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An analysis of remuneration paid to the business heads at various national stock and commodity exchanges in the country shows that most of them were paid crores of rupees in the last financial year and were mostly awarded a considerable increase in their compensation from the previous year.
However, with the economic downturn weighing down on the investors' sentiments, the business has taken a hit at stock exchanges, although the commodity bourses have managed to grow their turnover in non-agricultural products.
Leading the remuneration tally, National Stock Exchange (NSE) gave its Managing Director Ravi Narain a total payout of Rs 3.34 crore in 2007-08.
At the same time, the bourse's deputy Managing Director Chitra Ramakrishna was paid a remuneration of Rs 2.16 crore.
Not far behind, BSE paid a total remuneration of Rs 1.18 crore to its MD & CEO Rajnikant Patel in 2007-08, which more than doubled from about Rs 52.3 lakh in the previous year.
Patel had, however, resigned from BSE and in November 2008 joined as President-Exchange Business at Anil Ambani group firm Reliance Money, which has entered the commodity exchange business through a stake purchase in National Multi-Commodity Exchange of India Ltd (NMCE).
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Most of the rich Indians do not understand their social responsibilities. Without social responsibilities, they will be living in a rich island surrounded by an ocean of ignorance, poverty and greed. If people around me are poor, my wealth would become an eyesore.
*The author needs a course in financial economics. The author is trying to hint that pay of chiefs of stock exchanges (NSE/BSE) is high, and it should not be so high because stock values of most firms are down. This is illogical. The author is trying to suggest that the NSE/BSE chiefs should get high pays only if stocks perform well. But the author forgets that the role of stock exchange chiefs is to simply ensure that of a 'regulator' who ensures that stocks are traded in a fair and transparent manner as per regulations. They have nothing to do with the actual decision of to people like us to buy or sell stocks, apart from ensuring that regulations are followed. It is the choice of we people, stock analysts, and investors to buy/sell stocks... so why is the author trying to blame the NSE/BSE chiefs who simply need to ensure fairplay during buying selling? If stocks are down, it is because stocks deserve a low price in the current economy. Don't blame the regulator(messenger) for this
this article is an eyeopener for private enterprenuers, in future, it is better to go for employment in good organisations.