Every system of life has an underbelly. Be it politics, corporate or any industry, you can’t move without their blessings in the long run.
In the exchange industry – it goes without saying that the brokers rule the markets. In the NSEL case, the brokers were the perpetrators of the payment default. For all the assurances they spread to repay the investors’ money, they did nothing about it. Reading ShantanuGuha Ray’s book ‘The Target Book’ opened my eyes about these brokers trusting whom I invest in the stock market. It is shocking I can’t help feeling that it could happen to me tomorrow. What if a broker is using my KYC details for his or her personal wealth creation, I wonder what will happen if I am slapped with a sudden notice by the exchange authorities?
What remarkably stands out is Jignesh Shah in the book ‘The Target’. I think this man has made absolutely proud. I am shocked he has not been given a Bharat Ratna for his contributions for the development of the country. It is just tragic that the underbelly of the financial markets have set their targets on this successful man! He would have changed the entire landscape of the Indian financials markets had he been allowed to do his job – technological innovation!