SEBI turns its eye on ‘private treaties’ signed by media companies

The Securities and Exchange Board of India (SEBI) has taken up with the Press Council of India its concerns on media groups entering into agreements, such as 'Private Treaties', with companies, saying that such agreements may give rise to conflict of interest and may, therefore, result in dilution of the independence of the press. For more, (see: http://www.sebi.gov.in/Index.jsp?contentDisp=Department&dep_id=4).

User

COMMENTS

Ravi M

6 years ago

I'ld like to specially congratulate Sucheta Ma'am for this. I think She is the one who have pioneered to raise concern on this issue of private treaties and the resulting conflict of interest.
Also congratulations to Moneylife team for consistently raising and following up of such issue with concerned authorities.

Cheers!

Corus in pact to sell TCP plant to Sahaviriya Steel for $500 million

New Delhi: Tata Steel's European arm Corus today entered into a pact with Thailand-based Sahaviriya Steel Industries (SSI) to sell its Teesside Cast Products (TCP) plant in the UK for about $500 million.

"Corus UK Ltd and Sahaviriya Steel Industries Public Company Ltd today signed a memorandum of understanding (MoU), which sets out the scope of a potential transaction whereby SSI would acquire from Corus the Teesside Cast Products (TCP) business in a transaction valued at approximately $500 million," Tata Steel said in a statement here.

Tata Steel said that the deal, if successfully concluded, is expected to create a significant number of new jobs at the plant in addition to TCP's existing workforce of over 700 and will provide a considerable boost to the local economy.

"The assets covered by the MoU include the Redcar and South Bank coke ovens, TCP's power generation facilities and sinter plant, the Redcar Blast Furnace and the Lackenby Steelmaking facilities," it added.

Corus MD and CEO Kirby Adams said, "We are very pleased to announce this significant progress in our long-held objective to sell the TCP assets to a strategic industry investor.

"This is the first of several steps required to reach a definitive sale agreement in the coming months which, with the anticipated co-operation of government, employee representatives and the North East community, should result in the restart of steelmaking on Teesside in the first half of 2011."

A sale agreement would also result in Corus and SSI operating Redcar Wharf (TCP's bulk terminal) as a joint venture, giving Corus the flexibility to use Teesside to serve its other steelmaking operations, while also meeting SSI's requirements on Teesside, it added.

SSI president Viriyaprapaikit said, "For the past year we have held very constructive negotiations with Kirby Adams and the Tata Corus team and we look forward to engaging with all stakeholders in the same spirit of co-operation to secure a final agreement."

Tata Steel added that Corus and SSI will continue their negotiations, as well as holding talks with trade unions and the government in coming weeks and months with the aim of finalising the terms of a sale agreement as soon as possible.

TCP was partially mothballed last year after a consortium of buyers broke an offtake contract with the plant last year.

User

NSE ‘refutes’ its own data which indicates that Indian markets have a long way to go

Ravi Narain, MD of the National Stock Exchange, believes that the bourse under his control is not hollow, shallow or illiquid. But his ‘explanation’ only raises more questions

A few days ago, Moneylife quoted from answers provided by the minister of state for finance, Namo Narain Meena, which showed how hollow, shallow and illiquid was the Indian capital market (see: http://www.moneylife.in/article/72/8312.html and http://www.moneylife.in/article/72/8347.html).

We had pointed out that large chunks of trading is concentrated in the hands of a few hundred people - a fact that is completely hidden by the stupendous trading volumes of Rs12,000 crore plus (in the cash market) and Rs100,000 crore (or so, in the derivatives market).

Ravi Narain, managing director & CEO of the National Stock Exchange (NSE) has now dashed off letters to various people in government and the planning commission alleging that some "misleading news reports/articles have selectively quoted data from the above submission to try and denigrate the growth and development of the capital market in India."

We don't know who Mr Narain has referred to, but Moneylife has certainly quoted and reproduced the ENTIRE data in the answers by Mr Meena on 10th August in response to questions by two members of Parliament. Please see link to Parliament questions here: (http://164.100.47.4/newrsquestion/ShowQn.aspx).

Mr Narain then goes on to quote a host of numbers and figures (which we will present below) to try and mitigate the shock and surprise caused by Mr Meena's revelations in response to a question in Parliament.

