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RBI as a Super Regulator in India for financial sector

To deal with the regulatory challenges emerging from the blurring or convergence of activities performed by the providers of various financial services and the resultant overlaps, gaps, inconsistencies and uneven playing field in regulation; the ques is whether we need a single regulator in India as done by most of the developed nations or not. It is established that at present there are no significant regulatory overlaps/gaps, conflicts or inconsistencies. There is also no evidence of an uneven playing field amongst similar financial institutions. One significant development has been the emergence of financial conglomerates. However, their number is not very large. Given the present institutional settings in India. the institution of a super regulator could have serious ramifications for the stability of the financial system. While there is no case for a super regulator in India, the need is felt to have in place a 'lead' regulator. So there can be many arguments for or against the said system.I have been very amused by this new concept after being taught in the class of Banking Law by Prof. Solanki. So this is an interesting arena which can be further debated upon.