News4u - A unit of Worldcast Media Network

SEBI allows listing of stock exchanges

News4u-News Desk-Clearing the decks for listing of stock exchanges, capital market regulator SEBI on Monday said 51 percent stake of bourses could be held with public.

This was decided after considering the much-debated Bimal Jalan Committee recommendations which had not favoured listing of stock exchanges.

The Board, however, in its meeting in Mumbai on Monday accepted several other recommendations of Jalan Committee on ‘Review of Ownership and Governance of Market Infrastructure Institutions (MIIs)’.

“The stock exchanges will have diversified ownership and no single investor will be allowed to hold more than 5 per cent except the stock exchange, depository, insurance company, banking company or public financial institution which may hold upto 15 per cent,” Sebi said on Monday.

“51 per cent of the holding of the Stock Exchanges will be held by public,” the market regulator said.

The stock exchanges may be permitted to list when they put in place the appropriate mechanisms for tackling conflicts of interest, it said, adding, the stock exchanges will not be allowed to list on itself.

No stock exchange shall be permitted to list within 3 years from the date of approval by SEBI, it added.

Prescribing conditions for listing, SEBI said, stock exchanges should have minimum networth of Rs 100 crore and the existing stock exchanges will be given 3 years to achieve the threshold capital base.

In case of listing of other Market Infrastructure Institutions (MIIs) like Clearing Corporation (CC), the SEBI said the minimum networth for CC and the depository will be Rs 300 crore and Rs 100 crore respectively.

“All existing clearing corporations shall be mandated to build up to the prescribed networth of Rs 300 crore over a period of 3 years from the date of notification or circular,” it said.

In case of CCs, at least 51 percent holding will be held by Stock Exchanges, it said.

An exchange holding 51 percent in a CC cannot hold more than 15 percent in any other CC, it said, adding, to ensure diversified ownership for shareholders other than stock exchanges, the limit of 5 percent (stock exchanges) and 15 percent (FIs like insurance and Banks) shall apply as in the case of stock exchanges.

Any exchange currently holding more than 51 percent stake in CC shall be given 3 years time to bring its holding to the prescribed limit, it said.

The capital market regulator has also prescribed the criteria for de-recognition of any bourses not in operation.

A stock exchange without any trading on its platform or where the annual trading is less than Rs 1,000 crore may apply for voluntary de-recognition and exit, it said.

“If the stock exchange eligible for voluntary de-recognition is not able to achieve a turnover of Rs 1,000 crore on continuous basis or does not apply for voluntary de-recognition and exit within a period of 2 years from the date of notification, SEBI shall proceed with the compulsory de-recognition and exit of such stock exchange,” it said.

With a view to extending the perimeter of regulation to unregulated funds and ensuring systemic stability, increasing market efficiency, encouraging formation of new capital and providing investor, the market regulator approved the proposal to frame SEBI (Alternative Investment Funds) Regulations, 2012.

As per the proposed regulation, Alternative Investment Funds (AIFs), operating as private equity funds, real estate funds, hedge funds etc, must register with SEBI under the AIF Regulations.

SEBI (Venture Capital Funds) Regulations, 1996 (VCF Regulations) shall be repealed, it said.

However, SEBI said, existing VCFs shall continue to be regulated by the VCF Regulations till the existing fund or scheme managed by the fund is wound up.

Existing VCFs, however, shall not raise any fresh funds after notification of these Regulations except commitments already made by investors as on date of the notification, it said.

Such VCFs may also seek re-registration under AIF regulations subject to approval of 66.67 percent of their investors by value, it added.

SEBI further said existing funds not registered under the VCF Regulations will not be allowed to float any new scheme without registration under AIF Regulations.

However, schemes floated by such funds before coming into force of AIF Regulations, shall be allowed to continue to be governed till maturity by the contractual terms, except that no rollover or extension or raising of any fresh funds shall be allowed, it said.

Existing funds not registered under the VCF Regulations which seek registration but are not able to comply with all provisions of AIF Regulations may seek exemption from the SEBI from strict compliance with the AIF Regulations.

