U.K. SINHA
GOING PUBLIC
My Time at Sebi
Foreword by Pranab Mukherjee
Contents
Part I
Early Life, Ministry of Finance and UTI
Part II
Joining SEBI, Initial Challenges and Market Development
Part III
Regulatory Reforms
Part IV
Unregulated Deposit-taking Schemes
Part V
Some Parting Thoughts
Advance Praise for Going Public
Through much of his career as a civil servant, U.K. Sinha was intimately involved in the development of capital markets in India. He then served as chairman of the Securities and Exchange Board of India. This book offers a ringside view of the challenges he faced, including the restructuring of the Unit Trust of India, and his battle against fraud, market manipulation and rogue financial firms. It is a must-read for anyone interested in Indias financial developmentRaghuram Rajan, former governor of the Reserve Bank of India
This book by a respected policymaker is a remarkable insiders account of the financial sector. It is enjoyable, educative and an easy read on a complex subject of contemporary interest and is compulsory reading for policymakers and scholars in public policy. Capturing both the dark and bright side of financial sector, it has a unique blend of anecdotes, case studies, analyses and observations. The book has achieved a remarkable balance between the breadth and depth of coverageDr Y.V. Reddy, former governor of the Reserve Bank of India.
A masterly presentation of the leadership challenges in capital market development from one of Indias foremost public professionals. U.K. marshals over three decades of experience within and outside the government to weigh in on the major policy issues in financial sector regulation. Alongside, he weaves in his very engaging personal story with characteristic candour, integrity and restraintDr D. Subbarao, former governor of the Reserve Bank of India.
U.K. Sinha is undoubtedly among the most experienced and well-informed financial experts in the civil service. He has had the unique experience of managing the Unit Trust of India (AMC) and the Securities and Exchange Board of India, and handling policy issues in the Capital Markets division of the ministry of finance. Having been there and having done it all, Sinha has the best credentials to author a comprehensive and insightful overview of issues in the corporate bond market, regulatory reform and the rather-delicate relationship between regulators and the government. In Going Public , he has deftly narrated the dexterity and competence with which he handled very sensitive issues. Going Public lucidly explains a host of challenges in the capital markets that face regulators and government. Going Public is a must-read for practitioners, regulators and policy framersVinod Rai, former comptroller and auditor general of India.
U.K. Sinhas Going Public offers interesting insights from his versatile career as a bureaucrat, corporate leader and regulator. The book lucidly, yet deftly, addresses the complex web of relationships between the financial sector, government and regulators. For anyone interested in the evolution of Indias financial system, there are invaluable lessons to learn from Mr Sinhas sagacityDeepak Parekh, chairman, HDFC
This is an amazing book. It is a story of how one of the largest countries in the world has been taken to the forefront of emerging capital markets by smart and talent people with both the vision and hands-on experience at the grass-roots level to navigate through the complexities of bureaucracy and human ingenuity. India will have one of the largest capital markets in the world. It takes great patience, resilience and attention-to-detail to build these foundations. Chairman Sinha demonstrates how institution-building with independence, professionalism and integrity is key to protecting investors savingsDr Andrew Sheng, Distinguished Fellow at Fung Global Institute, Hong Kong
U.K. Sinha, who served as the chairman of the Securities and Exchange Board of India (SEBI) from 2011 to 2017, is among the most distinguished regulators of India. As a member of the International Advisory Board of SEBI, I witnessed first-hand his impeccable command of every single issue we discussed, as also the professionalism of his team. Going Public is an engaging account of the developments in Indias capital market, the challenges it throws at policymakers and how a determined and committed regulator can bring about change that is long-lasting and growth-enhancing. A must-read book for anyone interested in the capital market and its regulation, especially in a fast-growing developing countryArvind Panagariya, professor of economics, School of International and Public Affairs, Columbia University, New York City
With his vast and varied experience as a policymaker, market practitioner and a proactive capital market regulator, U.K. Sinhas Going Public is a must-read for both public policy practitioners and aspirants. Written lucidly, the contents cover a large swathe of modern Indian economic history. Future regulators will benefit from the insights and lessons in it, as the Indian financial sector continues to evolve and attain globally comparable depth and complexityRajiv Kumar, vice chairman of NITI Aayog
As a bureaucrat, U.K. Sinha always wanted to make the most of what was on his plate. As the boss of Indias oldest mutual fund, he focused on developing products and spreading in unchartered territories. As the market regulator, he picked his battles and took them to their logical end. A Securities and Exchange Board of India chairman, with two extensions and a six-year tenure, Sinha had to fight five public interest litigations in Indias highest court that challenged either his appointment or extension of terms. The graphic narration of how he took on Indias largest shadow bank, Subrata Roys Sahara India Financial Corp. Ltd, is gripping. Going Public is the story of the development of Indias financial sector and capital marketswarts and allseen through the eyes of a bureaucrat, a fund manager, and a regulator adept at solving crises and quietly taking on the high and mightyTamal Bandyopadhyay, senior journalist
U.K. Sinha cut his teeth as an IAS officer in Bihars toughest zones. We presume it prepared him for the work he did decades later as one of the brilliant crop of Indian economic bureaucrats. Going Pub lic is as much an IAS memoir as a must-read insight into the mystifying world of finance and market regulation, and indeed some scam-busting, from Pearl Plantations, to Rose Valley and Saradha Chit Fund, to SaharaShekhar Gupta, chairman and editor-in-chief of The Print
This is an absolutely fascinating book. Not only does it offer an insightful account of how his career has developed and how he came to play such an important role in the development of Indian capital markets but it also provides an exceptionally informative overview of the functioning of a regulatory institution and the challenges that it faces. I believe that many regulatory agencies around the world can learn valuable lessons from a careful study of the bookProf. Colin Mayer, author and professor at University of Oxford
Anyone interested in pursuing a career in the capital markets of India would be well-advised to carefully study U.K. Sinhas excellent book, Going Public . In this easy-to-read volume, Mr Sinha takes us from his early days as a schoolboy in remote Gopalganj, through his various postings with the Indian Administrative Service, to his rise to chairman of SEBI. Mr Sinha gives us an insightful look into the history of SEBI before a detailed look into some of the most interesting cases and problems SEBI dealt with during his time as chairmanBlair C. Pickerell, former CEO, Asia, of JP Morgan Funds, HSBC Investment Management, Morgan Stanley Investment Management; and former chairman, Asia, of Nikko Asset Management