I am of the view that if we want to make a change, we must calibrate the change in such a manner that people do not feel excluded. We must show certain amount of latitude even at the cost of efficiency or time overrun.
Your take on the role of TV anchors and newspaper commentators in influencing markets and investors?
I am yet to study the issue fully. We are struggling with a few concepts here—the independence of media and people getting swayed by the comments of the so-called experts and finally these experts serving their own purposes. The ideal solution would be self-regulation.
There have been instances where firms without any operating assets on the ground entering the market with a substantial premium. Is there any plan to curb such instances?
The larger issue here is whether Sebi should focus on disclosure or merit. So far, the view has been taken that Sebi’s job is to ensure that the firms make full disclosures and take action if full disclosures are not made. Whether the issue attracts subscription or not is left to the market.
Finally, your message to the market participants…
I don’t know whether I can give any message other than what the preamble to the Sebi Act says. Sebi’s mandate is to protect the interests of investors and to develop and regulate the securities market. This is our priority. The only thing I can say is that the market players can rest assured that this will be done in a just and fair manner.
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