The proposed regulation seeks to cover all types of funds broadly under 3 categories.

Category I AIF would be those funds with positive spillover effects on the economy, for which certain incentives or concessions might be considered by SEBI or Government of India or other regulators in India; and which shall include venture capital funds, SME funds, social venture funds and infrastructure funds, it said.

Category II AIF would not enjoy any incentives or concessions given by the government or any other regulator, it said, adding these would include private equity funds, debt funds, fund of funds etc.

Third category of the AIFs including hedge funds that are considered to have negative externalities such as exacerbating systemic risk through leverage or complex trading strategies.

These funds can be open ended or close ended, may engage in leverage subject to limits as may be specified by the SEBI.

Earlier, SEBI had floated a concept paper along with the draft Alternative Investment Funds Regulations on SEBI website on 1st August 2011.


 

 

The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI)

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Anil Ambani gets a clean chit by CBI …. The factual Post-mortem

News4u - News Desk :A special review by Arun Agrawal—CBI while defending itself against the allegation that it had not been honest in not charging Mr Anil Ambani had justified it actions through a written submission. As author of the complaint annexed in the PIL before the Supreme Court the allegation of the CBI being partisan is being leveled for the following reasons:

 

1. The facts referred to by CBI while concluding that neither Anil Ambani nor Tina Ambani were shareholders or were responsible for providing the funds to Swan Telecom on the day it applied for a license may be technically true because they were careful in  complying with the legal requirement as holder of a license in Reliance Communication and therefore deliberately severed their links with Swan Telecom at the time it applied for a license. However it is also a fact that all the companies- Swan, Tiger, Parrot etc-  were incorporated with ADAG addresses and had ADAG employees as their directors.

 

What was a giveaway of Swan Telecom being a  Ambani benami outfit was the fact that it did not apply for a pan India GSM license but  applied for licenses in only those circles in which Reliance Communication did not have GSM licenses. This fact has been ignored by the CBI in its response to the Supreme Court and should have been sufficient to convince the CBI of a criminal conspiracy, In all the thirteen circles that Swan Telecom applied for GSM license, Reliance did not have a license and in the remainder circles it had! This coincidence defies probability and fore some reason was not considered a significant factor by the CBI, apart from the fact that almost 90% of the investment – 1100 crores- was made by Reliance Communication subsidiary, Reliance Telecom in Swan Telecom and not by promoter companies of Swan Telecom..

 

2.The CBI states :As preparatory to achieve the eligibility ,,,M/s Reliance Telecom Ltd purchased …. and 2.8 lac Non Convertible Redeemable Preference shares for Rs 28 crores  On 2/3/07 M/s Reliance Telecom Ltd further purchased…..96.4 lakh Non Convertible Redeemable Preferance Shares for 964 crores of Swan Telecom Pvt Ltd.

 

Though the number and the amount of the preference shares has been correctly stated by the CBI before the Supreme Court, the fact that the preference shares were subscribed for a premium of Rs  999 and were of the face value of Re1 has been deliberately concealed. The CBI also not disclosed that the preference shares were having bearing a yield of only 8% on the face value of Re1/- and hence the entire Rs 999  premium was a bogus premium. No investor would pay a paisa  more than Re 1 for the preference shares which gives a yield of 8% interest or only 0.8 paise per annum..

 

3. CBI’s contention that the Anil Ambani was not responsible for the investments of Rs 994 crores from the subsidiary of Reliance Communication in Swan Telecom,  and that  Dilip Doshiwas responsible for the investment to whom powers were delegates, and that the employees in their statements have said that that they acted on the instructions of Dilip Doshi  amounts to acceptance of the statement of the accused without the CBI applying its mind. One wonders what would be consequence if the CBI were to accept the statements of other accused in the 2G scam!

 

994 crores is not small change, even for a Ambani, for the amount to be withdrawn without his  knowledge and consent and approval  However, there is documentary proof of knowledge and consent which was annexed by the author in his complaint.

