BSE MD Resigns….BSE : Demutalisation or Demoralisation ?
Some say it was a foregone conclusion that Mr Rajnikant Patel, MD of BSE would go… after two Directors, including Chairman of the Board resigned recently.. check earlier blogs for this…. had send a Scriptech Standpoint Communication too to clients on this…. I had urged for Chairman, Shekhar Dutta and Director, Jamshyd Godrej to disclose the specific reasons why they had resigned after having accepted Board Positions less than a year ago…. But MD of BSE resigning now ! you’ve got to disclose why, in interests of the Investing Public !
Interestingly BSE is up for Corporate Membership in some of the best Clubs in Mumbai with Mr Patel as the Nominee…. BSE will need to revise the nominee now too… what if the Formal and Informal Interviews have already taken place!… BSE has seen a spate of resignations recently and at this pace of resignations Clubs are going to get upset at the pace of changing nominations too!… may just be grounds to black ball !
Interestingly just yesterday a BSE head called me to wish me and remind me that I was now a year older !… he’s got triplets … now all of a cute three years of age and he dotes on them…. says with all that is happening at BSE he cant wait to rush back to them as early as he can everyday
Pull up your socks BSE… you’re losing good guys and demoralising the rest….. Demutualisation was to lead to Professional, Transperant and more Efficient Management and less Insider Trading…. and attract great talent with better salary packages…. but Member Brokers are like Leopards…. can’t change their spots….. SEBI may just use this excuse of “Brokers Interfering” and take over the BSE Board !… there are three Powerful Member Brokers on the Board.