A few wise men

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was allowed, the costs could be curtailed.

Rashesh Shah, MD and CEO, Edelweiss felt that the industry was still fairly uncapitalised if one extrapolated for the next couple of years. “Government rules and regulations on foreign ownership and other issues are prevalent, but I think capitalisation is a key issue. Capitalisation will lead to valuation; the market does believe that there will be 3 or 4 key scale players.”

On the other hand, Kapil Arora, partner, Ernst & Young, said capitalisation would not be an issue for companies with a strong fleet and efficient asset management in place.