Who should regulate India Inc? Experts find the big boss

In a LinkedIn-CNBC-TV18 poll, answering to 'who should be entrusted with the responsibility to regulate corporations', an overwhelming 1,900 responses had a majority of 42% saying it must be an independent regulator. At the same time, 24% believe businesses must regulate themselves, 19% believe that government should regulate and 16% believe that is should be the job of civil society.

The panel of social entrepreneurs and representatives from civil society, Arun Maira, Member of Planning Commission, Rhohini Nilekani, Founder & Chairperson of Arghyam, Devinder Sharma, Member of Team Anna, Lalitha Vaidyanathan, MD of FSG (Social Impact Consultants) and Neelam Chibber, Co-Founder of Industree share their take on the big question of regulating businesses on CNBC-TV18's special show, Capitalism in Crisis. Below is an edited transcript of the discussion with CNBC-TV18's show, Capitalism in Crisis. Also watch the accompanying video. Q: Who should be a part of the regulator that then regulates and decides the new rules of the game for this country? Maira: The step before finfing the regulator is to discover what are the desires and concerns of people, with an open mind. And, from that one could then determine that we need to institutionalise some process to ensure that the right stakeholders are always represented in shaping the rules and also judging the outcome, hence, this is a proceeding step. My book starts with an essay which is derived out of the conference that Gandhiji had called at Sevagram in 1948. He had said as we get our freedom we must design the institutions we need and that is the question we have to apply ourselves to. Certainly, we need a government because there was food to be delivered at that time and security. Gandhiji was a believer in enterprise. The government is necessary but the question is civil society. Hence, when Vinobha Bhave asked Gandhi that if you are going to create civil society institution which are large enough to be heard and have designed them, your concept of what an institution should be will be as much of a problem of all the other institutions are. Hence, we need another form of institution which is not a hierarchy, doesn