The Stage For Mobius

For Templeton emerging markets chief J Mark Mobius, the world seems to be one big stage. Even while the finance minister P Chidambaram unveiled a market-friendly budget, the emerging markets 'guru' had to focus his attention elsewhere. On the eve of the budget, Mobius had to suddenly fly across to Argentina for some urgent official work. Mobius could not directly have access to the historic budgetary announcements here, but then for the high profile FII head, whether India or Latin America, one emerging market is at par with another. Or, was it his way of commenting on the pace of economic reforms in India?

 

The Bombay bourses seem to be locking horns afresh, as the market reforms process continues. The chiefs of the two exchanges in the metropolis have apparently not forgotten their bitter battles of the past. Just over a few months back, NSE managing director Dr R H Patil had started a furore when he pointed a finger at his BSE counterpart M G Damani over the reform process at the latter's exchange. Patil, while taking part in an Internet chat show, had said BSE was a 'copycat' as it merely implemented ideas like the weekly settlement cycles and the auction process, based on the NSE modules. But BSE insiders say the whole process is changing. Last week, Patil had, at a press conference, announced plans to commence trading in odd-lot shares at the NSE, and the introduction of a separate screen for the retail debt market segment. But these features were introduced by BSE several months ago. So, who's the copycat this time?

The RBI governor was seen rubbing shoulders with the BSE chief M G Damani during the post-budget analysis programme on Friday evening. The meeting was an opportunity for news photographers to click away but insiders say this fanfare may have never really happened. The governor had a commitment to respond to the DD1 network's questions on the budget. This he could do only from a place, which had a VSNL link-up. And the BSE building was one such place in Mumbai, where the VSNL link-up was available. The Governor chose to be at the BSE. In the process, he also met Damani.