Subject: File No. S7-29-10
From: Edgar M Dawai, Mr
Affiliation: Investor

December 10, 2013

The market players particularly the banks want to have the access to the trading floor restricted to those who can outbid everyone else in a public auction conducted according to its own rules. However, the Securities Exchange has emerged to be at odds with the standpoint of the bourse's intermediaries, who argue that they had previously auctioned a "seat for as much" and there was no reason the price of a trading right should go as "low". The best way to realise the right price for a seat is to auction it. Then you will have serious bidders. "If the entry is very low, it might breed corruption because there would be so many people willing to pay the amount and it could depend on who can pay the biggest bribe."