 

The consolidated balance sheet of the of  Reliance Communication for 07-08 shows the following entry as investment

 

 

Nil                   8% Redeemable Preference Shares of                    -                       992.00

(99,20,000)      Swan Telecom Private Limited of Re. 1 each

 

 

The fact of Rs 992 crores being invested  for something that was worth Rs 99.2 lacs is in the balance sheet of Reliance Communication.  Could this fact escape the notice of Anil Ambani? Does it not conclusively prove knowledge and approval and being a party to the transaction?

 

4.  Was not the investment a fraud on the company?  Were powers delegated to Mr Doshi to commit a fraud of Rs 1000 crore?

 

5.Further proof of the transaction being in the knowledge and having the approval of Mr Anil Ambani is from his signature on the balance sheet for 2006-2007 and  2007-2008 . Three  other directors have signed it.

 

As per our Report of even date                                  For and on behalf of the Board

For Chaturvedi and Shah                For BSR & Co           Chairman Anil D. Ambani

Chartered Accountants           Chartered Accountants

Rajesh D. Chaturvedi           Natrajan Ramkrishna                      J. Ramachandran

Partner                                     Partner                             Directors    S. P. Talwar

Membership No. 45882          Membership No. 32815                      A. K. Purwar

Mumbai                                               Company Secretary and Manager Hasit Shukla

30th April , 2008

 

Is the balance sheet not proof that the investment was within the knowledge of Mr Ambani and the directors?  In fact the CBI should have questioned the entire board for the corporate fraud committed on the shareholders. Why did they spend companys fund of  Rs 994 crores for buying something that was worth  99.4 lacs.?

 

6. The only explanation is that the  investment was permitted by the Chairman and the Board  because Swan Telecom was a proxy company of Anil Ambani/ Reliance Communication, formed to apply for another GSM license in case the dual technology license was not granted to the parent company. In that case Anil Ambani is guilty of criminal conspiracy!

 

 

The fact that the two Ambani promoters were authorized signatories for Swan Telecom and Tiger Trustee earlier, is significant for their links to the companies. The fact that they severed their connection at a later date to ensure that they were compliance with the law at the time of applying for the license is not so significant in light of the fact that almost 90%of the investment was made in Swan Telecom by Ambani controlled company..

 

7. CBIs averment on page six in response to point no 7 and 8 states “ Being majority …However, before any benefit was made to Swan Telecom Pvt Ltd on account of grant of license, it was taken over by DB group. Therefore, DB group and not Reliance ADA group has benefited by issue of UAS license to M/s Swan Telecom Pvt Ltd..”

 

 

While it is true that the DB group did benefit from the UAS license but it was the dubious transfer of Swan Telecom by ADAG group that led them to benefit.

 

And the dubious transfer of Swan Telecom was the result of fulfilling the pre condition of granting   Reliance Communication a  GSM license.

 

8. The CBI has deliberately not revealed that the license was granted to Reliance Communication on 18/10/2007. The notification for dual technology license was issued the next day. That in itself was a criminal conspiracy.

 

 Swan Telecom was transferred to DB group also on 18/10/07, by expanding the equity of the holding company Tiger Trustee from 1 lac to 5 crores.

 

 

It appears that the significance of the date 18/10/07 has not dawned on the CBI.

 

It was a barter arrangement of two illegal acts – one to benefit Anil Ambani ( grant of license to Reliance Communication without any notification on dual technology license) and the other to benefit the nominee – the DB group-   of the decision makers by the transfer of Swan Telecom which was pregnant with the pending application of GSM license.

 

 

Once the license was allotted to R COM, the allotment of another license to their benami nominees in Swan Telecom had become redundant. If the application of Swan Telecom was a genuine one then it would not have been sold or given away to a third party. The very fact that it was sold shows that there was a quid pro and that Swan Telecom was the bribe paid to the person who facilitated the license for Reliance Communication.

 

9. The question for the CBI to ask and answer is this:

 

Is it not a fact that on 18/10/2007, Rs 994 crores of money of Reliance Communication was lying in the books of Swan Telecom with a face value of Rs 99.4 lacs ?

