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while I was entering in the stock market I'm 1960 born I think my sister got married 1975 remember from that year I used to read the newspaper and I used to see that prices fluctuate and I was always a very inquisitive child and my father always encouraged my inquisitiveness and my father us to do some investing some trading so I used to be after him that Daddy why do prices fluctuate why do you buy stock box youed to tell me that read the news and you see something comes about grass goer next day go prices go up and down because news comes then you know some balance sheets I used to see what is this balance sheet so a young person never understood much but I used to understand oh share Capital reserves and surplus means very good company has got large money so I had a childhood curiosity and a childhood interest but you were a bureaucrat son I mean weren't you propelled into the I ifs type of stream well I was a buite son but fortunately I a very Democratic father and also we are from a business background business is in our blood speculation and trading is in our blood we from Rajasthan junju district and my father is very Democratic very encouraging dad and he taught me a lot and he encouraged me to do whatever I found interesting inquisitive but uh my sense is that when you decided to become a broker say for example he wasn't U exactly embracing you yeah maybe that was Far later when I was about 29 19899 no he never I tell you I I never forget I became a chart account in 1985 and I come from a very middle class background my father had no business and I had to make my life myself so he told me after completed my child account in 1985 that what do you want to do so I want to go to the stock market so he told me three four things which are very very I mean I think which are the basis of my career today he said don't go to any of my friends don't ask me for any money don't do this I'll do this right that don't ask anyone for any money right don't forget your word is your bond you have a house you can live here you're a sharp fellow you're a child accountant you can earn 15 20,000 a month you look after yourself be fearless and morally encouraged always 1985 is when you entered the market can you tell us the first stock which was your original idea well I had no money and my brother was practicing child accountant he had a client whom he introduced me to and she had a lot of money and she wanted to have an anounced return so I you know she was very well provided for I said why do you want to you know go into stocks but I can do one thing that bank deposits pay you used to pay about 10% that time so I said I told her you lend me some money I give you 18% interest so she s security so I said I said I have no security I had 5,000 rupes in the bank which is what I you know when I saved through my articles and something my father had put in the bank when I was a child so I told her that what I can do is you give me a check of 1 lakh I'll give you a security after 15 days then you give me a check of 1 and half lakhs again I give you a security and after some persuasion she agreed so that's why I got the first 2 and half laks cuz we date ourself interest rates were high 18% and after 15 days because settlements were 15 days yeah so that's why I G the security but in ' 89 by the time of d d budget you would hit your spur I mean 3 four years into the market you were now becom 85 to 89 I this lady gave me 2 and2 laks then one other there was a Christian gentleman to I still even today I pay him 24% interest you know I still have his money he gave me 5 lakhs I went and gave him a security he returned it to me I told him Mr M say you don't know what you're doing you're giving me money I have I'm in the stock he said no raakesh I trust you I had this 7 and2 lakhs then I earned about 8 10 lakhs of rupes in trading in 1985 86 in investing trading and then I bought 5000 sh of tataa power then the stock market went through a fairly the logic of the Tata part the yield was greater than the interest you was greater and also you know the earnings was very good and there was some talk there is you know the companies were getting a fixed return in accordance with the electricity act right there was some talk that they will link it to the amount of power generated at those times you know even the percentage of capacity used was Far lower than today but tataa power's capacity was 100% so then tataa power would have benefited very much if they fixed the rate of return to the capacity utilize correct and there good yield 150 rupees I bought this to give a dividend of 18 rupees that covered part of your interest cost but by 89 you hit your stride I mean you were looking at bigger things it was more than just making a living yeah I went through two three uh you know the the there bare years I would say depressive years but I never speculated I had a badge I us to go to the ring I used to observe right and you know I Al I mean I felt then that the only way then I asked my family for some financial help with it I mean my father said I will stick by what I said you want to go to the stock market right and stock bring was not considered a fashionable profession in those days he said you have to make it yourself but Dr R I can tell you one thing although my you know the I live I live with my father in that house today the same house today and when my dad you know he although he did not finally help me it was very critical that I lived in a joint family I got married in ' 87 and I had no income I had two two two three very bad years in the market not that I lost money but I didn't earn much the markets itself didn't give the opportunity give the opportunity and I was very always very careful as always but in 89 what made you make that Contra call still you know so but although I was not earning anything because my father was looking after the house looking after the kitchen and I was living with him I had no problem suppose I was not in the joint family I don't think I in the market I to take up a job no savings no savings you know I had a savings I had 5000 T power but if you kept spending it yeah so and I didn't want to spend it right so then I realized that see the passport to grow this capital and no no father is going to give it no father-in-law is going to give it so that Capital had to come through trading and then that's when I decided then I had a friend Mr Bajaj he was very bullish in caga so he told me about cago and I believe 27 rupees you know cago and you know the iron prices are fixed annually the prices were announced for the next year and stocks was available at 27 28 rupees so that was really the first pun of my life that I bought about 2 and half lakh shares of sis 2728 then I bought another 2 and half lakh shares of 35 36 and those shes went a price of 65 6 the cont
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