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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Naveen Kumar who wrote (15101)	3/22/1998 10:24:00 AM
From: Bonnie Bear	Read Replies (2) \| Respond to of 18056

let's see...corrupt practices....selfishness only exceeds their stupidity...hero worship... maybe this is one of those cases where the majority are wrong, but I think the bull market---the mania--- of a lifetime will be in Indian stocks, perhaps for all these reasons. Yes, I know the awful part, but all you need is a hero that is a good guy to turn it around in dizzying speed. Or a cluster of very selfish people who figure out how to use the stock market for both personal and political gain. (As if that isn't the case in this country???) And I'd venture a guess that it will happen within the next five to ten years. In both China and India I think the real hurdle is the development of a legal system that provides some protection to securities holders.

To: Naveen Kumar who wrote (15101)	3/22/1998 1:13:00 PM
From: sea_biscuit	Respond to of 18056

Interesting. Also the following material from another thread may be of relevance here : ------------------------------------------------------------------------------------------ [...] I recall an investor from India telling me that with the primitive way of doing things in the Indian stock-markets, an investor has to be goddamn lucky to even survive, let alone prosper! Just to give an example, the transfer of shares from one person to another involves a "transfer deed" which has to be signed by the seller. Then the buyer sends this along with the share certificate(s) to the company to effect the transfer. The company verifies the veracity of the stock certificate, the validity of the transfer deed and the signature of the seller, and then effects the transfer to the buyer's name and mails the certificate(s) back to him. Just think of the numerous ways in which the investor can get shafted here -- (a) The share certificates may be duplicate, or bogus, (b) the transfer deed may not be "valid", i.e. it reached the company after the "date of expiry" stamped on it, (c) the signature of the seller was forged, (d) the documents were lost in the mail, either on the way up or on the way back (and determining as to which of these happened is in itself a challenge!). And so on and so forth. And all these, in addition to the challenge of buying a good stock at a reasonable price! [...] ------------------------------------------------------------------------------------------