 

Swan Telecom was transferred to the DB group by expanding the capital of the holding company Tiger Trustee from Rs 1 lac to Rs 5 crores on 18/10/07. Who in his wildest act of irrationality will gift away Rs 993 croese  ( 994 crores- 99.4 lacs )  by allowing the transfer of Swan Telecom for no consideration?  The fact of the matter is that it was a criminal conspiracy between Anil Ambani , decision makers at the Ministry and DB group, for mutual benefit, in which it was agreed that the license would be allotted to Swan Telecom and that the premium money of 993 crores would be refunded at a later date.

 

10. The manner in which Swan Telecom was sold, the date on which it was sold, the considerations for which it was sold and the assets that were on the books of Swan Telecom at the time of the sale, clearly establish that it was not a genuine sale but a gift to the future owner to make massive money out of the grant of the impending 2G license.

 

 

11. Point no 9 regarding Reliance being given GSM spectrum approval for 20 circles at 2001 prices even before dual- tech policy was made public on 19/10/2007 has deliberately not been answered by the CBI..

 

12. However CBI has stated that it is investigating  into the sale of shares of  Swan at Rs 15  by Reliance Communication to  Delphi Investment, compared to the  Rs 285 paid by Etisalat. It ignores the fact that the first sale was made before the LOI/license was granted on 10/1/10  and the second sale to Etisalat was made after the license/ LOI was granted. The 19 times higher price was justified though the persons behind the second sale need to be probed. The premium of Rs 275/- was the consequence of the underselling of the license for 1650 crores. It is incidental that the investigation involves foreign trips!

 

13. What is surprising is while the CBI is chasing the trail of a genuine premium, ( 27.5 times on face value)  paid for the shares after the  issue of license to Swan, it does not find it either odd or worth investigating the  unwarranted and exaggerated premium of 999 times  paid on the investment of Re1/ preference share to Reliance Communication ( subsidiary company Reliance Telecom).

 

Who was the person who bought the preference shares of Re 1 /- for Rs 1000 ?  Also when and why did he do it? The amount involved in the sale of preference shares is Rs 994 crores.

 

14. As for the explanation given by CBI regarding the testimony of various accused  officials of the company  involved in the deal staying that they acted on the instruction of Doshi , it appears that the CBI is unaware that very often the driver takes the blame for the accident  caused by the master or his  juvenile son. Suitable compensations are paid by the owner.

 

16.   Questions   relating to motive and beneficiary has been totally ignored by the CBI. The arrested employees were not the beneficiaries, had no motives, did not invest their own money while Mr Ambani did.

 

17.CBI has been very unfair in arresting the employees of Reliance and exposed itself to accusation of being partisan in doing so.

 

18. Swan Telecom was by, for, and of the Ambanis. It was  plan B, the alternative in case the dual technology policy did not result in a GSM license. The fact that virgin license were called for on 24/9/07 and dual technology policy was announced on 19/ 10/07 only proves that point. Anil Ambani had two licenses in contention and when one materialized he did not allow the other to lapse but chose to allow it to be encashed- as a bribe. The premium amount paid by Etisalat for the shares of Swan Telecom is proof of the encashing  the market value of the license.

 

17.The chain of events is complete and is unbroken.

 

18.It is worthwhile reminding the CBI of the concluding part of the author’s complaint:  

 

As for the mystery as to who owns Swan Telecom, which even the Ministry of Company Affairs is not able to solve, the answer is: it is the company/person which bought 992 crore worth of Re 1/-, 8% preference shares invested by Reliance Communication in Swan Telecom by paying a hefty premium of Rs. 999 which was overvalued by 99900% is the actual owner of Swan Telecom.  The company which bought the investment of Reliance Communication at the fantastic overvalued price is reportedly registered in Mauritius.

 

However, the solution to the mystery is not relevant to prove the direct involvement of Mr Anil Ambani as the deal for the sale of preference share did go through at a  premium of Rs 999 and Reliance did get back the Rs 992 crores.

 

The above facts show that CBI has been unprofessional in its investigations and by giving Anil Ambani a clean chit inspite of overwhelming evidence against him has reinforced the belief that some people are too big for the law to hold them accountable. CBI has been unfair in making scapegoats out of the employees of the company by arresting them and opposing their bail and would do well to undo the wrong..

