Wind Up Sebi

Immediately after the Sebi was constituted, a broker friend of mine told me that it would not be the bears or the bulls which would destroy the credibility of the stock markets due to excessive trading, rather, it would be Sebi.

My broker-friends prophecy seems to have come true. Those who have invested feel that it is the Sebi which is entirely responsible for the present state of affairs.

Lakhs of people who bought shares at a hefty premia approved by the Sebi have suffered. Some of those scrips are being quoted below par. Some are not being quoted at all. Price rigging seems to be going on unchecked.

And what is the market regulator doing? It is tinkering with the market, as pointed out by Mr Desai. If the government is a well-wisher of the stock markets, it should disband Sebi forthwith.