However, before going into those, it is important to understand why Mr Meena's revelations in Parliament were so startling. The NSE, although it is a near monopoly (96% market share) and a first line regulator, has consistently fought the applicability of the Right to Information Act (RTI) to its activities. It filed a lawsuit in the Delhi High Court against the Chief Information Commissioner's order that the RTI Act was applicable to it. On losing the case, it has filed an appeal before the divisional bench. It is not open to media queries either, unless it wishes to respond. Even its annual report is not easily available in the public domain.

Here is what Mr Narain's letter says in summary:

  •  The NSE has set up more than two lakh terminals in the country, of which over half are in Tier II and Tier III towns. Terminals are present in over 1,500 towns across India.
     
  •  NSE waives transaction charges on trades emanating from terminals in rural and semi-urban areas by setting them off against infrastructure costs such as leased lines or VSAT charges. Internet-based trading allows retail investors to participate in the market from anywhere in the country.
  •  In India 3.3 crore people paid income tax in 2008-09 of which 1.2 crore invest through the NSE. This shows that "NSE has covered significant ground". It may also be noted that large number of retail investors choose to participate in the capital market indirectly through Mutual Fund/ Insurance Schemes.
     
  • LIC is a big investor through the NSE and has 3.25 crore new individuals who have bought insurance schemes in 2008-09.
     
  • Similarly 4.3 crore mutual fund investor accounts benefit through investments made on the capital markets. (Moneylife: Consider how selective this is, when it does not focus on unique folios and the fact that CMIE data puts mutual fund owning 'households' at only two million).
     
  •  Average trade size on NSE has gone down 80% from Rs 1,12,000 in 1996-97 to Rs23,000 in the first quarter of 2009-10 is evidence of increased retail participation. (Moneylife: It is not clear in what way bigger trade size shows greater retail participation). 
  • NSE has held 750 seminars/workshops in the last financial year for investor education, spends money on advertisements and investor alerts etc. (Moneylife: This only buys it media support. Also NSE ensures that no advertisements are given to publications such as ours which are not uncritical supporters of its views and actions).

Referring to our articles (without naming Moneylife), Mr Narain writes, "some of the news reports/ articles mentioned above stated that the Indian Capital Market growth was skewed, based on the contribution of a top few clients in the total trading activity. As you are no doubt aware, in any capital market, it is natural for large institutional investors to be the major contributors to the total volumes. When we consider that money invested by these institutional investors is made up of contributions from a large retail investor population, it becomes clear that the client base is by no means modest".

This claim is mere fudging of facts as we will show later.
Lastly it says that the top 10 brokerage firms on the NSE contribute to 24% of total trading activity, while on the New York Stock Exchange they contribute to 38% of trading, in Malaysia to 66% of trading etc. This shows that the Indian market is more widespread than in some mature and developing markets.

Now let us go back to what Mr Meena said in Parliament. His answer revealed that just 537 investors account for 70% of trading, 223 investors accounted for 60% of trading, of which over half were proprietary brokerage firms. And a massive 50% of NSE's derivatives trading turnover, the main pillar of the Indian stock market system, comes from just 106 investors of which 58 are proprietary traders!  Mr Narain completely ignores the "proprietary trading" aspect, because it would expose that these are by no means an aggregation of the funds of retail investors.

In point 10, Mr Narain is making a new revelation by slicing the data to show the trading volumes of the top 10 brokers. In fact the minister only gave out information about the top 25 brokerage firms on the NSE, who he said accounted for 42% and 43% of the cash equity and equity stock futures and options turnover in the April-June 2010 period.

Will NSE be willing to go public with the names of these 25 brokerages first and give us a split of their proprietary trades and those done for their clients? That will probably require another question in Parliament. In fact, every answer given by the NSE chief only exposes how it is clutching at straws to justify its monopoly existence. For instance, what is the point of two lakh trading terminals when 90% of the cash market volume is generated by only 192,200 investors in an entire quarter, at Rs12,000 crore a day and 90% of derivatives trading comes from a mere 18,035 investors in an entire quarter, at a phenomenal Rs100,000 crore a day.

Frankly, if the NSE's selective statistics about other markets are to be believed, it must put out a like-to-like comparison based on the exact answers that Mr Meena provided in Parliament. But that will require the secretive bourse to reveal far more than it has ever done in the history of its 15-year existence. 

User

COMMENTS

J

6 years ago

Frankly, this does not come as surprise. We knew the devil existed just that we don’t have the numbers to back it up or give it a face. Now we have the numbers to make some sense of concentration. Also I am sure the ratios in most of the exchanges would be close in concentrated-trading. It’s a simple Pareto-ratio.

