DSE fights for survival

Even long-sworn enemies understand that the key to survival lies in interested parties coming together to work towards a common goal. But the Delhi Stock Exchange — facing declining trading volumes with the introduction of rolling settlement — seems to have no use for such logic.

Its board members are busy settling personal scores. A group is out to defame DSE’s president raising non-issues and giving air to cases against him. The president on his part is leaving no stone unturned to shield a former executive director, against whom the Securities and Exchange Board of India has examined charges of misappropriations.

Naturally then, when such mega-battles are being fought, who has the time to revamp the index, introduce derivative products, start trading in gold-backed securities and commodities. Maybe a successful summit could be a lesson for the DSE. So of course could be an unsuccessful one!

Enforced sacrifice?
While Prez Musharraf and Prime Minister Vajpayee partook of the elaborate meal laid out at Taj Palace on Saturday, about 8 kilometers away a group of Indian garment exporters licked their wounds. Business at the annual fair organised by the Apparel Export Promotion Council (AEPC) was slower than usual and the exporters put the blame squarely upon the shoulders of the two leaders.

Here’s why. The AEPC had organised a fashion show on Friday evening at the Taj (hotel) so as to acquaint foreign buyers with the latest designs offered by our exporters. However, the hotel cancelled on Thursday because the area was to be sanitised 24 hours prior to the Presidential lunch.

With AEPC unable to arrange for an alternative venue at short notice, the exporters were left to rue missed business opportunities. A small sacrifice to pay for the greater common good?