 

The fact that the CBI has chosen to rely on the oral evidence of the accused -  while giving a clean chit to Ambani - and ignored the documentary evidence totally shows that it is either incompetent, partisan or corruptOr all three?

 

-Arun Agrawal


Anil Ambani

Anil Ambani

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Sebi mulls new rules to curb ‘conflict of interest’ in market

News4u - Business Desk : NEW DELHI: Sebi is considering a new set of norms to check ‘conflict of interests’ in the stock market, as it looks to rein in any nexus among the corporates, research analysts, investment advisors, and various market entities. The new rules would also look at discouraging misaligned employee incentives -a practice prevalent among the capital market entities for rewarding their staff purely on the basis of business generated by them and irrespective of the interest of customers or investors being safeguarded.

The Securities and Exchange Board of India (Sebi) is framing these rules in accordance with a new set of initiatives proposed by the International Organization of Securities Commissions(IOSCO ) to safeguard the markets across the world from any irregularities .

The new rules, to be called Guidelines For Dealing With Conflicts of Interest in Securities Market, would apply to all the entities present in the Indian capital market, directly or indirectly, as also their employees . Agencies

The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI)

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SEBI favours self regulation model for wealth managers

News4u-Business Desk- In its new set of rules for an estimated USD-1 trillion wealth management industry, SEBI is planning to set up an intermediary regulatory body with representation from among the wealth managers themselves.

In the proposed self-regulatory model, the market watchdog will put the onus entirely on wealth managers for compliance to the regulations and the new entity to be created under Sebi’s guidance would work as the first-stage regulator as also market development authority, a senior official said.

The decision to set up a self-regulatory organisation for wealth managers has been taken with a twin objective of regulating them without hampering the growth prospects of this burgeoning segment of financial services sector, he added.

The SRO model, where the wealth managers or investment advisors would be asked to develop a stringent code of conduct in consultation with Sebi, would be complemented with stern penalty measures for erring entities.

Sebi would provide an initial funding of Rs 10 crore for setting up of this SRO for wealth managers, after which the industry would have to pool in their own resources.

The proposed move is in line with similar measures earlier taken for mutual funds and merchant bankers, whose industry bodies AMFI (Association of Mutual Funds in India) and AMBI (Association of Merchant Bankers in India) serve as first-stage regulators.

The new body would also serve as a medium for Sebi to implement its various initiatives for the wealth managers.

The new rules would cover entities offering wealth management or investment advisory services across various asset classes irrespective of the different financial markets.

These would include stocks, commodities, fixed deposits, derivatives, insurance, mutual funds, private equity, pension funds as also alternative investment products such as funds investing in art works, antiques, coins and stamps.

For past few months, Sebi has been in consultation with the government, RBI and other financial regulators for framing a new set of rules for the wealth managers.

Given the size of the industry, and therefore a higher risk of large-scale frauds or manipulations, the new rules would also allow Sebi and RBI to impose strict penalties.

Although there are no official figures for it, the size of wealth management industry is pegged at about USD 1 trillion — nearly double the size a couple of years ago.

While RBI and Sebi would be primarily responsible for compliance of the rules, help would be sought from other regulators, namely commodity regulator FMC, insurance watchdog IRDA and pension fund regulator PFRDA, whenever needed.

The proposed rules are also being discussed by the Financial Stability and Development Council (FSDC), a high-level regulatory body chaired by Finance Minister.

The need for new norms was felt after an estimated Rs 400-crore fraud allegedly perpetuated by a relationship manager at Citibank and initial probe into the matter pointing towards various loopholes in existing regulations.

Subsequently, the government roped in all the financial sector regulators to formulate the all-encompassing and stricter wealth management guidelines, given the huge surge in the size of assets managed by them.

The new set of rules would collate all the existing practices and regulations for wealth management space from the different regulators and thereafter seek to do away with the loopholes, if any.

Wealth managers, who mostly act as investment advisors for HNIs, are currently regulated by different regulators as per the sectors in which they are offering their services.

