Articles by L C Gupta

This study examines the long-term rates of return on a representative portfolio of 30 Indian companies of the BSE Sensex over 1980-99. It compares the rate of return over various holding periods and decomposes it into capital appreciation and dividend. The study finds that the only lasting effect on equity portfolio returns is that of growth in earnings per share, which latter have been growing since 1990 as a result of liberalisation.

Board of India L C Gupta In its critical assessment of the regulatory effectiveness of the Securities and Exchange Board of India, the author finds the stock market still plagued by price-rigging, opaqueness of trade and a ubiquitous sub-broker system. Even the guidelines designed to protect investors' interests fail in their objective. The SEBI can ensure effectiveness by instituting collective decision-making in its functioning and by insisting on better monitoring of corporate governance.


a violation of the law of value. In any case, let us try to understand his reasoning. 'Does the Marxist theory of ground rent apply to the sphere of mining?' He thinks not, for "mining presents some obvious special features". The first of these is the non- renewability of the resources to be exploited. Mining capitalists therefore must be sure to put aside an amount sufficient to enable them to continue their activities, at the same rate of profit, when the mines they are working become exhausted. Thus, the mining capitalists devote part of their apparent gross profit (actually, this part is a cost) to exploration for new reserves, both in the area conceded to them and elsewhere. The second specific feature of mineral production is of a historical order. Mineral production appears and develops wth the development of captalism, whereas agricultural production pre-dated capitalism. Amin now puts forward a class-struggle-theory of mining rent. As the bourgeoisie of the Third World took shape as a class, and it embarked on the path of import substituting industrialisation, it demanded mining rent, and thus rent entered into the international price structure. Previously, when bourgeoisie was practically non-existent, and when imperialism was in alliance with the landlords in the Third World, there was no mining rent, but only ground rent. "In short, mining rent emerges because Algeria and Iran are industrialising themselves (even if only in a dependent way), and not vice versa"

nationalism. As it is, the book holds out no conceptual ray of hope to the non-Buddhist Tamils and others, and no beam of guiding light to those Sri Lankans who today want to work to wards a national equilibrium of culture in a multi-lingual, multi-religious, raulti-communal society which, in the verbal declarations of all parties and groups, has accepted the socialist ideal as something worth striving for.

L C Gupta The din and noise over the Tandon Study Group's suggestions having died down and some experience of implementing the suggestions having been gained, it is now an appropriate time to re-examine some of the important issues which seem to require further thinking.