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At
first glance, Deena Mehta could pass off for your next door
neighbour! But scratch the surface and the high-powered entrepreneurial
spirit is unmistakable.
Initially,
the Bulls and the Bears of Dalal Street seemed a trifle
reluctant to accept her unabashed victory, as she
invaded the male bastion, demolishing the chauvinist
glass celling by becoming the first woman director
in the 122-year history of the bourse – her 392
votes being the highest ever won by a single candidate
in 1997!
Now, five years later, Deena Mehta still remains the
most sought-after woman in the BSE boardroom!
The
confidence placed in her seems to be well-invested.
She's definitely not a silent bystander.
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Her crowded agenda has attended to many reforms, as she remained
a key player in computerising the BSE, as a member of MAG-5,
the core group that implemented the project.
She
worked hard on reforming the archaic bylaws of the exchange
– "The work was massive and needed urgent attention,
as bylaws had to incorporate clauses on Bolt-trading. I provided
the business perspectives to the legal brains, drafting the
bylaws. And of course, my first priority at that time, which
I dealt successfully, was to tackle the 'fake and stolen'
shares problem, a major irritant in every investor's life."
So
how tall does she stand today? A modest Mehta exudes confidence
and ascribes her popularity to her efficiency, professionalism
and her ability to take prompt action.
A
mark of her vision was that Asit Mehta's brokerage firm was
the first at the BSE to be corporatised. When BSE decided
to give brokerage cards to professionals, she stood second
in a merit list of 69 drawn, from 400-odd applicants.
Graduation
from Sydhenham College, a Masters degree in management studies,
from NM College, CA – followed by an apprenticeship at
a law firm, followed by a Masters in Business Administration,
Deena remains a ringmaster of sorts having a list of "firsts",
to her credit. If in 1986, she became the first woman to conduct
trading in the "black-topi" clad, century-old BSE
ring, today, she is also India's highest female taxpayer,
pouring almost Rs. 55 lakh into the IT coffers!
A
low-profile person, who knows what she wants, and has the
confidence to achieve it, she stands as an inspirational icon
of achieving that perfect balance between new-age feminism
and the private world of domesticity and motherhood!
Ask
her, her "magic moments" and the self-made woman
says in a matter-of-fact tone, "My needs are very few.
My family means a lot to me. They have been my constant support
in this journey. I may be the administrator but Asit is the
visionary. It is his positive attitude that has been my constant
source of inspiration; my two sons, they are thrilled with
my achievements. On the professional level, my magic moments
are completely interwoven with the BSE. The BSE ring was the
beginning of a beautiful affair, as it gave me the opportunity
to find myself – it acted as that magic mirror, where
a woman assesses herself, not by asking - who's the fairest
of all – but by assessing herself as an individual shorn
off all slapped-on identities, to simply see her own true
self."
Ask
the lady about the precarious economic situation today, war-fear,
difficult investment options, the "casino" name
that the market has earned and the sudden slump – an
eerie silence that dominates present day stock market. The
market meltdown has caught many investors with their chips
down, as the recent scams drove the Sensex to stratospheric
levels, only to crash with equal force, goring hundreds of
small investors in the battle. Brokers disappeared, clients,
committed suicide, the tide turned ugly as the bears did their
cleansing. Who's to be blamed for the crises in the market?
In our greed do we actually choose not to see reason? Is the
stock market a bad place to invest hard earned money? Is our
capital market full of flaws?
The
lady answers in calm and reassuring tones, "We are living
in an era of constant flux. Chaos is the theme and uncertainty,
the only constant. Big money can definitely move stocks and
shall continue to do so. Media-hype, private placements, a
sudden increase in institutional holdings, manipulations jockeying
up prices are all dangerous baits. Don't bite. Wait. Enter
a stock, if you find value in it, but most importantly, EXIT
if you find that its valuations are beginning to get stretched.
You might not make extraordeenary profits, but you will also
protect yourself from making extraordinary losses. The stock
market is as safe an investment, as any other. It's only when
the common man equates it to a casino, that trouble enters.
People lose money due to the excessive gambling tendency that
an average Indian has, which makes him indulge in stock investments
more to speculate then to invest. The share market is definitely
not a place for a jackpot. However, it often provides safe
return at around 15 to 20 percent. Anything more than this
should be considered abnormal. Don't belittle this 15 to 20
percent annual again which overtime and with compounding make
a huge difference."
She
goes on to add, "What's needed at the stock exchange
is less of emotions and more of common sense. What the common
person needs today is 'investment education' and I am holding
seminars on that, as much as I can. It is high time we learn
to distinguish between errors of judgment and premeditated
frauds between a few people, who subvert and exploit the systemic
loopholes, thereby jettisoning entire business communities
for the faults of a few. And it is high time we learn from
each experience and revise the systems for prevention while
giving out speedy, exemplary punishments after fair trials."
So
shall we say, "good-bye volatility, welcome stability",
or wait for the next "bull-rally"? A sense of deja-vu
still lingers...
Courtesy - The Times of India ( Bombay Times - Downtown
Plus ) published on April 13, 2003.
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