• Ignored the need for integrating macro policy considerations with supervision.

• Increasing fees charged to firms• FSA regulation is also often regarded as

reactive rather than proactive.• Failure to Prevent white Collar Crimes.• Skill Set of Employees questioned.

FSA: A Failure

• Diminished role for the RBI:– No say in the non-bank financial sector– The government securities market– The foreign exchange market

Independence of RBI…Really???

• The Commission has over stepped its mandate.• Regulatory Monopoly.• Lack of required skill sets for such an

organization.• A financial redressal authority that will be like a

parallel court structure available in every district for consumer complaints

• Unrealistic

Other Critics