Reuters news agency has reported that the Andhra Pradesh State Assembly has approved legislation to regulate the microfinance sector. The Assembly ratified an earlier ordinance curbing operations by MFI lenders. The ordinance took effect in October in response to news reports on suicides among borrowers. http://in.reuters.com/article/idINIndia-53571720101215
The following is a comparison of the rules regarding the transparency of MPs' private interests in India and South Africa. In India, conflict of interest amongst MPs has been debated extensively in the recent past. The primary check on preventing potential conflicts is that all MPs must declare their assets and liabilities to the concerned Speaker (Lok Sabha) or Chairman (Rajya Sabha). The Rajya Sabha Ethics Committee maintains a register of these interests (no such register exists for Lok Sabha MPs). Details in the Register of Members' Interests include: remunerative directorship, regular remunerated activity, shareholding of controlling nature, paid consultancy, and professional engagement. This material, however, is not put in the public domain. An interesting comparison is the Parliament of South Africa, where the Register of Members Interests' (consisting of MPs from both upper and lower house) is made public. Financial interests of MPs, remuneration from employment outside of Parliament, directorships, consultancies, property details, pensions, etc., are all made public (see latest register here).