Strange are the way of Regulatory Authorities

Strange are the way of Regulatory Authorities:-

Ispat Industries has recently been included in F & O category. Almost everyone in India will agree that there may be very very few parallels in Indian corporate sector to match wretched track-record of this company. At a time, when steel industry was witnessing best ever buoyancy, Ispat was still not showing profits. Although it is not easy to prove but there have been many many allegations about siphoning off the funds heavily by promoters and loss-making record is also a pointer in that direction. There have been many whispers in the market that company has been selling big quantities of sponge iron in cash (without bill). Moreover, there have been reports about inflating project costs.Liquidity/floating stock should be a big criterion for eligibility in F & O section.
However, should it be the only criterion? Is it not moral duty of decision-making authorities to give some weightage to promoters/company's track-record? It appears that Govt's intentions are to encourage speculative activities in stock market.And, protection of investors' from fraudulent promoters( thru pre-emptive measures) is never in Govt's mind.

Moreover, it reeks of double-standard mentality of Babus.Could there bigger travesty?? If a small-cap (for that matter any other co which is listed at BSE) company wants to list at NSE, company must have 2 year dividend-paying track-record.There are many cases where BSE listed companies have already paid 1 dividend but NSE refusing list them. Such companies are willing to declare interim dividend (so that criterion of 2 dividends is met) However, reportedly, NSE dont recognize interim dividend and insisting that Final dividend will be considered to meet criterion of 2 dividends. Does it mean that in the eyes of regulatory authorities,BIG IS HONEST AND SMALL IS DISHONEST?

However, more frighteneing is that there is more than what meets the eye.Bringing new scrips in F & O appears a big scam.It was common knowledge/talk in stock market since Sept 07 that 'Ispat will come in F & O" It is a pointer that promoters/big FIIs/stock exchange authorities may be hand-in-glove that "a particular scrip will be transferred to F & O after 2-3 months" which gives ample time for these institutions/individuals to buy such scrip at very low levels to make quick killing. Do you people agree with me?