Ulterior motive

Sensing vested interest, official rapped banker, asking him to not come with frivolous requests

An investment banker urged a top official at market regulator Securities and Exchange Board of India (Sebi) to consider waiving the criteria of positive net worth for fundraising through qualified institutional placements. The banker told Sebi that the move would have far-reaching impact in helping companies that need to raise valued resources. When the Sebi official probed deeper, he learnt that the banker was there to push the case of two companies in particular — one an infrastructure firm, the other in the steel sector. Sensing vested interest, the official rapped the banker, asking him to not come with frivolous requests.