Improved disclosure on pledged securities

Here is the contrarian view of the improved disclosure decided by the SEBI Board yesterday. It is too little too late.

I've been going hoarse talking about a complete re-writing of the disclosure norms in India which leave so much to be desired. Three years of work has already gone into this project by a committee I chaired - work I began long before I joined SEBI and ended, while I was there. Both the process and the budget have already received in principle approval of the Board in the past.

So as not to repeat what I've been saying for so many months now, here is the link to my previous postings on 'integrated dislosures'. Post of 14 Aug 2008 and 28th Nov 2008

Can we have some action on this front - effective yesterday? Or will we introduce one rule at a time everytime a new fraud comes to light? So there is hope in a million years.