This chapter examines the changing role of a regulator over the recent past which has witnessed significant shifts in the role of the state and actors within the state. As the state has stepped back from the direct provision of goods and services, the role of the regulatory institution in governance has grown rapidly. These institutions often mediate between the various actors in the market, and do so in different ways. The manner in which they act, and the parties to whom they account, are not adequately explained by legal notions of accountability.