SEBI has done a really bad job by not bringing NSE under RTI Act. This is the bed-rock in investor-security. There is no guarantee that NSE will not go belly-up one day. If you can suspect a country like United States to go bankrupt or Euro Zone or other Sovereigns to go bankrupt, it is just as likely (more likely, actually) that NSE too can go bankrupt. Hiding its affairs from the state/people does not make is stronger or safer. The blame should lie entirely with SEBI for not having acted on the critical constituent of capital markets.

Personally, I do not think NSE will have any incentive to open itself up and upset its cozy nexus with brokers. And as long as the information - the most critical component in trading / investing - is selectively distributed Retail investors are NOT safe at all. They are like poultry or cattle, raised only to be slaughtered.

REPLY

a sharma

In Reply to J 6 years ago

Institutions and regulator who are responsible for health of markets, in the name of market friendliness have become too friendly to certain interests, buddy ! I am eagerly waiting for listing of ETF with tulip buds as underlying security. History has this horrible habit of repeating itself, recall FM Manmohan Singh and biggest scam in Indian history. It will be great if Ms Dalal can share some of that.

a sharma

6 years ago

When handful entities in an apparent collusion try and succeed in cornering the markets, logically they have clear objectives as process is resource consuming and risky, it is no rocket science to understand what those objectives are. NSE is rich, resourceful and have people, technology and effective surveillance set up, it is beyond my comprehension that they have no idea what has been going on.
I have read extracts of Mr Narain letter widely reported in so called frontline media (ET, FE, BS, Hindu, CNBE, Mint), reporting is not balanced at all, moreover Mr Narains response is more arrogant than credible, and twisting Ms Dalal’s words out of context quite ‘hollow and shallow’ as if she does not know what she is writing about, but probably he has bitten more that what he can chew because in order to ridicule her he has ridiculed the minister. I hope that he can afford to anger a minister and get away with it. I will watch this space with great interest, hope and cynicism, all together.

All the best

bharat gandhi

6 years ago

the guy who is so much supporting NSE would be interested to know my own harrowing experience with the b......ds of nse. had a problem with a broker, went into arbitration with nse and in spite of having full proof evidence gave judgement in favour of the broker. its only aftet Moneylife published my problem the broker came forward for settlement and we mutually settled. the question is if the broker was right as NSE said in its biased judgement why he did me pay me the full dues plus a little interest? just try n go to NSE with a problem mister smart-ass and see how they treat you.
i would sincerely thank Ms Sucheta Dalal and Moneylife for helping me out.

REPLY

Roopsingh solanki

In Reply to bharat gandhi 6 years ago

Mr Bharat,even i was a victim of my broker India infoline-who have played very unusual dirty game-i am sure i am a lucky one to understand them and fight-though i lost a big chunk due to their game-but i am sure other clients are much bigger loosers looking to their strategy of slaughtering clinets like chickens-I got very good help from madam Sucheta while complaining to SEBI and NSE-and her contacts played the broker to look into my problem otherwise they never cared to solve it for months-still whwn i felt i cannot fight these elephants and their startegy-i better opted to get out of this casino game-and closed my trading account finally-I also sincerely thank Ms Sucheta and Debashish for all their help they did-i know well no other media could do that.

Debashis Basu

In Reply to bharat gandhi 6 years ago

I am so glad that not only have we been able to help Mr Gandhi (but, we should not have helped you Mr Gandhi - it is not exactly our core competence, only writing about circular trading etc is!) but the fact is that Mr Gandhi has stepped forward with an important perspective.
His comment illustrates something important - the wide gulf between theory and practice. People who write opinions based on sterile numbers will not understand the difference unless he/she actually goes through an adverse situation. We don't want to censure anyone but we are really amused by apparently well-argued positions which have no truck with what happens on the ground. These don't take forward the debate. Its just another opinion based on no facts

Anand

6 years ago

I am surprised that NSE fights disclosure under RTI. What does it have to hide? Wasn't NSE also involved in hounding and publicly humiliating some senior employee? Ravi Narain's name is apparently in the shortlist of SEBI chairmanship after the disastrous period of Bhave. Imagine a secretive, self-serving man who has no truck with market development becoming the SEBI head! Well, anything can happen in India. Who cares about market and retail investors?

