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‘Autonomy of regulators must be taken seriously... nobody gives it to you, you learn to be autonomous’

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  Posted: Feb 18, 2008 at 0115 hrs IST
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You did worry.

I think one did worry because at the back of our minds, the question was, is this orderly conduct in the market place?

Can you go back and tell us when were you most worried about a rising market.

I won’t say worried. I would say four days, when it gained a thousand points, you did tend to . . . whether there was irrational exuberance in the market place. You asked yourself if things were going too fast.

And what was the answer to yourself?

We certainly looked around . . . to see if there were signs of misconduct in the market place. We didn’t find anything prima facie.

Have you found the investor maturing?

There is some investor maturity. I think the investor is sending the message if you don’t price it right, we are not here to buy.

And it’s not SEBI’s job to price them right.

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Absolutely not, and I am glad you asked this question. SEBI’s job is not about pricing. SEBI’s job is about ensuring complete and correct disclosure through the lead manager who brings the issue to us.

When you were on Walk the Talk last time, a few months after you took over, you had said one of your challenges was to bring the aam aadmi to the stock market, convince him it’s not a casino. And we had one aam aadmi on TV the other day, the day Reliance Power opened, saying he felt like slashing his throat. What do you tell that investor?

I think what such investors need to be told is or need to be asked is, and they need to ask this themselves: Did you ask the right questions before you put your money there? Were you taken away by the hype? I got a letter from an investor, it’s addressed to somebody else, saying I saw you guys saying everything was good about a particular issue — till it listed below issue price. Now I find you saying everything wrong and talking it down. What happened to you guys? I think people need to look whether there is genuine expertise in those who give advice or is it agenda-driven advice.

Is that adviser in this case the media?

I think the media has a very large role to play, and I’m afraid that role is not being played to the best of its ability.

... contd.

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