For 20 years, the stock market headed nowhere, and this has created permanent aversion.
In our mystery the watchdog agencies are silent, but it is the market that has barked and has not stopped barking. Till such time as it continues to do so, this headache will not go away, notes Aakar Patel.
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
The agency recorded his statement under criminal sections of the Prevention of Money Laundering Act (PMLA), officials said.
Why do investors need a broker to buy stocks which were dematerialised long ago and can be delivered directly into their accounts?
The Street is never short of hope and events to look forward to
Capital markets regulator, I-T department suspect tax evasion and market manipulation
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
Avoid thinking of investment as some 'become millionaire in a week' scheme, says Nikhil Sethi, founder and MD, Zuvomo, a crowdfunding firm. Always think of long term gains and plan your trades accordingly.
The government said the sharp rise in capital market in the last 3 months was not just due to inflows from FIIs, but the overall improvement in the economy, anticipated better GDP growth and good corporate earnings.
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
Buy shares of a good profitable, successful business, hold on for inordinately long periods of time, and live off the dividends. You will surely get wealthy in the long run.
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
The Enforcement Directorate has recently recorded the statement of former NSE managing director and chief executive officer Chitra Ramkrishna, lodged inside Delhi's Tihar jail, as part of a money laundering investigation against her and others, officials said Tuesday. The proceedings for recording the statement were conducted on two occasions inside the jail. The statement has been recorded under the criminal sections of the Prevention of Money Laundering Act (PMLA), they said. Ramkrishna is lodged in the Tihar jail after she was arrested by the Central Bureau of Investigation (CBI) on March 6 in the alleged National Stock Exchange (NSE) co-location scam case and investigation linked to other governance irregularities at the bourse.
It is the biggest issue we have ever faced in the securities market, where a sensitive and systemically important institution and first-line regulator was not only exploited by unscrupulous elements but functioned like a private fief, points out Debashis Basu.
Capital markets regulator Sebi on Tuesday sent a notice to NSE's former chief Chitra Ramkrishna asking her to pay Rs 3.12 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if she fails to make the payment within 15 days. The notice came after Ramkrishna failed to pay the fine imposed on her by the Securities and Exchange Board of India (Sebi). In an order dated February 11, Sebi had slapped a penalty of Rs 3 crore on Ramkrishna for alleged governance lapses in a case related to the appointment of Anand Subramanian as the Group Operating Officer and Advisor when she was at the helm of NSE as its managing director and chief executive officer, as well as for sharing confidential information of the company with an unidentified person.
The news of his passing is sad and sudden but the body of work he leaves behind will neither fade nor be forgotten.
Each scam that comes out in the open shows the regulators to be miles behind.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
Both the Lok Sabha and Rajya Sabha were adjourned till 2 pm after opposition members held protest in Parliament seeking a discussion on the issue.
During the debate on the 'Motion of Thanks on the President's Address', Leader of the House Piyush Goyal and Union Finance Minister Nirmala Sitharaman strongly objected to 'insinuations' against the prime minister, who was also present in the House.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
The 30-share Sensex ended higher by 46 points at 26,360 and the 50-share Nifty gained 16 points at 7,891.
India's gold obsession needs a correction.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
Once a stock market darling, the jewellery chain heads for liquidation.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
None of India's financial regulators has any interest in proactively dealing with pyramid schemes.
The stock exchange does not store and display the numbers of investors. That would be like a bank publishing the details of its customers for everyone to see.
2015 is set for a lot of changes - and some that we would like to happen
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
It is mystifying how the NSE, a near-monopoly, gets protection, as the February 24 episode shows, when it is competition and accountability that should be the regulatory objective, says Debashis Basu.
Wipro, HCL in race for Sebi's fraud detection system upgrade,
Ram Jethmalani passed away a few days before his 96th birthday on September 14.
Scams happen with high regularity because the price of getting caught is insignificant. Aggrieved investors run from the police to already clogged courts to find redress for issues for which financial regulators have been specifically set up. For over 3,750 years we have known what to do, but we don't do it, observes Debashis Basu.
'I hate people who do such things.' 'The person who bullied me should be ashamed because he tortured other people too.'
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