However, there are no comprehensive rules to regulate the wealth managers for services across various sectors such as banking, markets, insurance, commodity and pension funds.

After the Harshad Mehta scam in 1992, RBI banned banks’ portfolio management services. Since then, banks are limiting their wealth management business to advising their wealthy clients without taking custody of the capital or assets.

Sebi does not allow brokers to insist on PoAs from their clients and might suggest the same for bankers and others.

As such, the portfolio management services in the capital market are regulated by Sebi, but these regulations do not cover asset classes such as fixed deposits and other banking products, insurance, commodity and pension funds.

SEBI modifies norms to appoint internal auditors

SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years.

The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securities and Exchange Board of India (SEBI).

The earlier guidelines provided that the SEBI could hire an accounting firm for a maximum term of three years.

Chokshi & Chokshi were appointed as the internal auditors of SEBI for the year 2008-2009 and were re-appointed for two years successively. The term was to expire on 31st March 2011 after completion of three years.

The Audit Committee of SEBI had recommended that the firm be reappointed for a further period of two years (2011-12 and 2012-13).

The decision to extend the years is aimed at ensuring “independence and continuity” of the auditors, an official said.

The official said that the SEBI may henceforth follow a policy whereby internal auditors are appointed for a period of three years extendable for a further period of up to two years.

Chokshi & Chokshi provides professional expertise and integrated range of advisory, assurance, tax and international accounting services across the world. In India it operates through it offices at Mumbai and Pune.

 

The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI)

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Sebi to set rules for art funds, antique investments

News4u-News Desk- New Delhi, Sebi may soon frame a stringent set of rules for funds investing in art works, antiques, coins and stamps, with an aim to check black money flow into these products and safeguard the interest of genuine investors.

Sebi considers investment funds focussed on art works, antiques, coins and stamps as “Collective Investment Schemes”, which come under the ambit of the capital market regulator.

Fearing flow of illicit wealth into these funds and also a high level of risk posed by them to the general investors, Sebi is now considering framing a specific set of regulations for these funds, a senior official said.

Globally, art funds are very famous as an alternative class of investments for rich investors and have started gaining some ground in India over the past few years.

 

The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI)

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Sebi to outsource processing of investor complaints

News4u-Business Desk- Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances.

The decision to outsource processing and maintenance of investor grievances has been taken by Sebi to help it resolve these complaints on a fast-track basis, a senior official said.

Incidentally, Sebi is currently in the process of finalizing a set of regulations for outsourcing of work by various market intermediaries such as brokers, mutual funds and investment bankers.

The regulator is said to be against outsourcing of the market entities’ core and investor-sensitive activities.

Sebi has decided to put in place stringent conditions for selection of the agency to be empanelled by it for handling the investor complaints and due care would be taken to safeguard the investors’ interest, the official added.

The activities to be outsourced by Sebi include receiving complaints from investors, forwarding them to the concerned market entities and companies, tracking their status and conduct necessary follow-ups and preparation of periodic as well as ad-hoc reports on the investor grievances.

Besides, the agencies would also be responsible for entry of the complaints into Sebi’s computerized grievance redressal system with proper categorization and codification, updating of the system with Action Taken Reports (ATRs) and keeping investors informed about progress on their complaints.

Sebi is putting in place this web-based centralized system, named Sebi Complaints Redress System (SCORES), for speedy redressal of grievances.

Sebi’s existing investor grievance redressal mechanism lacks a centralized database and the resolution of the complaints often gets delayed due to physical movement of files from one desk to the another across its various offices.

Besides reducing time gap between receipt and redressal of a complaint, the new system would also help in storage of the investor grievances, whose numbers have swelled to over 2.7 million since Sebi’s inception.

Sebi received more than 32,300 investor complaints in 2009-10, while the numbers are even higher at over 39,600 in the first nine months of the current fiscal.

The new system would have a centralized tracking system for all grievances at various offices and divisions of Sebi. Currently, the list of investor grievances is maintained at various divisions and regional offices of Sebi.

