Different Strokes

Revisiting G S Patel

When G S Patel was asked tohead the committee on badla, he like Y H Malegam who headed another panel was concerned about advise given by so-called investment analysts in the press. Patel wanted them registered under Section 12 of the SEBI Act, because, he said gullible investors are influenced by inspired write up. Both Malegam and Patel were ignored and it reached a stage when scamster Harshad Mehta turned into a sought after syndicated columnist. The problem is that SEBI can register analysts but not financial writers that would go against freedom of the press. Even registration won8217;t help it stop plugs like those that appeared last week. One leading newspaper plugged the favourite scrips of chosen operators while another launched a strident campaign to prevent the regulator from tampering with the newly minted specified list of the BSE. It argued that though the decision may have been ill-conceived, it should not be changed because small investors who acted upon it would be hurt. In fact, since the prices continued to move upnobody could be hurt. Wouldn8217;t that mean that the stridency of the reports was aimed at protecting vested interests of those who gained by the move? The fact is that gullible investors are taken for a ride, but how8217;d the registration of analysts protect them against such moves? It is an issue that needs public debate.

The honest guy should win

Years after Manmohan Singh has moved away from the RBI, his fans at the bank want him to win because of his truly unimpeachable honesty. RBI is one of those unique institutions where the bills and spending of the top brass is not subject to any kind of external audit. Hence, over the years various governors and deputy governors had begun to pass on all kinds of household bills to be paid by the bank. Sometimes these include demands such as wanting an airconditioner installed in the bathroom. As usual, there are those who make it a point to keep tabs on such spending, even if they can do nothing about it. One such source tells me that the governor who was mostunassuming and spent almost nothing was Manmohan Singh 8212; not even when the organisation was designed not to ask questions. Unlike all other governors, he did not even bother to replace the curtains and the upholstery at the palatial governor8217;s bungalow when he came to Mumbai. When he went away, all that went with him was his clothes and his own collection of books 8212; nothing else.

Coping with technology

VSNL8217;s plight is typical to those struggling to get the rest of India to leap frog to the age of automated transactions. VSNL provides a quick internet renewal form on its website. All you do is fill it up, download a couple of copies and hand it over to its office or any branch of the Indian Overseas Bank IOB. But it has obviously forgotten to educate IOB officials about the convenience of the Net. They accept only printed forms, handed over by them. VSNL, if it wants to be Netsmart, would better launch a Net awareness drive for IOB staff or simply change its bank.

Author8217;s email:suchetadalalyahoo.com