Now the press is asking “why were the signals in ILFS were not picked up”?

Completely wrong question. If the signals were sent what did Sebi do? what did RBI do? what did Jetley do?

Did Piyush Goyal not hear the squeal for help?

Let us take the IPO (OFS) of Icici Securities. Good issue, badly priced.

Sheer arrogance to think that they can push it down the throat of insti investors. Why? simple let us scratch each other’s back. So if a Icici securities can price it at 520, and get Hdfc amc to buy it, it will be the turn of Icici to push the Hdfc Amc at say Rs. 1300.

However, that STILL did not go through.

The deficit was again filled in by Icici Pru amc using INVESTOR’S MONEY (like GoI uses LiC for bailing out) and the issue was pushed through.

AFTER REPEATED SCREAMS SEBI decided to rap Icici Pru Amc on the knuckles. Really light. Perhaps to keep a few militant people from screaming.

WHAT SHOULD HAVE BEEN DONE? the whole issue SHOULD have been scrapped…and all money refunded. Remember the issue did not collect money, and as a sheer misuse of public faith…the issue was pulled through.

When the rich and powerful employees (remember there is no promoter?) get away with what they have done in say LnT, Ilfs, Icici securities, Icici Pru Amc, ITC, – using the bureaucracy and politicians, they do it more brazenly later on.

Take the case of the Larsen buyback. Should it be done at all? if yes why now? Do we realize that LnT is one of those companies which has tons of shares in the physical mode. NONE OF THEM can participate in the buyback..because many people would have started the process for demat…is there anything sinister in what I am saying? Or is it just my imagination running wild? why not do the buyback in Feb or March? well, well.

You need to remember that there is Employee welfare trust……gotcha? No? well, well…

If Sebi, Lic and RBI did not know what was happening in ILFS, you should be worried.

If they knew and turned a blind eye, you should panic.

Gimme a break guys.