SEBI ko ‘Retained Earnings' par pratibandh laga dena chahiye

SEBI (Bharitya Pratibhuti aur Vinimay Board) ko ‘Retained Earnings/ fayde/ laabh ki wo rakam jise baanta naa gaya ho balke company me hi dobara jama kar liya gaya ho’ par pratibandh laga dena chahiye, taake nivesh sahi maaino me nivesh ban sake. Share me nivesh ka matlab hota hae maryadit partnership isi liye pura ka pura EPS (Earning per share/ ek share ki puri kamaayi/ fayda) ko share holder ko de dena chahiye, fayda ho ya nuksaan. Dobara us fayde ko nivesh kare yaa naa kare ye niveshak ka niji faesla hona chahiye.

Niveshak share ko fayda ya nuksan ki drushti se kam hi dekhte hae. Wo zyada dhyaan us baat par rakhte hae ke kis share ko kitne me bhecha yaa kharida jaaye, ye maryadit partnership ko be-matlab bana deta hae, aur yehi hota hae duwatiya bazaar. Mae to ise duwatiya shreni ki dalaali kahunga naaki duwatiya shreni ka bazaar aur naahi maryadit partnership.

Mujhe lagta hae adhik zaruri maamla hae ke rashtriya samsyaao par dhyaan diya jaaye naake antar-raashtriya houd ki taraf. Koi ye kaese saabit kar sakta hae ke hamare share bazaar sirf antar-raashtriya houd me barabari haasil karne ke liye chalaaye jaa rahe hae? Mujhe yaqin hae ke hamaare raaste aur manzil kaafi alag hae, hume zyada dhyaan is chiz par dena hae ke kaese aam Bhartiyo ko fayda pohche. Bhartiya Sanwidhan ki prasthawna ki bunyad par mae ye keh sakta hu ke hamaare share bazaar is liye nahi chalaaye jaa rahe hae taake corporate diggajo ko hi fayda pohoch sake, taake wo karodo abjo kama sake, balke is liye chalaaye jaa rahe hae taake aam Bhartiya nivesh ke maadhyam se paise kama sake aur apni aamdani ko badha sake. Retained Earnings/ Kamayi ke adhik hisse ko company me dobara jama karne par pratibandh laga dene se is badi samasya ka hal hoga aur saadhaaran Bhartiya ko nivesh se fayda pohchega.

Mujhe pata hae is ke liye kayi bade kanun banane padenge, par bade kanun banaana yaa sanshodhan karna samasya nahi hae. Hamari sthir padi sansthaaye aur rishwatkhori pehle darje ke afsaro se lekar kar saansad tak ye asal samasya hae; kyu saadharan Bhartiya aaj bhi do waqt ki roti kamaane me pura din guzaar deta hae jabki corporate duniya ke diggaj mehengi naao kharidte hae agar nahi to khubsurat desho me har tisre din saer sapaate ke liye nikal jaate hae, aesi sansthaaye Bhartiyo ke saath khilwaad kar rahi hae jabke inka gathan hi is liye kiya gaya tha ke aam Bhartiya niweshak ke haqq ki rakhsha kare, sansthaawo ka kaam sirf ye reh gaya hae ke saari pareshaanio ki waja antar-raashtriya utaar chadhaao se mad do, koi is baat ka khulaasa hi nahi karta ke in bade bade tound waale sarkaari afsaro aur saansado ko corporate diggajo se kitni rishwat milti hae; taake wo qaanuni daao pecho ka fayda utha kar aese qaanun tayyaar kare jo corporate diggajo ko fayda pohcha sake.

Retained Earnings/ Kamayi ke adhik hisse ko company me dobara jama karne par pratibandh lagaane par niwesh bazaar me bada toofaan aa jaayega kayi samasyaaye khadi ho jayengi, magar pratibandh ki sabse aeham waja yehi hae ke corporate diggajo ko karodo abjo khud ke liye jama karne se roka jaaye. Hume pratibandh ki waja se niwesh bazaar me aaye toofaan se guzarna hi hoga taake hum Bharitya Sanvidhan ke diye laksh ko haasil kar sake. Ye to tay hae ke Pratibandh ke baad ki samasyawo se nipatne ke liye bohot se raste khule milenge taake achanak aaye badlao se ubhara jaa sake, ye sab tab hi mumkin hae jabke hum ye krantikaari qadam uthane ko tayaar ho.

Aam niweshak ke saath khilwaad hi hota hae jab unhe corporate elections me to hissa lene diyaa jaata hae par kitni kamaayi niweshak ko naa baant kar dobaara company me jamaa kari jaaye is maamle me bolne ka haqq nahi hota. Agar niweshak limited partners hote hae to ye sirf unka adhikaar hae ke wo apni kamaayi dobaara company me daale ya nahi. Retained Earnings/ Kamayi ke adhik hisse ko company me dobara jama karne par pratibandh lagaane se aam niweshak ko company ki kamaayi me pura maryadit hissa milega aur uski aamdani badhegi, asal maayno me isi ko kaha jaa sakta hae partnership aur saath hi ye aarthik barabari/ samaanta aur aarthik nyaay hoga.

SEBI ko Retained Earnings/ Kamayi ke adhik hisse ko company me dobara jama karne par pratibandh laga dena chahiye ye, agar nahi tou aur yaqinan aesa nahi kiya jayega, tab bhi kam se kam samaan darjo ke dusre niwesh bazaar kholne ki anumati deni chahiye aur unke gathan me aane wali qanuni pareshanio ko kam kardena chahiye, ye wo niwesh bazaar honge jaha company ko kamayi ki puri rakam niweshako ko unke share ke mutabik baantni hogi. Agar coporate diggajo se rishwat ka asar naa ho tou aese niwesh bazaar zarur khole jaa sakenge jaha ‘Retained Earning/ Kamayi ka adhik hissa jise company me dobara jama kar liya jaata hae’ par pratibandh hoga, saadhaaran niweshako ko asal partner hone ka darja milega naaki wo sirf murkh voter honge; sahi maayno me unhe niwesh se kamaayi karke apni aamdani badhane ka ausar milega.