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Somasekhar Sundaresan: Lofty ideals don't justify faux measures

Regulators often overstate the seriousness of the work they do to defend every measure adopted in regulations, however flawed

Somasekhar Sundaresan

There was one subject other than the corporate governance fracas at Bombay House that grabbed the attention of social media in the last fortnight — the Securities and Exchange Board of India’s (Sebi) consultative paper seeking to restrict free speech in the Indian capital market. Sebi’s consultative paper proposes that “no person shall be allowed to provide trading tips, stock specific recommendations to the general public through short message services (SMS), email, telephonic calls, etc. unless such persons obtain registration as an investment adviser or are ...