The rise of the regulatory state has been a major feature of modern constitutional democracies. India, the world's largest democracy, is no exception to this trend. This book is the first major study of regulation in India. It considers how the development of regulation in India has altered the nature and functions of the state; how it is reshaping the relationship between business and the state; how it has called for the refashioning of established legal principles; and how it has raised new questions about the relationship between technical expertise and the rule of law. The chapters cover topics ranging from the foundations of the Indian regulatory state to the form of regulation across different sectors to regulation in practice. Together, the chapters reveal the challenges, promise, and limitations offered by contemporary regulatory practices, and they capture the close if sometimes fraught relationship that regulation must inevitably share with the political economy and constitutional schema within which it operates.

Part I
Introduction
1. The Reality of Indian Regulation
Devesh Kapur and Madhav Khosla

Part II
Foundations
2. Indian Administrative Law and the Challenges of the Regulatory State
Raeesa Vakil
3. Reclaiming Indian Administrative Law
Farrah Ahmed and Swati Jhaveri
4. Constitutional Regulation of the Fourth Branch
K Vivek Reddy

Part III
Regulatory Domains
5. Securities Markets
Umakanth Varottil
6. Banking
Suyash Rai
7. Infrastructure
Amit Kapur
8. Telecom
Rahul Matthan
9. Renewable Energy
Akshay Jaitly
10. The Environment
Shibani Ghosh
11. Food
Vikramaditya S Khanna
12. Big Data
Ananth Padmanabhan and Anirudh Rastogi

Part IV
Regulation in Practice
13. The Enforcement of Indian Competition Law: Administrative or Regulatory?
Aditya Bhattacharjea
14. Sanctions and Self-Regulation in the Securities Market
Neel Maitra
15. Regulatory Pragmatism: The Use of the Ban
Susan L Ostermann
16. Statutory Regulatory Authorities: Evolution and Impact
KP Krishnan and Anirudh Burman
17. Building State Capacity for Regulation
Shubho Roy, Ajay Shah, Justice (Retd) BN Srikrishna and Somasekhar Sundaresan

“This volume, the first to examine the regulatory state in India, contributes not only to our understanding of governance in that country, but also the dynamics of regulation more generally. With a series of excellent chapters on key substantive areas, the book explores how the challenges posed by technological change, economic globalization, and limited technical capacity play out in the Indian context. It will surely become a go-to volume in comparative administrative and regulatory studies.” –  Tom Ginsburg, Leo Spitz Professor of International Law, University of Chicago,

“This book highlights the various dimensions of a regulatory regime in the context of a democratic polity. By striking a unique balance between the broad principles underpinning an administrative framework and the regulatory aspects of specialized sectors in the economy, this book is a much needed contribution to the existing discourse on the administrative state.” –  Justice Sanjay Kishan Kaul, Judge, Supreme Court of India,

“This first major study of regulation and regulatory institutions in India brings together superb scholarship on a much neglected but increasingly influential pillar of public governance. This magisterial volume offers lessons not just for India but countries around the world and will prove to be the standard reference on this topic.” –  Arvind Subramanian, Former Chief Economic Adviser, Government of India,