This refers to Sucheta Dalal’s article ‘Putting the bloodhounds’ lair in order’ (Nov 21). The order passed by Sebi is ludicrous and I am sure no one in the capital markets has even thought of functioning on that basis. Ms Dalal has mentioned “hiring the right people,” but left the method unstated.

There is only one way: regularly take people from the market at various levels, who have between five to 20 years of experience. Thus, there will always be people with contemporary market knowledge.
This, however, will not happen unless we pay our regulators the best salaries, in line with but not necessarily equal to those prevailing amongst those it regulates.
It is indeed surprising that the regulator’s top man under whose purview the market raises about one trillion rupees every year, gets a compensation that is exceeded even by management trainees. We need to pay our regulators more and, to offset part of the cost, hire fewer people. In fact, the market would benefit a lot if all the intermediaries also pitched in and paid more to be better regulated.
- TR Ramaswami

---

Bihar verdict
The Bihar results have shown the outcome of ‘people power’ in a democracy ‘Vote for Change’ (Nov 23). Lalu’s loss has given Nitish Kumar the opportunity to work for Bihar’s development. Also, a salute to the Election Commission for ensuring free and fair elections in Bihar after so many years.
Yes, the path for economic activity and development has been cleared. What the people of Bihar will now look forward to is good and efficient governance. Let us hope that Nitish Kumar can lead the NDA and fulfil people’s aspiration for a good and clean administration.
- Bidyut Kumar Chatterjee