Expense Account, Mint
Endnote: Those that attempt to manage news do so in a manner that creates impressions. The one impression in the minds of the average consumer of media is this: The Securities and Exchange Board of India (Sebi) chairman is pushing business towards his former place of work—the National Securities Depository Ltd (NSDL)—and for some reason is partial to one of the promoters of NSDL—the National Stock Exchange (NSE). One question that has remained unasked is this: Why he is doing this? Is he the owner of NSDL that he will personally benefit from greater business and profits? No, NSDL is promoted by a mix of public, private and foreign institutions (http://bit.ly/dlV9Nx). So may be he has a stake in NSE with family and associates on the board. Um…, no. NSE is promoted by government-owned institutions and private banks (http://bit.ly/9oQpVW). Is there anyway in which he will personally benefit by doing this? The answer remains: no. So, it could be that he is not pushing business towards anybody. May be he is just doing his job and in that not allowing those who bend the system to function. The other strange story is about the compensation of the NSE chief. It seems he rewards himself very well. But isn’t there a board that decides on issues such as top management salaries? May be the board comprises his family and close associates. Nix again. Names (http://bit.ly/aKRXQb) that most people would agree are still clean in a country where fewer and fewer in positions of power remain in that group make up this list. The hounding out of two good men is on and is already partly successful. But readers must remember in the next few years of chaos that these are the guys who gave us safe and clean markets.