LEST THE MAJORITY OF THE MEMBERS OF THE COMMITTEE FEEL THAT THEY ARE DUTY BOUND TO START DERIVATIVES TRADING SOMEHOW AND AT THE EARLIEST, KEEPING IN MIND THE HAZARDS POINTED OUT ABOVE, I WOULD LIKE TO DISSOCIATE MYSELF COMPLETELY FROM ANY OF THE RECOMMENDATIONS WHICH SUGGEST IMMEDIATE INTRODUCTION OF DERIVATIVES TRADING WITHOUT TAKING ALL NECESSARY STEPS TO SAFEGUARD THE INTEREST OF INVESTORS AND THE NATION. I WOULD URGE SEBI TO RELEASE THE COMMITTEE’S REPORT AS WELL AS MY NOTE OF DISSENT TO PUBLIC AT LARGE FOR THEIR COMMENTS SO AS TO START A PUBLIC DEBATE. IT IS IMPERATIVE THAT COMMENTS OF VARIOUS MARKET PLAYERS BE OBTAINED FROM ALL THE STOCK EXCHANGES BEFORE SEBI TAKES ANY DECISION IN THE MATTER. I SUGGEST THAT THE MEMBERS OF THE 12^TH PARLIAMENT SHOULD HAVE FULL SAY IN DECIDING WHETHER OR NOT TO AMEND VARIOUS ACTS OF THE PARLIAMENT WHICH TODAY PROHIBIT TRADING IN DERIVATIVES.

ALL THE CONSENTING MEMBERS OF THE COMMITTEE, SEBI AND THE MINISTRY OF FINANCE WOULD BE HELD RESPONSIBLE IF PREMATURE INTRODUCTION OF DERIVATIVES TRADING IN INDIA RESULTS IN MASSIVE DEBACLE AND RESULTANT DRAINAGE OF FOREIGN EXCHANGE FROM THE COUNTRY. I WOULD LIKE TO REPEAT MR. BOTTERLIER’S WARNING THAT "THE SUDDEN WITHDRAWAL OF CAPITAL CAN HAVE SOCIAL CONSEQUENCES THAT ARE PERHAPS AS CRUEL AS WAR, AND IN SOME SENSES EVEN WORSE THAN WAR". THE DAMAGE CAUSED WOULD BE IRREPARABLE AND WILL POSSIBLY END IN APPOINTMENT OF A COMMITTEE OR TWO TO PERFORM POST-MORTEM IN AN STINKING ATMOSPHERE WITHOUT ANY CHANCE OF REDEEMING THE VITALITY OF THE CAPITAL MARKET.