 

The Securities and Exchange Board of India (SEBI)

The Securities and Exchange Board of India (SEBI)

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Another GURU has emerged

News4u-Bureau Report by Rajagopalan –New Delhi- If you remember the recent blockbuster of Bollywood GURU, in which our Abhishek Bachchan fights against the law with millions of his company’s investors, in the same manner in real life another GURU has emerged in Delhi named Lokeshwar Dev, the CMD of Stock guru India ltd.

He has asked all his investors to join him on March 7th 2011 for a Peace March to go to the Income Tax Office and deposit their Individual Taxes to build the nation. A wonderful thought. Only a genius like Lokeshwar Dev can think of such a wonderful plan. Like his companies plans by which thousands of people are running their kitchens.

It is also stated in the letter mailed to all the Investors that who ever will not be joining wouldn’t be getting any payouts on his or her investments. Remarkable, as most of the people would not be coming because you know in India it’s always difficult to maintain books. And the funds will be generated (A Penny saved is A penny earned); as people say Lokeshwar Dev is a Genius who knows how to generate funds…. I think they are right……

I was wondering why the Govt of India is falling behind in taking his services as this genius belongs to India and before USA or EU grab him for his Money Generating abilities to help their falling Economy , we should engage him with our Authorities for the uplift of the Poor and better Economic Growth of our country.

As far as this Peace march is concerned it’s just to counter the Raid, IT had conducted on the offices of Stock Guru India in the month of Jan 2011, where Rs 34.80 Crs Cash had been seized and all the Lockers & bank accounts of the Company are sealed. This a Power Show initiated by a genius just to tell Govt that he has a power of general public behind him to keep on doing this Organized Crime which is called MLM in India.

Without the permissions of RBI or SEBI, how a company is allowed to do business in India, anything which is not as per the norms of Govt, tent amounts to be anything like, Anti Social, Anti National, Money Laundering, anything. Just by paying taxes on the money generated by these activities, I am sorry to say The Nation can not be build; but of course the CMDs and handful of leaders are building their properties and other assets and the innocent public out of greed loosing their money.

The Media is all prepared to see how this Peace march goes, along with Govt Authorities who are well aware about the happenings in MLM companies.

We also appeal to the investors not to attend this March else legal hassles will be there for them.

Let’s see who wins the Law or the Law breakers.   Contd…..

MLM Collage Stock Guru India

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Another GURU has emerged

News4u-Bureau Report by Rajagopalan –New Delhi- If you remember the recent blockbuster of Bollywood GURU, in which our Abhishek Bachchan fights against the law with millions of his company’s investors, in the same manner in real life another GURU has emerged in Delhi named Lokeshwar Dev, the CMD of Stock guru India ltd.

He has asked all his investors to join him on March 7th 2011 for a Peace March to go to the Income Tax Office and deposit their Individual Taxes to build the nation. A wonderful thought. Only a genius like Lokeshwar Dev can think of such a wonderful plan. Like his companies plans by which thousands of people are running their kitchens.

It is also stated in the letter mailed to all the Investors that who ever will not be joining wouldn’t be getting any payouts on his or her investments. Remarkable, as most of the people would not be coming because you know in India it’s always difficult to maintain books. And the funds will be generated (A Penny saved is A penny earned); as people say Lokeshwar Dev is a Genius who knows how to generate funds…. I think they are right……

I was wondering why the Govt of India is falling behind in taking his services as this genius belongs to India and before USA or EU grab him for his Money Generating abilities to help their falling Economy , we should engage him with our Authorities for the uplift of the Poor and better Economic Growth of our country.

As far as this Peace march is concerned it’s just to counter the Raid, IT had conducted on the offices of Stock Guru India in the month of Jan 2011, where Rs 34.80 Crs Cash had been seized and all the Lockers & bank accounts of the Company are sealed. This a Power Show initiated by a genius just to tell Govt that he has a power of general public behind him to keep on doing this Organized Crime which is called MLM in India.

Without the permissions of RBI or SEBI, how a company is allowed to do business in India, anything which is not as per the norms of Govt, tent amounts to be anything like, Anti Social, Anti National, Money Laundering, anything. Just by paying taxes on the money generated by these activities, I am sorry to say The Nation can not be build; but of course the CMDs and handful of leaders are building their properties and other assets and the innocent public out of greed loosing their money.

