But for a minor glitch, it could well be one of the best explained, best researched Sebi orders. Released late Thursday evening, this 94,473-word, 252-page order, that attempts to bring credibility and confidence in the capital markets, seeks to track down market and policy manipulators in the IPO sub-sector and hopes to deliver “demonstrative regulatory action”. Unfortunately, since under law all culprits have to be treated alike, the demonstrative impact may be shaved off when some depository and scam participants who have been prevented from dealing in the securities market appeal, the noises of which have already begun.
Opinion in The Indian Express, April 28, 2006
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