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July 9, 2000
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An Indian PM's first-ever visit
to a stock exchange: sidelights
Our Correspondent in Bombay
Atal Bihari Vajpayee on Sunday became the first-ever Indian prime minister to visit officially a stock exchange in India. His visit to Asia's oldest bourse, the Bombay Stock Exchange or BSE, to inaugurate its 125th anniversary celebrations, has been described as an "historic and momentous" occasion. "Sir, your visit will send a clear signal to investors in the country that the capital markets play a very vital role in the economic development of the country," said Anand Rathi, president of the BSE.
* * *
If there are awards for well-organised events in India, Vajpayee's visit to the BSE could easily qualify for top honours. The event managers at the BSE seem to have worked out everything to near-perfection. The well-conducted function sort of compensated for the "trouble" the select invitees took to reach the south Bombay venue from all over Bombay and outskirts in heavy rain. Inside the BSE convention hall, which was the trading ring in the pre-technology days, multiple 16mm screens were mounted at strategic locations for live closed-circuit visual coverage. Seated visitors did not have to crane their necks to find out what was happening on the dais or around them. The Bose speakers ensured that the speeches and even the sounds of pages being turned were heard in fine and distortion-free detail. The in-house visual coverage was professional. For instance, when Vajpayee complimented Yashwant Sinha for piloting the economy to safety, the cameras zoomed in for a close-up of Sinha. Classy, imaginative lighting, and festoons/buntings in pink, light green, lilac, off-white colours hung from the dome gave the setting an elegant touch.
* * *
Prime Minister Vajpayee and Finance Minister Sinha were the only two who turned up in typical VIP politician's attire. While the PM was clad in dark blue-black jacket over spotless white khadi kurta and dhoti, the FM sported a goldenbrown Nehru jacket over white kurta and pyjamas. Most of the invitees (read industry captains and stockbrokers) were formally dressed in western/Indian suits for the occasion.
* * *
Chief Minister Vilasrao Deshmukh and BSE vice-president Dina Mehta were seen exchanging information and pleasantries frequently on the dais. There were smiles galore and the two seem to share a few good vibes.
* * *
Before the PM was ushered into the convention hall, he was introduced to top BSE functionaries and stockbrokers. Most of them were 50+ gentlemen. However, almost all of them displayed an urge to bow before the PM in reverence, after greeting him with a handshake. Some even tried to prostrate and touch his feet. One of them almost succeeded.
* * *
BSE president Anand Rathi made an interesting observation in his welcome address. According to Rathi, "securities scam" of 1992 is a misnomer. The correct way to describe it would be "a scam in the banking sector". He sought to convey that it is wrong to blame the capital market for the scam. Showering encomiums on the PM for bringing about political stability in India, Rathi informed the gathering that there was a time when every foreign investor would begin a conversation with a question: "How long will this government last?" Now, Rathi said, no investor asks that question. He ended his speech by quoting Vajpayee the poet which was within the context of the event:
Naye meel ka patthar paar hua
Kithne patthar sesh na koyi jaanta?
Anthim koun padaav nahi pahachantha?
Akshay suraj, akhand dharthi
Kewal kaya jeethi-marthi
Is liye umar ka badhna bhee thyohaar hua
Naye meel ka patthar paar hua
Roughly translated:
A new milestone has been crossed
How many more, does anyone know?
And the ultimate destination, who knows?
Sun is immortal, earth is eternal
It is the physical form that lives and dies
That is why, getting older becomes a festive occasion
A new milestone has been crossed
* * *
Vajpayee, 73, sat through for most part of the function tilted towards his left. At times, it seemed as if he was all ears to Rathi, who was seated to his left. Advancing age does make long meetings a bit of a strain.
