Not ready to play ball

A delegation of industry players paid a visit to newly-appointed Securities and Exchange Board of India chief Ajay Tyagi. The visitors had a long list of suggestions for him. Certain suggestions seem to have not gone down well with the former finance ministry bureaucrat. Among them was a demand to do away with the small investor category in initial public offerings (IPO). In the US there is no concept of small investors for IPOs. Investment bankers have been lobbying for a similar system here. However, regulatory authorities don’t seem ready to relent.