New Delhi, July 17 -- The Securities and Exchange Board of India (Sebi) recently found that Wall Street financial firm Jane Street Capital had manipulated the cash and forward markets, fleeced hapless Indian investors, and made millions of dollars.

For many, this would evoke images of The Wolf of Wall Street, howling Greed is Good, rebirth of the East India Company, and finance capital, rising, and shimmering, shapeless and threatening, from Lenin's tract on imperialism.

It might be more useful to interpret this as India's shoe-shine-boy-offering-stock-tips moment, and remove the restriction on venture capital (VC) funds raising money from the public.

The story goes that a stockbroker named Joseph, taking a break from hollering out the...