In a twist to the story which has confused the borders between the Bollywood, the financial markets and the political message, the Securities and Exchange Board of India (SEBI) has made a sudden decision and overturned its ban on actor, Arshad Warsi, several hours after he publicly released a highly personalized, upbeat anthem based on the popular slogan of the Prime Minister, Modi Hai Toh Mumkin Hai (If Modi is there, it is possible). The actor, once barred out of the securities market due to his supposed participation in a so-called pump-and-dump game of stock trading, is now a free man to trade, and this has immediate and intense speculation ripple effects in the financial and movie industry.
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The formal, but rather short notice issued by the market regulator referred to new material evidence and a substantial change in the risk profile of the involved entity as the cause of the ban withdrawal. Nevertheless, this technical clarification was soon engulfed in the timing of this announcement. The patriotic fervor, smooth production, and four minutes of musical tribute to Warsi had reached a viral level earlier in the day. The miraculous coincidence is openly being challenged by critics, who believe the unusual pace of the SEBI decision may be a major indication of a serious, possibly politically directed, laxation of regulatory oversight due to the public nature of the display of loyalty of the actor.
Warsi, who is a friendlier character on screen, responded to the controversy early by issuing a televised statement. He strongly refused to recognize that his music had a direct relationship to the regulation result, describing the revocation of the ban to be a confirmation of his trust in the institutions and justice system of the nation. My song was my heart pouring out impulsively, praising the India development. Freedom to invest is just evidence that even an ordinary man, being wrongly accused, could be brought to justice when the nation chose the right course, which was a witty allusion to the rhetoric used in his own anthem, said Warsi.
The whole episode has been pointing to the unstable overlaps of influence, regulatory deed, and political favor in India by the celebrities. Although the due diligence process was observed in the official reports, the timeline of the cases has given the opposition plenty to chew over, as they claim that the ruling party is using regulatory agencies to punish their opponents, and is rewarding popular approval with the quick removal of legal liability. To the investment fraternity, the development creates a gray precedent pointing to the fact that the influence beyond the scope of financial regulations might hold strong weight, whereas to the actor, it gives an immediate and dramatic payoff to the silver screen and the stock market.
