The start of a new year - though only a change of calendar, invariable leads to some amount of introspection and, sometimes, a resolve to make some course corrections for the future. One such resolve I have made of myself in 2010 is to pull fewer punches. Even in the past, I have tried to express my thoughts without trying to be "politcally correct". However, I have evaded a few topics that I thought would be too controversial. Not any longer. My apologies to people who may feel offended. These are my own thoughts and readers can chose not to read them.
The year started with the two stock exchanges engaged in a juvenile competition of "my (timing) is longer than yours". Clearly, the BSE now suffers from the same sense of irresponsibility towards its constituents that used to be the hallmark of NSE thus far. No one in the administration of either exchange bothered to explain WHY it was necessary to extend market timings. Despite the majority of members of the exchanges being against such a move, the change was introduced.
The exchanges called a meeting of "leading brokers" for "consultation" having already announced their intent. These brokers, predictably, and in contrast to the majority, came out with rhetorical statements in favour of the exchange move - adding one hour will make our markets "International" they said! Privately, people close to these "industry spokesmen" have told me that these spokesmen were themselves not in favour this extension. So why is it necessary to lie in public?
In India, where sycophancy starts from the highest political level, can there be any other expectation. Opposing the views of "the powers" serves no purpose - much better to create regulatory "goodwill". No doubt, this will lead to some quid pro quo at an appropriate time. This in itself is only a small example of "crony capitalism" - once the bane of Japan, then of South Asian economies, and now of the USA. Private gain again dominates general good. However, it is for these "leaders" to ponder on what example they are setting to the youngsters of the country by such blatant falsehood.. But then - they did not get where they are by worrying about such spiffy things! All the best - and look out for yourselves - your "leaders" are doing just that - looking out for themselves!
