``Investors would like to know what the policy framework is like, what would be the rate of return on investments and what would be the redressal he can depend upon in case of failures at later dates,'' Munjee said. He said that Latin American countries like Argentina had the best regulatory mechanisms in place which ensured regular inflow of foreign and private capital, the classic case being that of power where Argentina was a net exporter today seven years after liberalisation. These guidelines could be studied and adopted.

It was even more important to get the public sector mechanisms right even before setting up guidelines for private sector. The public sector should become more transparent in its operations and should be allowed similarcontractual obligations with the government as private players, he said. ``If Enron has an understanding mechanism with the state government, NTPC should also have similar facilities,'' he said.