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Jagannadham Thunuguntla of SMC Capitals Ltd, a Delhi-based brokerage, said the government is reading too much into the quality of its own companies. “They feel that these are good quality companies and investors will queue up to buy them. In the absence of good retail participation and FII (foreign institutional investor) money, the whole programme is becoming a joke. LIC and SBI subscribing to the shares is like the government moving money from one pocket to another,” he added.