31 October, 2020

The Man Who Knew Too Much

SEBI clips market oracle Samir Arora's wings. But where exactly did he err?

Chirodeep Choudhuri
The Man Who Knew Too Much
outlookindia.com
-0001-11-30T00:00:00+05:53
For years, he seemed to be the blessed one. The man who could do no wrong. Whose every prediction about the Indian stockmarket would come uncannily true. Who could unerringly catch companies in their early growth phase and cash in once the scrip zoomed. Most of the mutual fund schemes he managed earned over a phenomenal 30 per cent on an annual basis. His affable face gazed out of business magazines, his voice on the telephone as he sat in Singapore being interviewed by Indian news channels was almost a daily weather forecast for anxious investors and brokers.

And now the Securities and Exchange Board of India (SEBI) says Samir Arora could be a crook. The regulatory body feels there is a prima facie case against Arora, the former chief investment officer of Alliance Capital Management, for, among other things, insider trading and non-disclosure of information as required under SEBI guidelines. It has banned Arora from trading on Indian stockmarkets, alleging that "his conduct erodes investors' confidence and is detrimental to their interests as well as the safety and...
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