Developing countries have instituted independent regulators (IRs) since the nineties to oversee reforms in and depoliticize infrastructure sectors. IRs are institutions with appointed members, and a unique blend of rulemaking, administrative and quasi-judicial powers. They are supposed to make decisions through a transparent, participatory process, but also exercise discretion. Yet in practice they often exhibit weak outcomes. In India, IRs regulate state-owned utilities, whose clout with government weakens regulators’ powers in practice.