REPLY

ROOPSINGH

In Reply to Anand 6 years ago

SEBI and NSE are two faces of a coin-they work in nexus to protect each other and to loot and fool retail investors-SEBI is a fully sold out body to exchange dealers and NSE-so it will be disastorous if NSE head comes as SEBI chief-to BHAGWAN BACHAYE INVESTOR KO-i am sure FM is not cared on this matter and he is sleeping-he is least bothered to take any action on this serious issue-the only UPAY left is investors and citizens themsselves who should come forward unitedly to fight corruption prevailing at all levels-only this can turn the situation-people should FIGHT by all means to stop these corrupt beurocrats and politicians-

sucheta

6 years ago

Since the link to the Rajya Sabha page does not seem to open, here is the question and answer.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
RAJYA SABHA
QUESTION NO 1669
ANSWERED ON 10.08.2010
TRADING IN NSE

1669 SHRI SUKH DEV DHINDSA
Will the Minister of FINANCE be pleased to satate :-


(a) the number of clients identities and PAN identities who trade actively in National Stock Exchange (NSE) and contribute 50 per cent, 60 per cent, 70 per cent, 80 per cent and 90 per cent of the total trading turnover on average daily basis in the Cash Equity and Equity Futures and Options segment;

(b) how many of these trades are proprietary trades; and

(c) the percentage of turnover on average daily basis contributed by top 25 brokers of (NSE) in the Cash Equity and Equity Futures and Options segment separately?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)

(a) & (b): During the first quarter of the current financial year (Apr-Jun 2010), more than 30.90 lakh clients traded on the cash equity segment of NSE. About 52% of the Exchange turnover was contributed by retail, High Net-worth Individuals (HNI), corporate clients etc., while institutional clients contributed about 24% and proprietary traders contributed about 24% of the turnover. Of the above, about 1,92,200 clients (including 582 proprietary traders) contributed to 90%, 41,654 clients (including 499 proprietary traders) contributed 80%, 8,727 (including 4)3 proprietary traders) clients contributed 70%, 1,563 clients (including 271 proprietary traders) contributed to 60% and 451 clients (including 156 proprietary traders) contributed to 50% of the turnover of the Exchange. During the above period, more than 5.57 lakh clients traded on the Futures & Options segments of NSE. About 52% of the Exchange turnover was contributed by retail, HNI, corporate clients etc while institutional clients contributed about 12% and proprietary traders contributed about 36% of the turnover. Of the above, about 18,035 clients (including 520 proprietary traders) contributed to 90%, 2,188 clients (including 363 proprietary traders) contributed 80%, 537 (including 207 proprietary traders) clients contributed 70%, 223 clients (including 118 proprietary traders) contributed to 60% and 106 clients (including 58 proprietary traders) contributed to 50% of the turnover of the Exchange.

(c): The top 25 trading members of NSE accounted for about 42% and 43% of the cash equity and equity stock futures and options turnover respectively during the period April to June 2010.

Haresh Soneji

6 years ago

http://164.100.47.4/newrsquestion/ShowQn...
This link does not work.
Also, some number error in this paragraph reproduced below.
Average trade size on NSE has gone up 80% from Rs 1,12,000 in 1996-97 to Rs23,000 in the first quarter of 2009-10 is evidence of increased retail participation.

Tony Joe

6 years ago

Hi,

Why do you say NSE is refuting its own data? They have just provided a credible explanation. But even before this explanation, was it not apparent that some 500 odd brokerages dominate the show? Was it not apparent that the the demat pool-account arrangement that brokerages run for their lakhs of clients is behind this 'skewed' numbers? Proprietary trading is also no sin. It contributes to market-making and volumes. Still, I know a couple of big brokerages that never do proprietary trades, even if it is due to the huge risks involved. Also, I sincerely think that you should never have brought up the issue of NSE not advertising in Money Life. That dilutes your arguments to a great extent. Please stick to your core competencies like exposing corrupt practices like circular trading etc. The need of the day is educating retail investors against gambling-class day trading and promoting long-term investments in well managed companies.

REPLY

Sucheta

In Reply to Tony Joe 6 years ago

Mr Joe.. the issue about advertising was brought up in the specific context of the NSE chief mentioning that it spends significant sums on advertisements and investor education seminars. We didn't raise it out of the blue.
The issue is important because several companies use their advertising budgets to silence and punish independent publications. If you are indeed a non-partisan reader, this issue ought to have attracted your attention and agitated you as a concerned citizen.
Further, since you apparently do not spend time on this website, you have probably not noticed the existence of Moneylife Foundation, our not-for-profit affiliate, where we spend a lot of our personal time on "educating retail investors" in a non-partisan manner without hawking any particular product, company or service. Try attending our workshops sometime.
Also, instead of spending so much of your valuable time on defending the NSE here (it has a lot of resources to defend itself), please look at the mainline publications and how they have reported this issue. Ask them the same questions you are directing at us.
Finally, why don't you use your goodwill with the NSE to get some facts into the public domain? It will make you seem less like an advocate for the NSE.
Lets start with one simple question: How much did the NSE spend on advertising and seminars in the past three years? Who were the top 25 beneficiaries? How much money was disbursed to each of them?

