Thereâ€™s not much time left before you step down as the SEBI Chairman, and I want to thank you for all that you have done for me.
If it werenâ€™t for you – I would still be paying those blasted entry loads on my mutual funds, which did nothing for me but fatten the wallets of those who were pushing them to me, and insisting me to churn those mutual funds for my own good.
If you hadnâ€™t stepped in â€“ I would still be paying 2% or more for absolutely no benefit at all on my mutual fund purchases.
Your insistence that agents be paid for their advice and investors know what they are paying for will probably be the beginning of a new service model in the industry, and I hope people remember and thank you for it 20 years from now.
And I canâ€™t begin to thank you for allowing me to keep my money in my own bank account when I apply for an IPO. I donâ€™t quite understand how ASBA works, but I absolutely love the fact that my money is only debited from my account when I am allotted shares.
As if that wasnâ€™t enough – you brought big institutional investors at par with me by asking them to deposit the full application money up front. I never could understand why they pay only 10% while I have to pay the whole amount.
These days I check if a promoter has pledged their shares before investing in a company, and it acts as a good filter to warn me against companies that could go into trouble later. For bringing in this transparency â€“ I thank you sir.
I was delighted when you imposed a ban on 14 insurance companies from issuing new ULIP plans without your permission, and god alone knows how many thousands you saved me by taking that step. Though I would have loved to see you regulate them closely I still benefited from the fallout of your action immensely, and for that – my sincere gratitude to you.
When you fined the mighty ADAG group Rs. 50 crores, I really did wish that your term is extended, as it was proof (if anyone needed it) that your SEBI is a regulator with tooth, and youâ€™re not going to shy away from imposing the rule of law on the powerful, but alas that didnâ€™t happen.
I also wish that more of my kin knew how much you have done for us because you have truly taken care of us in your tenure.
Thank you for all that you have done for me, and I wish you great health and happiness!
– An ordinary investor