 "Illustration: Binay Sinha")
In many countries, statutory regulatory authorities (SRAs) are now an important organisational mechanism for the state. The departure from the separation of legislative, executive, and adjudicatory branches, by concentrating them into one agency (the SRA), is an important change from the traditional working of government. While SRAs have added value in many respects, they also face questions of accountability and excessive concentration of power.
When such an unusual organisation is set into motion in the body politic and body economic, it is important to be self-aware about how well it is working. Evaluating SRAs is, however, difficult.
In normal times,
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