We would like your enlightened comments on the NSE expending such a major effort to fight the applicability of the Right to Information Act.

best regards

kishore ghiya

In Reply to Tony Joe 6 years ago

glsd to learn that there are couple of brokers who do not indulge in propritory trading. Sir pl do not get offended pl request them to make a statment in this column saying that directly or indirectly throuhg their relatives or sister concerns they do not do any propritory trading and i shall canvas for them at rajkot.
Brokerage profession is of service provider and carrying their own trade is conflick of interest. Doctors and advocates or CA are not allowed to become even partner in trading firms. advocates cannot become partners. but indian brokers are very special they can enter in any business wait till govt allows foreigh brokerage houses to go retial and allow to open shops in rural area thing will change.
I hope i have not offended you but prey sebi reads my comments

sucheta

In Reply to Tony Joe 6 years ago

Will make only one point... dont want to join issues with your vested interest in defending NSE.
I says NSE refutes its own data because the Minister of State for Finance did not do the job of an investigative journalist to dig up the information. His office would have asked the NSE and given parliament the exact same information they got from the exchange. Also if you bother to open the link to the Rajya Sabha question, it is clear that we have not been selective nor distorted the information. But you havent noticed that??? incidentally, just for future reference, what is your core competency?

rakesh

In Reply to sucheta 6 years ago

his core competency picking holes in moneylife articles under a false name.

Tony Joe

In Reply to sucheta 6 years ago

Hi Sucheta,

Thanks for your reply. Sorry to have irritated you. I can understand the pressure in heading a magazine, that too against the tide. I have no vested interest towards NSE. I am just a small time investor, but a prudent one at that, who has made some small time money using both BSE & NSE infrastrucure. I am also a regular and avid reader of all things about investing including Money Life. No other core competencies or credentials, though I try to write a bit. Though many of your stories have been quite good, you have this tendency to go overboard a bit. Why not stick to the kind of fair balance stuck to by, say, Hindu Business Line? They had written on the same subject but explaining this crucial difference between proprietary trades and pool accounts. Why make a crusade out of everything? And when you - maybe inadvertently - put that line about NSE not providing advertising support to you, it occured to me as quite unfortunate. A journalist of your calibre and track-record cribbing about such things? My comment was out of respect for you. No other mal intentions.

Cheers!

rakesh

In Reply to Tony Joe 6 years ago

false. hindu BL did not carry even a quarter of the facts on the first day and the stenographer, sorry, reporter, had no clue about the importance of the data

rakesh

In Reply to Tony Joe 6 years ago

There are lots of detailed points in the article refuting NSE's arguments point by point. How strange that you have chosen to ignore all that in taking a pro-NSE stance. Also, I did not know that a whole website can run on "exposing corrupt practices like circular trading etc." Even so, what role does NSE play in stopping many corrupt practices? Name one instance, if you can

Tony Joe

In Reply to rakesh 6 years ago

Hi Rakesh,

I chose only that point because that is the crux of this debate - whether Indian capital markets is controlled by 500 odd individuals. What I am saying is these 500 odd brokers / brokerages are acting on behalf of their lakhs of retail customers through the demat pool accounts for arrangements like margin trading, BTST, short-term holds etc. I don't have any other issues raised in this article. But this single thing will remain the focus of this debate. Unfortunate that my suggestions to Money Life offended another person, even before ML is offended, or even if ML will never be offended with such constructive criticism!

Roopsingh

In Reply to Tony Joe 6 years ago

I dont understand Mr Joe why you are against the article and asking for diluting or taking a balanced approach like other media houses?this clearly shows you are trying to advocate and defend the wrong side of culprits-just read the comments which have come in favour of aticle so heavily-does it not proving the worthiness of the article?diluting in your words means compromising with vested interets-and you are acting like a mediator to dilute the issue-i feel you are on a weaker side against the tide of the emotional support of majority of readers of this article and ML.

rakesh

In Reply to Tony Joe 6 years ago

falso again. the minister talked of unique id. pool accounts are meant for pay in and pay out. not trades. client trades have to be segregated.

