Now, I would like to say that with this measure we are now adopting, to my mind, it will not be possible to have this system or any other system functioning effectively. The number of clauses that we have included are so restrictive and rigid that it will not be possible for any system to function in this country. If at all it is able to function, it will be able to function with a lot of difficulties. It will be said afterwards that the industrial sector, particularly the private sector, has not been able to deliver the goods. I would like to warn the Government that if anything happens in the future in which industrial production or production in the private sector has not gone up, it would be not because of any lack of efforts on the part of the private sector but because of the measure that we are now adopting. I have mentioned several times how this particular Bill is very restrictive and how it will hamper the normal growth of companies in this country. It is a pity that when we are on the threshold of the Tenth Five Year Plan, such a measure should be passed in this House. I would now like to make a few observations about the speeches of some of the hon. Members here. Shri Ashoka Mehta justifies the restrictions on managing agents by saying that managing agents are no longer the main source of finance. He also argues that profits have been high and will continue to remain high, and, therefore, he would like to see the managing agents being paid on a sliding scale. He is in the habit of referring to a number of books and making quotations from a number of them published in America or in other countries and particularly by some of the professors. I would also like to mention to him that even when companies are floated it requires a certain amount of confidence amongst the investing public and it is because a particular firm is managing a particular company that this confidence is created in the investing public. Even there, as the hon. Finance Minister has said, there is a sort of overall tight control. New banks and insurance companies are not floated nowadays. What you have are the few banks which are existing and the few insurance companies that are existing. The other point is that the credit-worthiness of the managing agency firm does count to a certain extent in getting credit from the banks and other financial institutions. Yesterday, it was mentioned by my hon. friend that the crux of the problem is the question of payment of remuneration to a particular managing agency system. He said that in this Bill a definite encouragement has been given to the alternative type of management, namely, the managing director or the manager, where an individual has been permitted to take 5 per cent while in the case of the managing agency it has been permitted to take about 10 per cent. I would like to point out to him that it is not merely the question of remuneration which will decide the alternative type of management. The remuneration is not a very important thing. Unless and until you allow a certain amount of flexibility for any system to function, it will not be possible to evolve any other system to take the place of the managing agency system. In spite of so many shackles, you may find that those few business houses which are carrying on now may have to carry on on the present basis; you may not find many new people coming in the field. Several times, it has been mentioned in this House why the business community has not prescribed for itself a code of conduct. In this connection, I would like to point out that a degree or diploma is essential for the profession and in case of violation of the code, sanction should be provided by it to prevent a person from practising the profession. Today even Ashoka Mehta and Shri C.C. Shah can set up a grocery shop and become businessmen. Nobody lays down any condition for starting business and nobody can prevent others from continuing it, but I would like to point out that with regard to the code of conduct, there is a certain amount of ethics and there are certain standards and traditions on which business houses function. If a particular firm has not got proper ways of managing its business, you will find that that business house will find it difficult to function and it would be difficult for it to command the confidence of the business community. It would not be possible for it to function as effectively as a firm which has proper ways of managing its business. That is sufficient as a code of conduct. It is not possible to prescribe a certain code of conduct in the manner it has been done for the profession in general. Submit