Regulators must be a step ahead on digitisation: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday stressed the role of digitisation in fair and transparent business practices.

However, regulators have to be ahead of the curve in understanding digital methods to preclude the misuse of technology, she said.

“The Competition Commission of India (CCI), National Financial Reporting Authority (NFRA), and others have to be ahead of the curve to see where the regulations are falling into place, where they need a soft touch, and where they will have to be a deterrent and strong,” Sitharaman said.

Mentioning various institutions under the corporate affairs ministry, she said the CCI had made a major contribution by controlling mergers in a soft but significant way, giving consumers protection.