The point is that the country had been buffeted by financial
scams all the time. The Rs 1 crore Haridas Mundra scam of 1956- 57 which the
involved siphoning funds from life insurance company to the private companies
bypassing laid down norms. The Ketan Parekh scam of 2000 involving rigging of
prices and payment against commissions again by banks and insurance companies
are of more recent origin. The NSEL scam also involved complex structures built
to avail of cheaper financing from banks with the BRs substituted for warehouse
receipts. Like the fake BRs, which were issued by banks without adequate
financial securities the heart of the NSEL scam involved issuance of WRs
without adequate commodity stocks.
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Scams should be unraveled fast and punishment meted out even
faster to act as a deterrent. M.C.
Chagla the one member committee in the wake of the Mundra scam had
submitted his report in one month and the guilty were punished as fast.
Instead of being mired in helplessness the government needs
to empower FMC and give it more teeth. Like it did to SEBI in 1992 post the
securities scam. An independent regulator is required to grow the fledging
commodity markets and restore its trading to the pristine glory it enjoyed in
the pre- independence era. Even in the US, one of the most developed financial
markets there is a separate market for commodities.
India has o move forward and usher in more transparency,
better discipline and industry surveillance. Regulators have to rely more and
more on market intelligence rather than frittering away their time in filling
compliance reports.
The first lady of Indian business the venerable Nita Ambani
may have mouthed the hopes and prayers of over a million Indian hopefuls, when
she uttered two little words Let’s football at the launch of the Indian Super
League, some time back by the time this piece appears in print the glitz
glamour et al will have uncorked itself at the opening of the eight- team isl
at the newly refurbished Salt Lake Stadium tucked away in the suburbs of the
city of joy Kolkata.
There is absolutely no doubt about the popularity of the Beautiful
Game in India especially in the soccer- crazy precincts of Kolkata, Goa, Kerala
and the North East. But will the isl shore up the rapidly plummeting standard
of the game in India which is presently languishing at 158th in the
fifa ranking? Will the league be an effective game- changer and somehow drag
India up, at least to the forefront in Asia.
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