Chillin' out till it needs to be funded
On rants: Driving the agenda for quicker results announcements
It is supposedly results season, Financial reforms have been on in this country for almost 20 years and Kotak is announcing results on May 12. Just when will people appreciate the capacity of the Indian public, Indian managers and indian investors to absorb and run an entire scam along the same parameter, that has been successfully charted for the same two decades..IPO Applications, the second coming of benami investors and non existent demat accounts, the Ketan Parikh phenomenon and much more.
Then why are we complaining? We managed to create a futures market in a 1000 Cr MCap MindTree for which we even caught the perps in small town dominant Rajasthan, we played with fire on online brokerages till ASBA came back and now when we list IPOs in seven days and don’t have to pay commissions on our mutual funds, we seem to have frozen up completely in keeping markets liquidity.
And in that environment, Kotak is well within its rights ( to find the right scam, the right spoon ) to cover its losses in all this free market lafda and sleep over results for 8 weeks since the year closing. Not surprisingly the only other big banking and finance corp taking its time to report results is HDFC that is reporting on May 5, almost doing a favor by telling you about itself, Kotak deciding to take the lead to be the supreme last one to report results on May 12. It’s a shame.
And the lack of buzz and action in Kotak and ICICI bang on from where we put the ball a year and six months back here. Also the next scam will be in “over the counter” banking or the good old relationship manager – teller – customer triangulation. And there is another one unearthed today as the proud owner of Investmart, the HSBC let its MF change its scheme map and name midway thru the live scheme’s ‘life’ ( i’s an open ended scheme) SEBI of course is busy finding out if we can count funds collected under ULIP investment schemes under Funds management with the INR 8 trillion from MFs, IRDA is busy with the Ministry of Finance, who is busy with IPL, we got done a whole lot without a single dime in salary and someone else is busy with an earlier edition of Corp law amendments with no time to look at results calendar stretching to an extreme..why would Kotak bother to report results quickly, as if it was running its franchise in a growth market. You can’t fule the Mumbaikar, he knows India is dead and dying everyday.