New Delhi, March 2 -- Dear Chairman Pandey,

At the outset, let me wish you a rewarding and productive tenure as the head of India's securities market regulator. I would have personally preferred a 5-year term, with no re-employment or extension.

You assume office at a very critical time in the history of the organization. In terms of both products and processes, there have been significant achievements. At the same time, for reasons good or bad, the reputation of the organization has been somewhat dented. I am sure that with your experience in the area of finance, and perhaps in the arena of securities markets, you will hit the ground running with a plan to address urgent and important matters.

It is not my intention to burden you with...