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A memorable quote paraphrased from the Arthashastra by Kautilya goes: “It is as difficult to prevent a government servant from corruption as to prevent a fish from drinking water.”
This suggests that corruption is not a new phenomenon.The East India Company is known to have struggled to keep corruption in check. In fact, the problem of corruption in the social and political spheres has often come in for strident criticism.
This issue has triggered several measures aimed at enhancing integrity in public life – the enactment of the Public Procurement Bill, Lokpal Act incorporating, inter alia, the disclosure of assets by public servants and reforms in higher judicial appointments to name a few. While there are divergent positions in terms of strategies and focus areas, the one point of convergence is the unanimous acceptance that technology and e-governance promotes greater transparency.
It has been five years since the adoption
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Regtech, short for regulatory technology, is a category of software solutions that helps its business customers to manage and de-risk compliance with the regulatory obligations of their respective industries. By its nature, regtech seeks first to understand and then to simplify and manage the highly complex laws written to regulate industry. While the right seeks to free business to grow and the left seeks to protect citizens and consumers, a good regtech solution supports both sides with technology that ensures compliance with the law while minimizing the resources necessary to do so.
Consider regulatory control over the financial services industry as a prime example from modern history. Speculative investment soared during the roaring twenties while production waned and unemployment rose. Over the decade, the stock market became increasingly over-valued and consumers took on more and more debt as banks turned a blind eye to obvious risk and over-leveraged cash