"Sure as hell will charge a fee"

Here..... Sebi wants to regulate Art Funds now. Entrepreneurs turned neo-art aficionados have lately been getting funny ideas. Who knows? There is always the proverbial worm for the early bird.

So I read their disclaimers in IPO offer documents.

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Of SEBI: “SEBI only gives its observations on the offer documents and this does not constitute approval of either the issue or the offer document.”

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Of NSE: “It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the offer document. The investors are advised to refer to the offer document for the full text of the disclaimer clause of the NSE.”

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Of the BSE: “It is to be distinctly understood that the permission given by Bombay Stock Exchange Limited should not in any way be deemed or construed that the Red Herring Prospectus has been cleared or approved by the Bombay Stock Exchange Limited nor does it certify the correctness or completeness of any of the contents of the Red Herring Prospectus. The investors are advised to refer to the Red Herring Prospectus for the full text of the disclaimer clause of the Bombay Stock Exchange Limited.”

I agree this is a practice followed by regulators / stock exchanges globally. All of them are spineless freaks that neither have the gall to own up nor wish to let go off their influence. They know that no process of due diligence can be 100% fool proof. In other words, they're sure of their propensity to goof up. Yet, they just want to be there because they are. Wonder what will they regulate in Art? Will they know a Leonardo Da Vinci from a pattern in the ceiling left by some regulatory muck hitting the fan? May be they’ll add a few more lines to their disclosure. Or better still – create an intermediary, that knows even less, (a la merchant banker) to blame everything on.... The more things change, more they're the same.

But sure as hell will charge that fee :)

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