Best of BS Opinion: Sebi reforms to make things easier for investors

From Sebi's investor-friendly rule changes and PM Modi's West Asia tour to debates on power grid reform, shrimp exports and a Zomato biography, here's today's Best of BS Opinion.

Hello and welcome to Best of BS Opinion, our daily wrap of the day's Opinion page.  The securities market regulator, Securities and Exchange Board of India (Sebi), last week announced a series of changes that look to make things easier for investors, notes our first editorial, particularly the ones dealing with treatment of expense ratio. Guidelines have also been eased for mutual fund (MF) investments and companies aiming for an initial public offering (IPO), while share transfer and related processes have been made faster and simpler with much less paperwork. New rules for stockbroker regulations also meet the needs of digital trading. Overall, these changes will bring greater transparency to the market, reduce friction for investors, and ease compliance for stakeholders.  Prime Minister Narendra Modi’s recent tour to Jordan, Ethiopia and Oman represents small but important steps to reinforce India’s historically cordial trade and security relations with West Asia and Africa at a time of US-led geopolitical uncertainty in the region as well as in global trade, says our second editorial. The significance of the visit lies in both their external messaging as well as the deals concluded. The Comprehensive Economic Partnership Agreement (CEPA) with Oman is the second FTA signed between India and a West Asian nation, and signals potential for economic engagement. Cooperation agreements with Jordan look to cement an old friendship rooted in mutual economic interests, while security and military agreements with Ethiopia highlight India’s need to deepen its cooperation there. The three-nation tour marks a constructive continuum of India’s traditional ties with the region. The real test lies in capitalising on this momentum.  The centralised planning that has managed the thermal electricity grid for decades has become untenable in the face of three key disruptions: climate change, technology, and demand (particularly from AI and crypto mining). The combination of these three developments has led to a global breakdown in centrally-planned electricity systems, writes Ajay Shah. The grid simply cannot accommodate new renewable-energy (RE) generators or the demands of modern consumers, causing a 'fractured transition', where replacement technologies are mature and deployable but the institutional framework — the price system that must be the resource-allocator — is absent. The price system is the only mechanism capable of coordinating the complexity of the new energy landscape, and calls for moving to a market system where supply and demand are clearly visible in real-time for all components of the electricity system. The grid must be reimagined as a community marketplace rather than government infrastructure.  India’s export-oriented shrimp industry seems set to convert the challenge from the tariffs imposed by the United States into an opportunity by diversifying its export destinations, writes Surinder Sud. Exports this financial year to non-US markets have witnessed an about 30 per cent increase in value. Export prospects remain upbeat, thanks to firm global demand, the competitiveness of Indian prawns, and strong government backing. The continuous upgrade of indigenous technology by fisheries research centres has also played a significant role in sustaining India’s predominance in the sector. However, bigger issues concerning trade barriers, arbitrary quality standards, and consignment rejections on frivolous grounds need to be addressed by the government.  Stories about start-up founders are made of stuff that invariably inspire and impress. A recent post by Zomato founder Deepinder Goyal about a delivery agent who rose to join Zomato's design team is one such. Unseen: The Untold Story of Deepinder Goyal and The Making of Zomato by Megha Vishwanath captures many awe-inspiring moments in the life of a start-up, as well as the unpredictability, risk and adventure of a start-up's life, writes Nivedita Mookerji. The book also brings out the vulnerability of the man that the world was watching. While much of the book is about the adventure and the hurdles of the start-up world, it stands out more for the portrayal of Goyal as a young boy - from his days in Punjab through his IIT Delhi days - more than him as a businessman.