Letter to BS: Who is behind Sebi's direct foreign listing proposal?

Shouldn't mutual funds be allowed to convert part of funds into foreign exchange to invest on behalf of resident Indians

This refers to “Sebi panel proposes direct foreign listing” (December 5) by Samie Modak. The report says that an expert panel has come out with this idea. Let’s go back in history and examine similar ideas that came out of the Securities and Exchange Board of India (Sebi) and see who gained from those. Sometime in 1993-94, Sebi changed the rules on the amount of promoters’ contribution in an issue. Soon, the first major beneficiary came out with a giant issue. Then, sometime around 2005, Sebi, without even putting out a discussion paper, changed the rules on lock-in of promoter