The new crop of investors in capital market seem to be comparatively well off compared to those investors of the 1990s thanks to ever widening gap between the rich and poor. Further, unlike in the past , people get used to the frauds and loots which are becoming a routine for reasons not so far fathomed out. Frauds in banks have become a business model and loot through insurance business is becoming a way of life. Unlike in the past , the meticulous approach to save, calculate , be prudent with expenditures etc. are fast disappearing thanks to invasion of technology and planned / unplanned erosion of values coupled with lack of accountability. People feel helpless but prefer to suffer silently seem to be the only way out to have peace and be free from hassles. JANE DO attitude is widely prevalent and the acceptance of loss of money as part of modern living and minimizing risk of loss is becoming a philosophy. The next bigger scam after the Harshad Mehta and NSE scam , in line perhaps would be general Insurance in general and Life Insurance in particular, closely followed by IPOs loot and vanishing of companies . Stock market boom is a proof of growing inequality and despite sane alerts from knowledgeable quarters , fresh investors get attracted is a reality indicated by ever increasing number of D mat accounts. All said some right thinking wise people and perhaps some old generation and aged people have some worries about all these but how far they are heard is a big question mark. Silence is becoming better part of valor and discretion.
Dr T V G Krishnan
15/08/21.
( This comment appeared in Money Life against the Article on IPO Boom )
