Last month, SEBI barred seven companies from raising money from the public for suspected misuse of proceeds from IPOs, pricing irregularities and inadequate disclosure of information
New Delhi: Capital markets regulator Securities and Exchange Board of India (SEBI) Thursday said it is in the process of reforming the initial public offer (IPO) norms to ensure minimum price volatility on the day of listing, reports PTI.
“We are in the process of reforming the IPO process which will ensure that much safer process and volatility in the initial days of listing is much less ... we are looking into every aspect,” SEBI whole-time member Rajeev Agarwal said.
“Our aim is that the volatility in the IPOs should not be there, particularly on the listing day,” he said on the sidelines of an Assocham event here.
He also said that the disclosure norms should be such that investors should not lose money.
Last month, SEBI barred seven companies from raising money from the public for suspected misuse of proceeds from IPOs, pricing irregularities and inadequate disclosure of information.
The regulator also barred six investment bankers from managing any more share sales for alleged failure of due diligence in overseeing the IPOs.
The merchant bankers who have been prohibited from participating securities market include “PNB Investment Services, the book running lead manager of IPO of Taksheel Solutions and Almondz Global Securities (PG Electroplast and Bhartiya Global Infomedia)”. Their CEOs, too, have been barred from participating in the capital market till further order.
“... by not complying with the regulatory obligation of making the disclosures, the company and its directors had not provided the vital information which is detrimental to the interest of investors in securities market,” SEBI had said in order against Taksheel Solutions said.
Mr Agarwal said the industry should make efforts to channelize more savings into capital markets to fund capital requirements of various sectors. Only 4.6% of national savings are invested in capital markets.
There is need to broaden and deepen market, he said, adding, products have to be developed for rural India based on their needs and requirement.
“Though food inflation is in negative zone, but manufacturing item inflation is at 7.8%. I do not think they (RBI) will reduce rate unless this inflation comes down to at least 6.5%,” principal advisor in the Planning Commission, Pronab Sen said
Kolkata: The high interest rate regime is likely to continue in near term as long as non-food item inflation eases to 6.5%, reports PTI quoting principal advisor in the Planning Commission, Pronab Sen.
“Though food inflation is in negative zone, but manufacturing item inflation is at 7.8%. I do not think they (RBI) will reduce rate unless this inflation comes down to at least 6.5%,” Sen said at an interactive session with the Bharat Chamber of Commerce here.
Asked how long it would take the non-food inflation to ease to 6.5%, Mr Sen said “between three to four months”.
According to him, food inflation which is in deflation of over 3% will not continue for long and by March-April it would be to 7%-8%.
“We are in negative zone on food due to very high inflation in food articles last year,” Mr Sen said.
Regretting that the government was not addressing structural issues affecting inflation in agriculture, Mr Sen said inflation was within permissible limit despite food inflation of 7%-8% last few years due to low inflation in manufacturing articles. But drought shot up food inflation.
Calling for proper logistics for agricultural growth, he said, “It is chicken and egg problem. Production side problem cannot be solved unless there is proper logistics mechanism.”
Asked whether the Planning Commission has addressed the issue, Mr Sen said, “We have flagged the issue in the 12th Plan concept paper.”
Mr Sen advocates change of APMC Act by states for revamp in agriculture.
On land acquisition, the Planning Commission principal advisor recommends for a sensible method for pricing of land.
“Land is genuinely a scarce commodity, especially in West Bengal which has the highest population density. But we can link to some indicator like employment for per unit of land allowed for acquisition,” Mr Sen said.
India is the fourth horse. We will begin to stir when the agony of inflicted poverty, the torture of corruption, the abyss of amorality, the absence of conscience and the sheer impossibility of our lives will make us begin to reclaim our humanity
Today I learned something.
From watching a TV show called the Body of Proof. I won’t get into what the show is about, except that I like it.
But at the end of this one episode, there was this quote from the Buddha.
“There are four horses.
The excellent horse moves before the whip touches its back.
The good horse runs at the lightest touch.
The poor horse doesn't move till it feels pain.
And then there is the very bad horse. It stays still until the whip penetrates its marrow.”
In the running of our lives, we too are like these horses.
Some of us see the ‘reflection of our own self’ before any prompting. We know that we are destined to be pure and great and good and whole. We need no goad to change. We are already running, running free towards the light.
I see some of us like this: the lovely young man with an endearing European accent who has dedicated his life to save gibbons in a tropical south Asian forest. I see his humility and feel his love for things that cannot help themselves but when they swing free from tree to tall tree, their grace makes his eyes swell with tears at the sheer wonder of creation.
He has found his calling without prompting, just his heart calling to the giant beating soul of the forest.
Then there are some of us whose life is changed by a chance meeting with a walking inspiration who seems to have ‘manifested’ just for us, a reading of wisdom from a book written by our own minds but by someone else’s hands, a song of utter purity from a blind singer in a gurudwara before sunrise that asks us to bow and weep, or just the simplicity of the smile of a beggar who asks not for alms but for our eyes to meet hers with love. We feel the breath of grace and nothing but nothing is the same again: not the flight of an eagle in the clear blue sky, or the roil of thunderclouds at deep sunset or the laughter of a child swinging in his mother’s arms. We are molten.
