Subject: File No. 4-627
From: Venkatesh A
Affiliation: Individual/Retail Investor

July 21, 2011

The individual/retail investor is at a massive disadvantage due to lack of transparency in the US capital markets, especially in the small cap/penny stock market segment. I believe this is the market segment that is predominantly inundated with abusive short sales of stocks, commonly known as Naked Short Sales(NSS). The game plan of the NSS traders who are generally cash rich (relative to the retail investor) is to short the shares of stocks driving their share price to zero and thus decimating the company while they walk away with profits that are not taxable. Academic studies have shown that the NSS is a 20Billion shadow economy.

Hence, I believe, all information tagged to short sale transactions, both legal and illegal NSS should be available to all traders in real time or at the end of the day. I believe that an affordable technology exists today and it is just a matter of putting mind over matter to get it done. No excuses Along with this information, I also believe that the Transfer Agent should never be gagged and all information pertaining to a Company's share structure should be available to all traders in real time. These two , i.e the ungagging of TA and providing information on Short sales inclusive of NSS are of prime importance to traders and will serve to protect the retail/indvidual investors/traders.

Finally, it is shame that the SEC has never in the past protected the retail investors against crimes of the NSS type.