Free incoming calls?It will be interesting to see how the free-incoming calls for cell phone users actually pan out. Newspapers report that regular landline users will now pay a hefty Rs 4.80 for the privilege of a three-minute conversation with a cellphone user. Those cell phone users who hate to be disturbed by calls will find it a blessing, but those who need to stay connected all the time may actually end up spending more on outgoing calls. I, for one would be very reluctant to respond to a `call-me-on-my-mobile' request. Corporate houses will have to do some thinking too. Already the TRAI's rationalisation has led to a big increase in local call bills. If employees are now permitted to call cell phone numbers as frequently as they did before, telephone expenses will soon go sky high. If keeping these executives mobile is going to cost a pretty packet, then companies will soon have to start restricting calls from fixed lines to cell phones too - maybe MTNL will come up with a locking device toprevent calls to mobiles. It may also be a good idea for MTNL to avoid billing complaints in the future, by issuing public interest advertisements informing consumers that they would be paying thrice as much for calling cell phone numbers.The value of a cardThe NSE brokers' association, which is justifiably pleading for increase in its exposure limit, may have some problem with its argument. According to the brokers, their membership value is as good as that of the BSE card, which has now shot up to nearly Rs 2 crores. But there is a difference. The NSE member may pay up to Rs 1.5 crores in fees and deposits for membership, but in tangible terms the value diminishes when it's time to quit. A NSE membership can only be surrendered, not sold. Moreover, the three-year lock-in period which the NSE mandates for settling residual problems also works against the broker. The card then only an expensive membership license. The flip side is this gives NSE members a stronger case to demand an increase inexposure limits from eight times base capital to 12. Unlike a BSE membership, where the exchange can recover funds only if the card is sold, the NSE can access brokers' funds far more directly and is hence safer. Also, it is time that they ask SEBI some basic questions. For instance, has the NSE officially asked for an increase in exposure limits and been turned down by the regulator? If SEBI does not want to be accused of discrimination then it better do some homework.To hell with the regulator?At least three private banks who are depository participants, continue to cock a snook at SEBI by demanding a hefty deposit for opening a DP account for dematerialisation of shares. The National Share Depository Ltd. (NSDL) has already been informed, but if SEBI is serious about enforcing its rules then it can also be provided with specific information. The mischief by DPs does not stop with bank accounts, other DPs have been routinely returning shares sent for dematerialisation on the rounds of signaturedifferences. So far, the NSDL has argued that it is better for DPs to be slow but careful. However a senior government official talks about how his Reliance shares, authenticated by a broker were returned on the grounds of a signature difference. Next time he had them authenticated by a bank, but it still did not satisfy the DP. He how plans to use his clout and approach friends in the company. What happens to the ordinary shareholder?Author's email:suchetadalal@yahoo.com
