The philosophy of disclosure in the securities markets is premised on the idea that securities represent a bundle of rights that are not visible to a potential buyer of securities and that the buyer must know the nature of the bundle of rights before investing. Disclosure also reduces the possibility of wrongdoing. Even if a disclosure is not read by anyone, the fact that something needs to be disclosed will provide a good prophylactic against wrongdoing. The idiom that sunlight is the best disi

The Securities and Exchange Board of India (Sebi) passed an interim order on August 9, 2003, debarring Samir Arora, the chief investment officer of Alliance Asset Management Company in India, from participating in the securities markets.