For years now, we have been habituated to seeing the stern Sebi chief rush past TV cameras and mobbing reporters.
MUMBAI: Meleveetil Damodaran’s mien has changed of late, and that is striking.
For years now, we have been habituated to seeing the stern Sebi chief rush past TV cameras and mobbing reporters. A workshop by the capital markets regulator on Wednesday, was quite an eye-opener, therefore.
To the surprise of a clutch of penpushers, Damodaran stayed back long after the workshop ended, chatted over lunch and even said he would leave only after the last scribe had a plate in hand — of food.
After all, it was a Sebi event, and Damodaran was playing the perfect host. Or, is there more to Mr No-Nonsense’s altered bearing?
The luncheon came in the wake of a series of seminars and dos the reclusive regulator has been in the thick of this December.
One wag guesstimates the Sebi chief must have presided over more fora in December than in the whole of 2007.
So, what hath wrought such — inarguably pleasant — change in Meleveetil’s most famous offspring?
Is it an overarching craving to have a happy ending or is it part of a pitch for a new beginning — going into election-mode, as it were?
After all, ‘tis good to be known as a good man in order to get a good referral for a good posting.
That’s not to say Damodaran isn’t efficient. Certainly, there are no reasons to complain about his tenure, at least as far as the retail investor is concerned.
And, like in a typical election year, they have been showered with goodies, including a flurry of investor-friendly measures.
Early this year, Sebi steered what was perhaps a first in the world — ratings for IPOs. Also, it allowed companies to issue shares to retail investors at a maximum 10% discount.
Then there were fast-track issues, master circulars ... the list goes on.
This Monday a number of new derivatives products, including mini-contracts, were also mooted by the board, in order to bring the retail investor to the F&O fold.
On Wednesday, Sebi organised a workshop to discuss the “salient features” of the Sebi (Certification 0f Associated Persons in the Securities Markets) Regulations 2007, which was notified in October 2007.
Damodaran said it is all about building confidence about the market in the minds of retail investors.
But when yours truly asked what measures the regulator is contemplating to bring to book the scores of corporates which manipulate their shares (playing by the letter of the rulebook but raping its spirit) since such a decision can instill great confidence in the minds of the small investors about the fairness of the marketplace, Damodaran side-stepped deftly. “This is not the appropriate forum to discuss the issue,” he said.
Even Damodaran can change only so much.
n_subramanian@dnaindia.net
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