Our elite are not only insensitive to fraud, they are insensitive to all accpted values and ethics. They can get away with anything with the backing of power and money.Bureaucrats are at their beck and call and they can buy all enforcement authorities.Let us appreciate that Raj Gupta has to go to jail for the insider trading and in US law is made applicable without going into the background of the person and backing of money and influence. Insider trading and malpractices right in the fixing of premium for IPOs and many others are very common in India although SEBI has intentions to stop them.Let us not make the mistake of comparing our enforcement standards with those obtaining abroad. Here the simple thumb rule is show me the person,we will show the rule and its enforceability. Connection and contacts matter here and this accounts for the innummerable scams, corruption and accummulation of black money. Nobody can find fault with our various laws which are free from flaws.
from: Dr.T.V.Gopalakrishnan
(This comment in response to an article by B.S.Ragghavan appeared in BusinessLine dated 25/06/12)
