31 October, 2020

The Damani Ultimatum

The new BSE chief wants to clean up the bourse. His weapons: infotech and obstinacy.

The Damani Ultimatum

IT the Stock Summit organised in Bombay by Invest India on May 21, the 50-day-old president of the Bombay Stock Exchange (BSE), Madan Gopal Damani, fired the first salvo by laying out a future blueprint for the country's premier some time now, much to the chagrin of the old boys network at the BSE who have thrown epithets at him ranging from arrogant, too-big-for-his-boots, and vicious vendetta-seeker to short-seller.

He dismisses most allegations casually, but he is touchy about the last one. "I have challenged that if anyone proves a short-sell of even 50 shares in my office, I will give my card away free," he roars. "Nobody has yet picked up the gauntlet." He has reason to be upset. After all, he says, he has based his entire candidature for the BSE president ship on wiping out price-rigging and other unsavoury manipulations. "I want transparency. The system should be garnered to help investors and this is what I aim to achieve." 

And the arrogance? It may derive from deep conviction. He's proud of the fact that his slate is one of the cleanest among...



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