The New Improved Harshad Mehta

BORED Room—a quirky painting at the reception to Harshad Mehta's office on the 12th floor of a plush Nariman Point highrise. Stockbrokers, in various stages of passive activity, seated around a table which has an unobstructed view of the hub of  stocktrading—the BSE. Beyond that, the caricatured wall adornment says nothing.

Aptly so. Because Harshad Mehta is neither a bored man, and nor has he ever lost sight of the stock bazaar. In fact, as he lords over the spectacular view in his mostly black outfit, barring the floral pattern on his socks and his crisp white shirt, the only changes in him over the years seems to be the greying of that much photographed mane and a more reflective attitude to changes in fortune. As he sits smartly behind his laptop, the Big Bull appears raring to go. A Supreme Court directive passed some time ago has permitted him to barge back into action. Ironically, Mehta's attempts to move bag and baggage into the market coincide with a former prime minister, the alleged recipient of the Rs 1 crore suitcase, packing up his.

"He has been the only individual to sway the market nationwide," says financial expert Nipun Mehta. "And while those who doubt his credibility are far outnumbered by those who think his presence will make an impact on the market, much will depend on the funds he has." While speculation is rife as to how much the new improved Harshad will bring in again, he himself refuses to divulge his travel plans. There is just no telling where the Harshad of High Places will pitch his tent.

Records are made to be broken, just like the bank accounts, life-long savings and dear hearts of gentle people. "I would probably find a place in The Guiness Book of World Records, going by the number of criminal and civil cases against me," confided Mehta to a friend. They incidentally number more than 400—each ensuring his place in the sun. "The Amitabh Bachchan of the Stock Market, the Pied Piper who lured the market to its doom," was a crisp comment from a fellow stockbroker. The Piper had pipped everyone else to the post; so what did he have that the others didn't? "Access to unlimited funds and a devious bent of mind," lends another voice. The man had propped up counters like a house of cards, played his aces well, became the uncrowned king...until, well, he was jacked.

Today, as he charts a comeback, Mehta has to contend with the FIIs, SEBI, an over-regulated market and a wiser public. Not everyone wants to speak of him—highly or otherwise. The crowning quote, however, is a taut "no comment" from SEBI chief D.R. Mehta. Harshad Mehta seems to have grown older too and with his statement on the past—"we all have decided to treat it as an accident which, having occurred, will heal with the passage of time"—the bull's run in the ring may not be as spirited as before.

Then again, not for Mehta the contra-compliments of being called 'marked' or 'marginalised'. To begin with, the peddler of worthless shares passes the credit of his deeds onto himself as creativity. Accounting for the past in a way guaranteed to raise more heckles than funds, he is reported to have said: "I still consider it an effort of my creativity. Some people were creative enough to understand the system and make lots of money while others were not. Not that the market did not have intelligent people around. It is just that they realised it too late."

 Yet, the market has perked up at the very mention of his return. "I still make headlines," he complains. "The press still hounds me for interviews. Just the other day, the heavy buying at the Tisco counter was attributed to the Hindu-jas and me. That is all completely untrue." As persistent as the press has been the Income Tax Department. The Inter Disciplinary Group investigating the end-use of the funds in the scam reported last week that most of the money related to the Harshad Mehta Group (HMG) has been traced. Shares undelivered to HMG, amounting to Rs 4 crore from Delhi and Rs 24 crore from Calcutta, have been attached. Earlier Mehta had suffered separation pangs from his Toyota Lexus when his entire fleet of cars was held under the auctioneer's block. "I have learnt from my past mistakes. I have decided to keep my family away from all my financial dealings. There will be a strict dividing line between my personal and professional life. My family, especially my wife Jyoti and son Atul, have been extremely supportive in my most trying times," he is supposed to have told a friend.

Corroborating the persecution-complexed case at the height of the scam, a spokesperson from Crosswords, a bookstore in Warden Road, Mumbai recalls: "He had come in with a relative for a few books on computers and management. Soon the income tax people asked us for the bills of purchase and an affidavit stating that he had paid cash. But we couldn't do that because he didn't actually make the payment himself."

 Down? Out? Never. A placard next to a coffee-table in Mehta's office reads: Don't Get Mad, Get Even. Odd as this may sound, is the investors club a means of getting on even ground? "Nothing has been finalised," concedes the Big Bull. "But yes, I do plan to start an investors club. The idea is to do something for the investors, who have lost faith in the stockmarket. I do not propose to give tips as to where one should invest but provide advice—free of cost. As it is, the word 'tips' sounds or has been given a very derogatory connotation in the market today. But I see this as my little contribution to the scores of investors looking for a helping hand."

So, who is buying the idea? "At best, one would view it with indifference," opines Alok Sethi, director, NatWest "But one is concerned about the return of tips in the market. This is what misled people in the last boom. Investors should now be guided only by fundamentals and not get carried away by tips irresepective of whether they are being given by FIIs or Harshad Mehta." Going by the Big Bull's word, however, a lot of people still consider his as the last one in the stockmarket. "Ever since the Supreme Court permitted me to restart activities, I have received a hope for proper and meaningful subsistence. I have always had offers and feelers from FIIs to act as their consultant. Today even FIIs in India are in bad shape, not having been able to justify their existence through returns. They are in need of able guidance, which I think I could be able to provide for a remuneration. Mind you, this would be completely departing from what I have in mind about advice to investors which would be free of cost." With stocks of the Jindal Group showing an inexplicable rise and a pattern reminiscent of the peak days of the stockmarket mogul emerging, the man just might have his way.

Does that mean things are looking up for Mehta again? Another table-top message in his office reads "Be brief" on one side and "Be patient" on the other. Dr Shantanu Nagerkatti, who recently held a stress management workshop for brokers in Mumbai, remembers: "At the workshop, he spoke on how to manage stress and how suffering has a purificatory effect. If Harshad Mehta had been on a high all his life, he would not have become sensitive to others. Reflection and introspection resulting out of suffering, has changed his perspective both in his personal and professional life."

Thus, in the years spanning the rise and fall of the man, Mehta has bided his time while doing other things too. An hour of yoga and exercises at home. Many hours spent poring over newspapers and catching up on the latest. And a commendable chunk going into solving administrative hurdles, including legal cases, both civil and criminal. While he has also begun writing for magazines, the book will take a while. "My graph showed a steep rise and then a steep fall. If I write a book now, it will only be a flashy story. To write a book, the graph must rise again," says the sturdy stockbroker.

The stocks are stacked against him, his credibility value too. But then, life for the Big Bull, whose office by virtue of structure looks down on that of Dhirubhai Ambani's, hasn't always been con-fined to bear necessities!