Yash

6 years ago

Two points.

Firstly, the NSE certainly has a point when they mention the fact that these 'large' investors are actually investing on behalf of many other smaller investors. So the situation is not as dire as you say it is.

On the other hand, some of their arguments do appear ill conceived and stupid, and displays a behaviour that does not go with it's projection as an institution that 'saved' investors from rapacious exchanges like the BSE etc. It is a projection that has a lot of weight, if you think back to the days of the BSE.
But has the saviour become the oppressor? Not yet. Although their secretive behaviour would certainly indicate that they have started of on that path.

A word about the media here. As always, the business media, with their totally one sided positive coverage of the NSE all these years, have been a big dissapointment. As usual.

Suresh Gupta

6 years ago

When you have really grown or showed to the world the growth then trying to conceal things well is not good.

Regards

vaib

6 years ago

What is the issue in publishing data ?? Why so much secrecy ?? By opening data who will lose ?? The whole information is absolute shock and moneylife should be congratulated for letting poor people know of it.

kishore ghiya

6 years ago

All nse brokers big or small are involved in anti retial investor activity called margin funding by associate arms of these bokerage houses. This way they are playing role of moneylender in garb of advancing to speculate by keeping shares under pledge. In USA it is forbiden when brokers do propritory trades they have to inform their retail investors that they all indulge in propritory trades/Let mr ravi narain visit website of retail investor friendly broker and you will find advt we do not do propritory trades. I as investor like to know names of nse brokers who do not indulge propritory trades directly or indirectly thru their family members or nbfc arms. mr ravi narain should compare daily trades of mid caps companies which are not in derivative list and will learn that majority retail investors tarde on bse and volumes in these companies nse canot match in spite of having large no of terminals.let smes exchanges come and we shall be liberated from anti retail activity of nse.
kishore ghiya rajkot mob 9825217857

REPLY

sucheta

In Reply to kishore ghiya 6 years ago

Excellent point Mr Ghiya

We think that all data needs to be public. Telling investors the names of brokers who dominate business is imperative. Telling them the names of really large brokerage firms that do not do prop trading is also crucial for investor protection. Incidentally, NSE's latest results are still not in the public domanin, although BSE's are.

Roopsingh

6 years ago

The ""secret"" of money minting by select group of people is that they have access to all trading positions-there are big brokerage firms who work against the interest of their own clients-they make money by ''sharing''data with other partners who work in groups against the intrest of retail investors.

REPLY

kishore ghiya

In Reply to Roopsingh 6 years ago

mr Ravi narain will not part figure of weekly net buyers name and qty added which is avilable to all listed management and brokers from inside information in form of BENDEM statment hwich gives in each company who picked up net how many shares. This 4 week statemnt will revl who were circular traders and who were inside traders picling up shares or vice versa. Mr Ravi narain thinks we retail invetors are ignorant he forgets we are not parrting our savings to him and hence only 2% house hold savings come to capital market. MR ravi narain should give figures from usa then he will understand that he has killed golden egg laying MURGHI.Mob 9825217857

Roopsingh

In Reply to kishore ghiya 6 years ago

Face saving statement by Mr Ravi to counter the facts is useless exercise-he is just showing that he is trying to advocate & protect the corrupt practices which have long existed-his talk about investors education is just advertising for business growth of NSE-SEBI boss is quite-mouth shut on the issue-as if he is not at all concerned-This man Bhave is concerned only with killing IFA's-and not bothered about corruption in NSE-becasue he is part of the nexus of brokers and exchanges-and he has tried to protect the corruption and hidden practices-Mr Bhave should be charged for not ful filling his job duties and should be inquired by CBI in the interest of millions of investors.

S MADHUKAR

6 years ago

All government servants want to keep everything secret to themselves so that public either flatters them or bribes them to get the "secret" info.
It is protection of their interest and status only
Otherwise all trades by all participants should be open to all. Why anyone should be hungry to ask " what FII are buying or what Madhu Kela is buying. Why select few sud get that knowledge and not all ?

REPLY

S MADHUKAR

In Reply to S MADHUKAR 6 years ago

PRO - NSE = NSE is a reasonably non corrupt organisation, very good

ANTI - NSE = NSE claims protection of a semi government body claiming its bye-laws to be statutory but for giving info under RTI, it is not a govt body.

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