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S Murlidharan: IPO reforms are key to reining in greed
While secondary market practices have improved in India, a minimum dividend on equity will put an end to the rapacious premia charged in the primary market From the days of dirigisme, when the Controller of Capital Issues condescended to allow a small premium grudgingly on the face value of shares on offer, we had long ago swung to the other extreme — free pricing under the 100 per cent book building