Journalists often get too close for comfort for government folks, especially those in regulatory bodies.
Sebi member T C Nair espouses adoption of technology and keeping media an arm’s length away
MUMBAI: Journalists often get too close for comfort for government folks, especially those in regulatory bodies. It was the turn of Sebi board member T C Nair to convey his discomfort on Wednesday.
Having advanced his post-tea talk at the Trade Tech conference to almost an inaugural one, Nair started by describing why he should not have attended the event. First, the “ministry of finance keeps calling us. We need to be always on our feet,” he said. And second, “regulators have to talk less. The more they talk, the more the problems. And journalists should write less.”
Nair then started one of his longest speeches in recent times, describing how India is still a very attractive destination.
“There has been outflows from FIIs of around $7 billion this year. But this does not mean interest in India has reduced. The number of FIIs registering has crossed 1,500,” he said. Since October 2007, over 550 new entities registered; the number of sub-accounts has crossed 4,000 and FIIs are now investing in small and mid-caps, Nair said.
“It is not only from the US. We are seeing investors from West Asia, Poland, the Netherlands and even Iceland.”
Nair then outlined the regulator’s technology initiatives, which could hit the markets in a few days. The local markets are moving towards a T+1 delivery and settlement system, he said, adding, “Eventually, you can see a day when what you bought in morning will reach you by evening. That day may not be far away.”
Nair closed his speech with a story on ‘technology’:
A man went to a pet shop in Crawford Market to buy himself a pet. The shop was selling monkeys.
When he asked for the price, the shopkeeper quoted Rs 5,000. The man was shocked.
He said, “Dogs selling for Rs 5,000, I can understand. What is there in a monkey? They are all over the highway to Pune. They must come cheap”
The shopkeeper said, “This monkey is special. It is a tech expert. And look at this one, this comes for Rs 10,000. It can take care of your financial services needs also.”
The man was not impressed.
“Look at this one sir, this is a real good deal. This monkey is a securitised asset markets expert and he comes for just Rs 15,000, that too because the market is shaky. Once it improves, you won’t get him at this price.”
The man would have none of them. After all, a monkey was a monkey.
The shopkeeper then said, “I have two monkeys for you. You can take them for free.”
How come?
The shopkeeper said, “One calls himself the regulator and the other says he is a journalist. Both are a nuisance.”
No journalist followed him as he walked up the aisle this time, waving like a superstar.
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