This refers to the article “IPO reforms are key to reining in greed” by S Murlidharan (November 21). The writer’s ideas are based on the assumption that the regulator, presuming that it is capable, will be allowed to protect investors. The “independent” regulator is a regulatory eyewash appointed by the neta-promoter nexus to inveigle investors into the web of deceit. The minimum application amount in IPOs and the loan facilities are made available to investors to move them to the market so that they can be exploited. Mr Murlidharan has asked for a minimum dividend — what is required is an equal tax treatment of dividends and interest income. If equity earners have taken a risk, then why the effort to save Satyam? It should have been allowed to fall like Lehman. The fact is that IPOs are a big fixed affair enabled by the so-called protection regulations.
T R Ramaswami, Mumbai
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