2 months ago
97
Through the ages, the eagle has come to symbolise courage and strength. It was a prominent symbol used in ancient Rome, especially as the standard of a Roman legion. In Indian mythology, Garuda is a divine eagle-like sun bird and the king of birds, a personification of courage. So, from the window of a hotel in Mumbai overlooking the Arabian Sea, the imagery of the eagles freely spreading their wings and soaring high in bold protestation of beauty and confidence, or gliding down gracefully in a majestic swoop, strangely came to be associated with my mind with a strong, confident and independent regulator.
I believe that that eagles have a few natural qualities, which any regulator, irrespective of its domain of operation, would do well to acquire.
Strength, freedom, independence - Eagles in all cultures, through the ages, have been regarded as symbols of strength, courage and freedom. Their fierce beauty and proud independence have aptly symbolised strength and freedom.
Strong and fiercely independent, should also be how a regulator needs to be perceived by the constituency of the regulator. This perception must arise from the promptness, boldness and consistency of its actions. The regulator will then be respected and feared and do its appointed jobs effectively.
Clarity of vision and focus - Eagles naturally have immense clarity of vision. Their visual acuity is much more than us, which enables them to spot potential prey from a very long distance. If you ever see an eagle sitting at a height, you will notice that the bird, with its head tilted, watches closely what is happening below, around, and above it. Unlike the fidgety crow which also has sharp eyes, the eagle sits still. When it flies, it surveys a very wide area, searching for its prey which, once spotted, is not lost sight of.
The regulator is not a natural creature; what an eagle naturally possesses, the regulator needs to deliberately develop and assiduously nurture by recruiting the right talent, honing personnel skills through continuous training and using technology extensively to strengthen surveying and surveilling power. The personnel of the regulator responsible for surveillance of the jurisdiction of the regulator must be, like the eagle, aware of what is happening around and be on a continuous vigil for miscreants and not lose sight of them.
Fearlessness and determination - Eagles are fearless hunters. They do not surrender to the size or strength of its prey.
To be successful in its job, the regulator must be fearless and undaunted by the size of the problem or the people and powers behind it. The focus should be on the success of the process and not on the fear of failing. To give an example from the organisation - Securities and Exchange Board of India (SEBI) - with which I was associated since its inception: when SEBI decided to introduce new practices by abolishing age-old entrenched practices which made the stock market inefficient, vested interests opposed the measures tooth and nail and lobbied intensely against the SEBI but the SEBI went ahead and successfully implemented the new measures. The stock market benefitted.
Tenacity - Eagles are tenacious defenders. They don’t lose sight of prey and will not leave it till they have got sufficient hold over it, even if it means coming back again and again.
Once the regulator has identified a problem or any dysfunctional practice within its purview, it should look for viable solutions, doggedly pursue their implementation with the courage of conviction even if the solutions may require surgical or non-surgical interventions or result in temporary disruptions.
Training – We are all familiar with eagles’ aggressive nature; but not often aware of their natural patience and ability to train the eaglets early on, to fly and hunt, often, by throwing challenges before them.
It is important for the regulator to give enough attention to training of their newly-recruited personnel before they join the force and whet their skills and update their knowledge with focussed periodic training. A regulator must grow its people to enable them to reach their full potential.
Vitality – Nature has imbued the eagles with vitality. They can soar high and fly for long hours before resting on a treetop. Rain and storm do not cower them; rather their wings use the storm and strong winds to rise to greater heights. This naturally conserves their energy.
The organisation of the regulator must have sustainable vitality and energy. Its leadership and personnel must have the drive, be motivated and in turn, motivate the employees. A moribund organisation does not make an effective regulator.
For a regulator, the regulatory framework is merely a tool; having a pragmatic and adequately-empowered framework is not enough. It is the way this tool is used that determines the effectiveness and efficiency of the regulator. In that process, acquiring some of the natural qualities of the eagle would add new winds to its sail.
(Till 2006,the author was an Executive Director of Securities and Exchange Board of India, which he joined at its inception in 1988, a Consultant to the World Bank and IFC; an Independent Director, Senior Advisor to Deloitte Tohmatsu Touche LLP India. [email protected])
