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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Why India needs to tighten its lax laws? 
(Mon, 22 Dec Pre-Open) 
 
Reliance Industries is reportedly caught again in profiteering from legal loopholes. This diversified conglomerate has interests spanning from oil exploration & refining to retail, cricket and not to forget its recent ambitious entry into the telecom business. The group has been known to benefit from its close proximity to politicians right from the days of Mr Dhirubhai Ambani, its illustrious founder. In more recent times, the company has been accused of delaying exploration in the KG basin blocks to get more attractive rates for gas.

Reliance Industries is once again in the spotlight for seeking legal consultancy services from elected representatives of the government. The group has managed to circumvent this issue of conflict of interest primarily because Indian Parliamentary rules do not bar legal practice for elected members of the parliament. The company further defends its move saying the services of the elected representatives were discontinued when they joined as ministers in the Union cabinet.

The Narendra Modi government has embarked upon his ambitious 'Make in India' program to attract foreign investments. This initiative will succeed only if the country is able to foster a level playing field and transparency in its policies. Therefore, it is high time that Indian lawmakers rectify anomalies in the country's legal system to prevent misuse by the business community.

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