tag:blogger.com,1999:blog-3202774368551476669.post5103629280997030110..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: SEBI’s Order on ULIPs: A Misfired Shot? – Part IIUmakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3202774368551476669.post-42675520938897133852010-04-16T06:36:29.722+05:302010-04-16T06:36:29.722+05:30THE ONGOING CONTROVERSY, RATHER THE NO-END-IN-SIGH...THE ONGOING CONTROVERSY, RATHER THE NO-END-IN-SIGHT ROW, OVER SEBI’S BAN ON ULIPS APPEARS TO HAVE REACHED ITS NADIR. A SERIOUS DOUBT THAT HAS BEEN RAISED IN SOME QUARTERS, BUT HAS REMAINED TO BE EXPLICITLY PUT ACROSS IS: IS NOT THE SO-DUBBED EGO WAR REALLY A MINDLESS WAR AGAINST THE VERY COMMUNITY OF INVESTORS/ INSURED WHOSE INTERESTS SEBI PROCLAIMS TO HAVE BEEN FIGHTING TO SAFEGUARD. IF SO, ACCORDING TO A VIEW, IT OUGHT TO BE CLEARLY WITHIN THE JURISDICTION OF THE INVESTOR COMMUNITY TO INTERVENE AND ASSERT ITSELF. IT SHOULD BE ABLE TO DO SO BY INVOKING ITS FUNDAMENTAL RIGHT GUARANTEED UNDER THE NATION'S BASIC CHARTER. THEY SHOULD JOINTLY STRIVE AND EFFECTIVELY PUT AN END, ONCE FOR ALL, TO ANY SUCH AUTOCRATIC STANCE. FOR, AFTER ALL, BY NO STRETCH OF IMAGINATION, OR RHYME OR REASON, A MERE REGULATORY AUTHORITY, SUCH AS SEBI, CAN BE LOGICALLY TAKEN FOR GRANTED TO HAVE ANY SUCH POWERS THAT SEEMINGLY TAMTAMOUNTS TO A DICTATORIAL ATTITUDE.<br /><br />THE SAD COMMENTARY IS THAT, HAD THE GOVERNMENT HAD THE WILL, IT CERTAINLY COULD HAVE FOUND WAYS AND MEANS TO BRING THIS MINDLESS WAR TO AN ABRUPT END. ESPECIALLY, KNOWING FULLY THAT WHAT IS AT STAKE / IN PERIL ARE THE INTERESTS OF THE INVESTING COMMUNITY. INSTEAD OF SO INTERVENING AUTHORITATIVELY, IT HAS MEEKLY DECIDED TO REMAIN A MERE SPECTATOR.<br /><br />IN OUR DEMOCRACY, GOVERNMENT IS BELIEVED TO BE OF 'THE PEOPLE' AND FOR 'THE PEOPLE'. UNLESS, OF COURSE, FOR WHAT ONE DOES NOT KNOW, THE VERY BASIC CONCEPTS OF - 'PEOPLE' AND 'PUBLIC INTEREST' HAVE, AS MANY OTHER CONCEPTS, LATELY UNDERGONE A RUDIMENTARY CHANGE.<br /><br />vswaminathanvswaminathannoreply@blogger.com