought forth a report which was largely in variance with the SIT in Gujarat riots case and recommended filing of FIR against the CM. The same Raju Ramachandran has observed that Ajmal Kasab the lone surviving assasin in the Mumbai siege did not get a fair trial and his sentence should be commuted to that of life for he is only a pawn.

    The neo liberals wanted to free the country from exceesive controls and suggested watch dog bodies to supervise. This is the way our watchdog bodies often stray from their mandated line of action and suggest stupid measures to benefit a few.

    Another serious lapse has come to the notice now in the Vodofone Tax case A PIL litigant has questioned the integrity of CJI who delivered the verdict for his son was employed in Ernst and Young a global consulting firm which was doing business with Vodofone. Judicial corruption after all is a pending litigation with the Bhushan duos refusing to tender apology about their charge that 8 of the former CJIs are corrupt. Judicial accountability commission could also be another watch dog body which could stray.

    God save us
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