It feels good when mainstream media quotes you, and even better if it’s twice in the same day! Here’s Sundaresha Subramanian at Business Standard on how NSEL contracts were sold as risk free:
These trades were put through in the form of an execution advisory, says Deepak Shenoy, founder of Capitalmind.in, who has been tracking the NSEL crisis for the past few days. “They were pitching to the HNIs. They offer it to the client. If he agrees, they executed the trade. The broker made about Rs 877 on each leg of the transaction. These trades continued for 15-16 months. And, in a year, a broker made a cool Rs 20,000.”
And then, my money quote:
“Everything that seems 100 per cent risk-free will work beautifully until that one day when there is 100 per cent risk,” Shenoy said in his post on capitalmind.in
(Read the post they refer to: The 100% risk free product)
And then, “The Men Who Saw it Coming”:
But, with the spurt of social media, analysis and critical comments are no longer monopoly of the journalists and columnists. A few people online have been giving the mainstream a run for their money in tracking the NSEL payment crisis. These include www.capitalmind.in by Bangalore-based Deepak Shenoy and Sanjay Bakshi’s fundooprofessor.wordpress.com. Take time to read these for some clinical analysis and commentary.
Thanks for all the fish!