Let’s see who wins the Law or the Law breakers.   Contd…..

MLM Collage Stock Guru India

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Another GURU has emerged

News4u-Bureau Report by Rajagopalan –New Delhi- If you remember the recent blockbuster of Bollywood GURU, in which our Abhishek Bachchan fights against the law with millions of his company’s investors, in the same manner in real life another GURU has emerged in Delhi named Lokeshwar Dev, the CMD of Stock guru India ltd.

He has asked all his investors to join him on March 7th 2011 for a Peace March to go to the Income Tax Office and deposit their Individual Taxes to build the nation. A wonderful thought. Only a genius like Lokeshwar Dev can think of such a wonderful plan. Like his companies plans by which thousands of people are running their kitchens.

It is also stated in the letter mailed to all the Investors that who ever will not be joining wouldn’t be getting any payouts on his or her investments. Remarkable, as most of the people would not be coming because you know in India it’s always difficult to maintain books. And the funds will be generated (A Penny saved is A penny earned); as people say Lokeshwar Dev is a Genius who knows how to generate funds…. I think they are right……

I was wondering why the Govt of India is falling behind in taking his services as this genius belongs to India and before USA or EU grab him for his Money Generating abilities to help their falling Economy , we should engage him with our Authorities for the uplift of the Poor and better Economic Growth of our country.

As far as this Peace march is concerned it’s just to counter the Raid, IT had conducted on the offices of Stock Guru India in the month of Jan 2011, where Rs 34.80 Crs Cash had been seized and all the Lockers & bank accounts of the Company are sealed. This a Power Show initiated by a genius just to tell Govt that he has a power of general public behind him to keep on doing this Organized Crime which is called MLM in India.

Without the permissions of RBI or SEBI, how a company is allowed to do business in India, anything which is not as per the norms of Govt, tent amounts to be anything like, Anti Social, Anti National, Money Laundering, anything. Just by paying taxes on the money generated by these activities, I am sorry to say The Nation can not be build; but of course the CMDs and handful of leaders are building their properties and other assets and the innocent public out of greed loosing their money.

Let’s see who wins the Law or the Law breakers.   Contd…..

MLM Collage Stock Guru India

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MLM entering Real Estate

News4u Bureau-Rajgopalan-New Delhi/Bangalore—Till date MLM companies used to lure people with products like cosmetics, home appliances , apparels and jewellery too, now they have entered Real Estate also , which is a very threatening sign for the Real Estate companies as these MLM companies never fulfill their commitments and dupe people of their hard earned money . This may definitely going to effect the business of Genuine Real Estate Companies.

Recently one MLM company has been launched at Bangalore for Forex Trading, which is banned in India. Still ,due to the ever enthusiast leaders/promoters money poured in at their launch party. The collection went up to 20 Crores as reported at Trichur and still growing. . It is alleged that the co Panasia Brokers has some Genius brains behind this initial success. Gaurav Aneja the CMD of the co has already duped many a people in the past when he used to operate from Gujrat. He along with his three genius friends namely Tarun Juneja, delhi, Suprio , Kolkata and Lawrence , Mumbai has designed a wonderful and lucrative plan for the people where they are getting 15% monthly returns and have promised more.

The RBI has banned that Pyramid plan, still these Genius guys find some way or the other to lure people to invest and later cheated. It is also reported that this co has registered one of the alliance co in Malaysia or some other country where MLM business is legalized and the people’s money have been routed through some different sources to do the Forex Trading in UK. Anyways primafacie the entire story leads to Money Laundering and exactly in the same manner in which a co named End mark Forex duped people and later forcibly closed by the authorities last month only. We wish that history should not be repeated here.

We tried contacting Mr. Aneja who was here in Delhi last week for his views on these allegations but failed as he was very busy as reported by some Karan who was handling the phone calls while Mr. Aneja was interacting with the public.

The probe is on and hopes to get you some more interesting facts, that how a Genius brain can generate money for himself not for the general public… contd….

MLM entering Real Estate

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