Modi govt to cut down the regulatory powers of ICAI, ICSI, MCI
Modi government in a fresh move is planning to shed the top professional services institutes of the country of their regulatory powers.

As per the news uptill now the the Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI) and the Medical Council of India (MCI) are the main institutes to go under the proposed change in their governing system.

These bodies are at present acting as a watchdog as well as representatives of some of the very important professional services providing bodies of the country.

The government wants to end the conflict of interest in their present roles, and want their services to be among the world's best.

As per plan these bodies would be free to continue to deal with other internal professional matters.

Government is planning to set up separate regulators for these professional services.

A former senior official with the ICSI has said, "a regulator without any conflict of interest will be able to guide the government better without any bias. The government must create more regulators like Sebi or the Competition Commission Of India, which are proper regulatory organisations and not self-regulators."

The Commerce Ministry is also supporting this move expressing that having a strong, independent regulators augur well for any country, presenting it as one of the best professional services destination around the world.