"The existence of a large number of regulators, together with the Competition Commission, may raise issues of overlaps with unintended problems of forum-shopping and delayed decision-making," Rangarajan said at a seminar organised by the Competition Commission of India (CCI).

He said sectoral regulators had been established in India in the capital market, insurance sector, telecommunications, electricity sector and ports.

"With the opening of some sectors having state monopolies, more regulators are on the anvil... It will be particularly vexatious for the industry due to uncertainty of outcomes in view of many regulators with blurred jurisdictions," Rangarajan said.

Underlining the need for legislating "clear mandates" for the regulators and the Competition Commission, he felt that determining competition principles should be left with the CCI.

"The determination of competition principles should be left with the CCI, as is usually done in the many parts of the world, like in the EU and Mexico," Rangarajan said.

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