I don't know why it happened, but our mind has been dictated by communist ideas, particularly omnipresent role of state and unionism. Even in capitalist mechanisms like capital market, either we cry for regulators' intervention or go for unionism. Free market practices have limited role here.

Even in case of FPO, if it is not attractive for investors, in a free market it goes bust. Please see: /time/business/article/0,8599,1712822,00.html. Anil Ambani's Recom's offer in premium price fall flat in 2008.

BPCL IPO is a continuation of past anomalies. In CHCL case, only employees had got shares and there was no public issue. CHCL sold shares adding premium. Government collected money by selling shares partly it owned in BPCL in the past. Now, BPCL has issued shares adding premium amount.

These cases are partly past anomalies, partly regulatory issues but importantly these are free market issues. Hence, investors are the prime judges here.