G For Gafferjee

Updated: May 24 2003, 05:30am hrs
In public functions, its rare to see a guest taking a dig at the host. Matters can get a bit awkward if the former is no less than the chief guest himself. This is precisely what happened at a recent seminar on capital markets organised by the Institute of Company Secretaries of India (ICSI) where Sebi chief G N Bajpai was the chief guest.

In an elaborate speech, the immediate former president of ICSI, S Gangopadhyay, touched upon the recent developments in the capital markets including our graduation to the T+3 settlement cycle.

However, Mr Bajpai pointed out to the former president that we had actually moved to a T+2 settlement (indicating that settlements happen after two instead of three days). Apart from exposing this gaffe, he also said that either Mr Gangopadhyay had not been trading recently or that Sebi was moving too fast in improving the equity markets. Delivering the final punch, Mr Bajpai added that a professional who does not keep track of the latest developments in the markets is dumped by clients.

Eavesdropper could not help but notice Mr G blush with embarassment.

Passport For Age
Babus in government departments have ingenious ways of harassing the public. Heres another one but with a difference. The twist here is that some of the government departments do not trust the documents that they themselves issue.

A resident of Chennai had gone to the regional transport office (RTO) for registering a vehicle he had purchased. And when asked for proof of age, the owner took out his driving licence (which shows the age) issued by the same RTO. But this was promptly turned down and he was told that they did not consider driving licence as proof and wanted something else. Shocked at the response, the gent then completed the formalities by producing his passport.