* * *
Chubby and portly Alok Churiwala of BSE member Churiwala Securities Private Limited, in his late twenties, is a Net-savvy, third-generation stockbroker who, observers reckon, is a "guy to watch out for". Alok C was seen easing things for past president and the event's compere Bhagirath Merchant. He was one of the few persons who had access to the dais. The other day, AC was spotted at the LTTrade.com launch, rubbing shoulders with the likes former US senator Larry Pressler. "The kid really understands the New Millennium e-stocktrading inside out," said an informed source.
* * *
CM Deshmukh more than made up for his slight unease in speaking in English with his wisecracks. While everyone made a point of Vajpayee being the first ever Indian PM to pay an official visit to a stock exchange, Deshmukh said he is the only CM to visit the BSE thrice in four months, including once in the company of President Clinton. "But I've taken adequate care to be in the company of Pramod Mahajan," he said in lighter vein, hinting that the BJP cannot politicise his visits. Since, these days, much is made of Farooq Abdullah ending his speeches with a "Jai Kashmir" and Bal Thackeray with "Jai Maharashtra", Deshmukh played it safe. "Jai Hind, Jai Maharashtra," he said at the end of his speech.
* * *
Governor Alexander gave an extempore speech that was well received by the audience. While his voice indicated advancing age, there was no denying the forcefulness that marked his observations. Much of his speech, delivered in a serious tone, focused on how and why the real objectives of economic liberalisation should be properly projected. This is essential, he said, to ensure that there are no misconceived notions and misunderstandings among the people at large.
* * *
It was clearly Vajpayee's speech that was the highlight of the day. Lacing his speech with typical Vajpayeesque humour and wisecracks, he had the audience frequently in splits. He started off in Hindi, thanking the BSE for giving him an opportunity to visit a stock exchange for the first time in his life. "It took me 75 years to do this. And it took BSE 125 years to invite a PM," he said, evoking laughter all around. "I must confess I don't understand the market dynamics. I'm not among the people who read the stock pages in newspapers. Now that I've visited the BSE, I shall start doing so from tomorrow," he said. He also pointed out how the letter B remains in Mumbai's lexicon by way of Bollywood and BSE. Laughter again. For the first time perhaps, the prime minister made a reference to rigging of cricket matches and exhorted the BSE not to let that sort of thing happen in stockprice determination.
 Click here to listen to Vajpayee's speech in Real Audio.
* * *
Almost all top BSE functionaries were fulsome in praise for SEBI and its chairman D R Mehta. Dina Mehta said D R stand for "dynamic and revolutionary". Bhagirath Merchant called D R Mehta "the dearest friend of the BSE". Does this mean the beginning of a new, cozy, cordial relationship between the country's premier bourse and the market regulator? Observers were quick to ask. There was a time when the BSE and SEBI were at loggerheads, poking fun and worse at each other. Things seem to have changed for the better in the New Millennium.
* * *
Dina Mehta, the first woman vice-president of the BSE, proposed a vote of thanks. It was very unlike the usual drab affairs that these votes are. She spoke extempore and referred to the main points raised by every speaker and followed it up with a witty comment or two. She drew repeated applause for her commendable effort.
* * *
Former BSE president J C Parekh, whom Rathi succeeded in controversial circumstances, was seen entering the hall very late and quietly moving to his seat in the front row. Tongues wagged as to whether Parekh was deliberately kept aside from the limelight. Parekh had had a stormy relationship with SEBI during his tenure.
* * *
As said earlier, the first ever visit of an Indian prime minister to a stock exchange was sought to be made a memorable affair. There were frequent references to "fast-changing times". The event organisers, however, seemed to disagree: the designer wall-clocks at the back of the hall, indicating different time-zones, were defunct! The clock for Mumbai showed 4:30 when the time was 19:30 hours IST.
* * *
The function started with a beautiful audio-visual invocation of Goddess Laxmi by Shubha Mudgal and Hariharan. It ended on a patriotic note: Bharatbala and A R Rahman's Jana Gana Mana, the national anthem, featuring India's best-known singers, was played.
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