The law ministry has begun to work on a proposal to set up an Indian Regulatory Service like IAS and IPS. The personnel directly recruited for this service will man regulatory authorities like Sebi, Trai etc. which are now being managed by retired bureaucrats.
The cadre of the proposed service will have to pass an all-India examination to be conducted by Union Public Service Commission (UPSC) and they would be recruited in organizations such as Competition Commission of India (CCI), Telecom Regulatory Authority of India (Trai), Securities and Exchange Board of India (Sebi), Pension Fund Regulatory Development Authority (PFRDA), Central Electricity Regulatory Commission (CERC) among others.
Media reports quoting law minister Veerappa Moily said that the move was necessitated by the fact that regulators would increasingly play a larger role in governance of the country, and manning these bodies by bureaucrats on-deputation and retired judges would increasingly become a difficult task.
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