March 26, 2007
The Resident Editor
The Economic Times
Times of India Building
D. N. Road
Mumbai – 400 001
This has reference to the editorial “Sebi’s primary folly – Mandatory IPO Grading Is A Bad Idea” published in the Mumbai edition of The Economic Times today, (March 26, 2007). The editorial inter-alia states that “It stems from the mistaken notion that the regulator’s job is to protect small investors. It is not”.
The preamble to the SEBI Act, 1992 reads as under:
“An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto”
Further comment is superfluous.
for Securities and Exchange Board of India
Dy. General Manager (Communications)