Strengthen regulation,avoid Capital Account Convertibility:Soros

New Delhi, Dec 19 (UNI) Mr George Soros, Global financer and philanthrophist, today advised India against going in for full convertibility of the Rupee and suggested a closer monitoring of the funds flowing into the country.

"Capital account controls help a country in a crisis. Going in for outright capital account liberalisation would not be a sound idea", Mr Soros said in a special address here.

The event was organsied by Shri Ram Centre for Industrial Relations and Human Resources and Federation of Indian Chambers of Commerce and Industry (FICCI).

Mr Soros, on his first visit to India, is a leading American financer speculator, stock investor and liberal political activist.

Mr Soros, a controversial personality, is known for his undue influence on currency markets through Quantum Fund, his privately-owned investment Fund.

Geroge Soros has many critics among American social conservatives and supporters of Israel. He has also funded campaigns against US President Geroge W Bush. With an estimated current net worth of nearly 8.5 billion dollars, he has been ranked by 'Forbes' as the 27th richest person in America.

Mr Soros said to maintain tighter control of market participants, Regulatory agencies need to intensify monitoring, implying that these participants are geared to profit making and it was the job of the regultor to ensure orderly functioning of the markets.

Mr Soros, however, was not supportive of India entering into the nuclear deal with the United States, saying other countries could follow suit leading to nuclear proliferation which would pose threat of a nuclear war.

On the occassion, Mr Soros latest book 'The Age of Falliability -- the consequences of the War on terror was released.

Mr Soros in his adress and the Question and Answer Session which followed dealt with several issues. These included his early life, the influences that have shaped his thinking and personality, making money on the stock markets, his political views and those relating to International relations.

"Many people dream about making the world a better place, but I have been fortunate in being able to fulfill my dreams more than most. That said, my influence has been greatly exaggereted," he said.

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