Of course, the goat is always well-fed and treated with care before it is sacrificed. As a matter of fact, the debate should be refocused on devising ways to dissuade small investors from our share markets. They can participate in the fixed deposits of banks, small savings of the postal system, or in selected mutual funds. Germany does not have millions of stockholders. Only 700 companies are listed in the stock exchange there.
Investors therefore use banks or mutual funds.
Assuming there is still some life left in the Abhimanyus of our share market, they should be actively encouraged to move to safer investments. Of course, the stock exchanges and merchant bankers, not to mention India Inc, may not undertake this task purely out of self-interest. The financial press can endeavour to do this. Their track record, however, does not inspire confidence in their ability to live up to this historic role. In this situation, SEBI can and must play an important role in dissuading the small investors from the share bazaar, and re-directing them to other avenues.