Subject: File No. S7-08-20
From: Siddhartha Singh

July 14, 2020

I would not want the threshold to be increased. The $100m threshold is apt as it provides transparency in the market. There are limited chance of pump and dump in small cap equities by big players. There has been numerous scam like that in developing markets. Given the wealth divide is only growing and economy is getting concentrated amongst few players so greater transparency will keep the faith in market for smaller players.