Here is what a qualified financial adviser told me:
Subra, you have no clue at what price HUL makes soap, Colgate makes toothpaste, Jet Airways is able to create the flying service….SO THEY ARE ALL MIS-SELLING.
If hospitals, banks, airlines, manufacturers of all products are mis-selling what is wrong if there is mis-selling in financial services? (his high standard of living and complete lack of understanding of the product not withstanding!!).
He felt there was nothing wrong if there was mis-selling. He said we do not know the price that a shop keeper buys most of the things, we just buy at MRP….so why should Sebi tell AMCs should sell one set of schemes at a particular price and another at a differential price….IT IS UNFAIR.
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