Reserve Bank of India (RBI) governor Raghuram Rajan opposed recommendations in the BN Srikrishna Committee report, and termed merging of all regulators into one entity as “schizophrenic”.The report was submitted in March 2013. Rajan debated regarding the recommendations mentioned in it during an industry event in Mumbai on Tuesday. Financial Sector Legislative Reforms Committee (FSLRC) report is important in the financial history but most of the recommendations are “faddish” and “impressionistic” than scientific, according to Rajan.The RBI governor points out two “fundamental areas of tension” from the report in his speech. One is the size and scope of regulators and the other is the negligence of regulators. Rajan claims the report does not give importance to the magnitude of synergies gained or lost.”It emphasizes synergies in bringing together some regulators into one entity. But in the process it suggests breaking up other regulators, with attendant loss of synergies,” he pointed out.The report suggests that laws which do not micromanage, gives regulators the freedom to fill in the details, in accordance with the changing needs of the economy.Speaking of this suggestion, Rajan stated: “At the same time, the FSLRC wants to check and balance the activities of regulators through judicial oversight. Too much of checks and balances could completely vitiate the flexibility afforded by rewriting laws.”Rajan opposed the recommendation mentioned in the report that merging of all regulation of trading will be done under one roof and consumer protection regulation under another. According to him, if it is implemented, then it will slow down the consistency and development of the market.The RBI governor said if the government wants to manage its own debt, then the RBI will not come in its way.”I don’t believe the government suffers any less from conflicts of interest in debt management (unlike the views of the FSLRC), but the RBI could well carry out the government’s instructions without any loss in welfare,” he said.Rajan was not in favor of implementing such recommendations as according to him, if something is not broken, there is no need to fix it.”As the Chinese would say, let us recognize the value of crossing the river by feeling each stone before we put our weight on it. Let us not take a blind jump hoping that a stone will be there to support us when we land. Or in American, if it ain’t broke, don’t fix it!” he said.
The recent restructure at FremantleMedia has positioned it to capitalise on digital opportunities and acquisitions in the digital sector are likely, CEO Cecile Frot-Coutaz said.In response to a question from DTVE’s sister publication TBI, Frot-Coutaz said the recent restructure at the RTL-owned producer and distributor, leaves it well placed to grow its digital business.The changes were about ensuring digital is at the heart of the company’s activities and ensuring opportunities in the sector are not missed, which is possible if there are silos within the group, Frot-Coutaz said.“In today’s market, digital, brands and sponsorship are integral to how we make shows and to the development process – the next big programming franchise is likely to have some digital element baked into it,” said Frot-Coutaz. Acquisitions in the digital realm are also on the agenda, the FremantleMedia boss added.Keith Hindle, who was recently appointed to lead FremantleMedia’s new Digital and Branded Entertainment arm also said: “There are now digital networks aggregating enormous traffic and eyeballs and we can extend our core business into these platforms if we get it right.”Frot-Coutaz was speaking at the MIPTV programming market where FremantleMedia announced a raft of programming deals and launched ten new projects.These included the the first two projects resulting from its previously announced relationship with Vuguru – multiplatform comedies called Fetching and Hollywood Help.David Ellender, CEO of FremantleMedia International, said as many as twenty projects will be created over the two-year life of the Vuguru deal.Ellender also announced that FremantleMedia has taken international rights to the Blake’s 7 remake, which is being made by Georgeville TV and will be on the Syfy cable net in the US.