At least our regulators are pure as the ISI mark.

Subrata Roy, Chief of the Sahara group is still sitting in Tihar jail on a charge of contempt of court. Court cases in India are almost impossible to understand by mortals such as us. Seems that the Sahara group raised money from investors through debentures which was not liked by the Securities and Exchange Board of India. Matters went to the Supreme Court which asked the Sebi to investigate. Instead the Sebi asked Sahara to refund money to all investors with interest at 15%. Subrata Roy claims that he has done so but Sebi and the Supreme Court do not believe him so he is still sitting in jail. Even though there has never been any complaint of default from any investor the Sebi believes that Rs 200 billion is still outstanding and has been advertising for claimants to come forward. Sadly for Sebi only around 4600 investors have claimed refunds for a grand total of Rs 100 million. Subrata Roy was rumored to be close to Mr Mulayam Singh Yadav of the Samajwadi Party but has strenuously denied that party money was being laundered through his companies. However, elections in UP were coming up and the Congress was in power at the center. Although we would never believe that our regulators are anything other than pure as driven snow we have seen how the CBI filed cases against Modi and Amit Shah, who were considered opponents, while finding nothing against Ms Mayawati, whose support was crucial for the Congress to stay in power. While the Sebi was working frantically on Sahara, before UP elections in 2012, it was almost completely paralysed when it came to a complaint filed by one Mr KK Sinha in 2008 against DLF Ltd, which is a huge construction firm in Delhi and Haryana. Mr Sinha had to go to court against the " deliberate inaction " by Sebi which defended its paralysis by saying that the plaintiff was not an investor in the securities market and since the subsidiary of DLF was unlisted it could not act. Exactly the opposite of what it did with Sahara. However, it could not be because Mr KP Singh, owner of DLF, has been a friend of the Gandhis for years, starting with Mr Rajiv Gandhi. It is not surprising that when Mr Robert Vadra wanted to dabble in real estate he would want Mr Singh as partner. At the time debts were mounting and DLF was resorting to creative accounting through subsidiary companies. When Mr Vadra's deals became common knowledge and the pressure started to mount the Sebi passed an order forbidding Mr KP Singh and DLF from selling shares in the market to raise money to pay off their debt. In a totally shameless act of sycophancy the outgoing Congress government in Haryana made Mr Vadra's deals legal. The new government has promised to investigate the deals. We hope that it has not made a deal with Congress already.