Both the cases, that of IHFL and its run in with regulators like Sebi and RBI, as well as that of a dispute between TRAI and CCI shows the need for regulators to talk with each other, rather than past each other.
It is quite possible that those being regulated will attempt to discover regulatory loopholes. When IHFL converted itself from a Housing Finance Company to a Non-Banking Financial Company, the regulatory mandate passed to the RBI from Sebi, seemingly a case of regulatory shopping.. It is disheartening to see regulators drop the ball despite promising leads. If it wasn't for the Supreme Court, the case could have well been forgotten and the citizens left holding the can.
That this shouldn’t happen is demonstrated in the other case. The Kerala HC judgement has offered ways about how regulators like CCI and TRAI could have different powers, yet their proceedings could run parallel. This will assist in reducing timelines for completing investigations and probes, which will help improve India's ease of doing business. If each regulator instead of running together waits for the others to complete their investigations, it will take years for any matter to be resolved, making India an unfavourable jurisdiction. This also shows the need for a high-level committee, comprising of all the national regulators, and sub-committees, as necessary, for effective investigation, sharing of information, and to take the necessary actions, whether penal or not.
Link:- https://economictimes.indiatimes.com/prime/corporate-governance/how-a-sebi-report-reopened-indiabulls-yes-bank-saga-that-was-fading/primearticleshow/125692511.cms?
https://www.medianama.com/2025/12/223-kerala-hc-cci-probe-jiostar-trai-oversight/
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