Alpha Ideas

One afternoon in June 2010, following normal practice, Roy was ushered into a meeting room adjacent to the Sebi chairman’s room on the seventh floor of Sebi Bhawan, the headquarters. According to Sebi insiders, their conversation went something like this:

Roy: The Reserve Bank has prejudiced Sebi officers. They are taking a negative view on Sahara’s (initial public offering) application without justification.

Bhave: What’s the issue? They are yet to get information they had asked for. Where’s the bias? Submit the information. We can have another meeting on this…

Roy: We have taken legal opinion and we are not required to send the information to Sebi.

Bhave: Sebi is not concerned about the legal opinion. Sebi has asked for the information and it needs to be submitted.

Roy: They are voluminous… It’s summer and many of my people have gone on leave. It’s difficult to collate all information.

Bhave: Let the employees come back from their summer holiday. We will wait.

Roy: If you can clear the application meanwhile…

Bhave: No, no… That can’t happen. We need to scrutinise…

Roy (suddenly standing up): Bus, itna hi? (That’s all?)
(He had possibly expected the Sebi chief to hint at a way out after Sahara had exerted much pressure on the regulator, but Bhave seemed unperturbed.)
-from BusinessToday