I see some of us like this: The award winning molecular biologist who doffs his white lab coat for faded saffron robes and who lives as a Tibetan Buddhist monk near the Himalayas. It seems like he is walking not just on thin air but on it as he addresses a world conference of scientists and thinkers and doers on the substance of happiness: effulgence shining through.
And some of us are too busy to notice that the visitor at the door might be one of these messengers. Our lives are busy and we have things to do, and to-do lists to complete. We ask the silent mirror to tell us that we are the fairest in the land, and we answer the question ourselves with a toss of the head, a spray of perfume and a dash of mouthwash. And one day we find the mirror speaking, asking us questions in turn: what use have we made of the gifts we have been bestowed, why do we feel empty inside in spite of filling ourselves with things and why are we alone? We feel the hurt of people who have used us and discarded us, we feel the emptiness of homes that are not laughing with children anymore, we feel the need for meaning. We begin to search. We ask for help sometimes from friends, sometimes from paid professionals, sometimes from self-help books, sometimes from spiritual teachers, sometimes we return to the fold of the church, we go on pilgrimages; we seek and seek and seek, because we now feel the pain.
And here is the lovely reward: in just making the search, we are changed. We are filled with purpose and one day, one shining moment when we realise there is no end but just the journey, we can begin to gallop, the wind shouting hosannas in our ears.
I see some of us like this: The merchant banker who, on the wings of an epiphany, funds his own charitable foundation to help create meaningful change in poor urban society. When he speaks now, he has the unmistakable certainty of a missionary and the contentment of a fakir. He is rooted and free. He is rock in the river.
The fourth one is probably the most interesting. It is the one that pays back pain with pain, inflicts suffering on others because it is screaming with agony inside. It knows no mercy because it gets none in return. It asks not to be loved, just to be feared. It feeds off hate. It presumes its greatness because it feels so inadequate in itself. There is no light here, not even the one at the end of the tunnel, just the deadness of darkness. Do not ask this person to feel joy. This person can feel glee though, the evil cackle of victory. And morality has left this abode a long time ago, purposeless end not just justifying but dictating the means.
This is the substance of nightmares.
The Buddha meets one such person. This is his story:
There was a notorious murderer whose back story about he became one is in itself a tale unto itself. But when the Buddha met him he was feared and dreaded and known as Angulimala, one who wears fingers as a garland. He had 999 fingers collected as his gruesome trophies.
When the Buddha heard about Angulimala, he quietly left the Jetavana and set out for the Jalani forest, some 40 km away. As the Buddha walked along the road, groups of travellers passed him and as they did, they warned him not to continue alone because of the danger. He simply smiled and continued on his way. When Angulimala saw the Buddha, he was most surprised. “This is wonderful indeed. Usually only travellers in groups of twenty, thirty or forty come along this road and here is an ascetic travelling alone. I will kill him.”
Seizing his sword and shield, Angulimala emerged from the jungle and began to chase the Buddha, but although he ran as fast as he could, he could not catch up with the Buddha, who only walked. He put on a burst of speed but still could not get near the Buddha. Utterly bewildered, he shouted out: “Stand still, ascetic!”
The Buddha turned around and looked at him, and replied: “I am still. Why don’t you be still also?” Even more bewildered Angulimala asked: “What do you mean, ascetic?”
“I am still in that I harm no living being. You kill and therefore you are not still,” replied the Buddha.
The terrible things that he had done and the wretchedness of his life dawned on Angulimala and he broke down and sobbed. He threw down his weapons, bowed at the Buddha’s feet and asked to become a monk. The Buddha ordained him and together they set out for Savatthi.”
In time, it is said, Angulimala became one of the Buddha’s most respected disciples.
What does it take to achieve transformation? Does one have to be swamped in mire and then rise like the lotus? Does one have to undergo the tribulations of Job to understand the nature of? As Dostoevsky says, “The benevolent indifference of the universe?” Or can we rise and take up arms against a sea of troubles and by opposing end them? Can we win the greater Jihad, the inner struggle against our own demons? What does it take to recognize where the fight lies? Will only suffering reveal the true nature of man, his inner perfect self?
Asoka the Great, considered by many historians to be the first unifier of India, had to see the destruction he wrought on his own people when he waged merciless and ambitious war before he saw the light. The suffering he caused on countless men women and children in the pursuit of power was so monstrous that when he could finally see what he had done, he became Buddha’s greatest servant forsaking violence and trying to create an equitable society based on the principles of Dharma enunciated by the Buddha.
The whip had to cut to the marrow. The unspeakable horror of man’s cruelty to his fellow man led to one of the most renowned transformations in human history.
And why is this important to us?
Consider this: India is the fourth horse.
And maybe one day the whip will cut to the marrow. We will begin to stir when the agony of inflicted poverty, the torture of corruption, the abyss of amorality, the absence of conscience and the sheer impossibility of our lives will make us begin to reclaim our humanity.
The stuttering of the Lokpal Bill gives me pause. It by no means is a panacea for what ails us. We will need to accost the Buddha on the road, as well. But the fact that the ‘fors’ and the ‘againsts’ have run the bill aground on the shoals of political expediency makes me less than optimistic that we not feeling the pain.
I can only hope. The Buddha in his infinite loving kindness believed that everyone and everything is worthy of redemption, given time.
India, I hope, has enough time for redemption.
Postscript: Asoka’s seal, the three lions, is the official seal of India.
(V Shantakumar is the former chairman & CEO of Saatchi & Saatchi in India and now the managing partner of Doing Think)