Companies & Sectors
Ambit Capital, Edelweiss, JM Financial and Motilal Oswal Securities pay $1.8 million to settle SEC charges

Ambit Capital, Edelweiss Financial Services, JM Financial and Motilal Oswal Securities were charged for providing brokerage services to institutional investors in the US without being registered with the SEC as required under the federal securities laws

 
New York: US Securities and Exchange Commission (SEC) charged four Indian brokerages -- Ambit Capital Pvt Ltd, Edelweiss Financial Services Ltd, JM Financial Institutional Securities Pvt Ltd and Motilal Oswal Securities Ltd -- for violating registration rules and they have agreed to pay over $1.8 million to settle the charges, reports PTI.
 
The officials of the brokerages could not be immediately contacted.
 
In a statement, the SEC said it has charged Ambit Capital, Edelweiss Financial Services, JM Financial and Motilal Oswal Securities.
 
They were charged for "for providing brokerage services to institutional investors in the US without being registered with the SEC as required under the federal securities laws," the statement said.
 
Together, the four firms have "agreed to pay more than $1.8 million combined to settle the SEC's charges".
 
According to the regulator, these entities engaged with US investors despite being unregistered broker-dealers, in ways such as sponsored conferences in the US, among others.
 
"In their respective settlements, the firms agreed to be censured while neither admitting nor denying the SEC's charges.
 
"Ambit agreed to pay disgorgement and prejudgment interest totaling $30,910. Edelweiss agreed to pay $568,347. JM Financial agreed to pay $443,545 and Motilal agreed to pay $821,594," the statement said.
 

User

COMMENTS

R Balakrishnan

4 years ago

why should the shareholders bear the financial impact? Directors should be held responsible. This is serious breach of trust

HC raps Maharashtra government for not taking action on bogus ration cards

The Court had asked the state government to give a district-wise break up of fake ration cards and inform what action it proposed to take against errant officials

 
Mumbai: The Bombay High Court has asked Maharashtra government to submit an action taken report against the officers responsible for issuing bogus ration cards on 11th December failing which Secretary of Food and Civil Supply should remain present on that day, reports PTI.
 
As the Government sought time to provide the required information, Justices AM Khanvilkar and Mridula Bhatkar pulled up the State authorities, saying sufficient time had been given to them.
 
"Are you going to wait till District Collectors file their responses?," they asked.
 
Taking a serious view of existence of bogus ration cards in Maharashtra, the HC had on last hearing asked the Government to proceed against officers responsible for the illegal practice failing which it threatened to order a top officer to take action in a time-bound manner.
 
The Court had asked the Government to give a district-wise break up of fake ration cards and inform what action it proposed to take against errant officials.
 
As the Government failed to provide such information today, the Judges were angry and asked the State to file a report on next date of hearing (11th December).
 
The HC was hearing a public interest litigation (PIL) filed by Jayprakash Unecha alleging that hundreds of bogus ration cards were in existence in Pune and other parts of the State.
 
Earlier, the State had disclosed that there were altogether 11 lakh bogus ration cards in circulation. Reacting to this, the Judges noted that the magnitude of the fraud was quite enormous.
 
Hearing another PIL, the HC had earlier told the Chief Secretary to file an affidavit giving details about mechanism it would adopt to prevent issue of bogus cards.
 
The second PIL, filed by LB Shaikh, an associate of anti-corruption crusader Anna Hazare, had alleged that the bogus ration card racket was to the tune of Rs25,000 crore.
 
The petitioner had pointed out that one of the methods used in this corrupt practice, is to continue the ration card of a person even after his death and purchase commodities in his name at cheaper rates from the public distribution system (PDS) and sell them at a premium in the open market.
 
"As the (Food and Civil Supply) department has no machinery to check the accuracy of information given by the applicant about his income, only evidence of residence is verified and thereafter the ration card is issued," a Government affidavit had contended.
 
Because of the procedure, it is difficult to fix responsibility on the staff for ineligible ration cards detected during drives. Despite this, instructions have been issued to District Collectors and the Controller of Rationing in Mumbai and Thane to take action against the staff for issuing bogus ration cards, it said.
 
The Government would ensure that penal action is taken by respective authorities in Mumbai and Thane against staff responsible for issuing ration cards to ineligible people, the affidavit contended.
 

User

COMMENTS

Vaibhav Dhoka

4 years ago

The card system in India is a source of corrupt practice kept alive by government agencies may be Ration card/Adhar card or any other card.The recent control on number of LPG cylinders has brought out large number of bogus or dual registration.Immediately LPG dealers asked for increase in commission which they use to get manifold in selling cylinders in BLACK.This you can label RATION CARD SCAM.There are no dearth of scams in India.

PM, judiciary be brought under Lokpal: Justice N Santosh Hegde

In a democracy, how can a person merely because he is holding an office be excluded from prosecution, asked the erstwhile Lokayukta from Karnataka 

 
New Delhi: There is nothing wrong in bringing the Prime Minister under the jurisdiction of Lokpal as like others he is also a public servant, reports PTI quoting former Supreme Court Judge and erstwhile Karnataka Lokayukta N Santosh Hegde.
 
"What is wrong in the Lokpal having jurisdiction over the Prime Minister? Is the Prime Minister not a public servant? Aren't there cases of corruption against PMs in other countries? In Japan, you find every other year a Prime Minister is prosecuted. (Former US President Richard) Nixon was prosecuted... What is so great about the PM?," he asked 
 
Noting that the position of the Lokpal was akin to "giving a dog a bad name and kicking it", he said there have been allegations of corruption against Indian PMs in the past and added that only the President and Governors are excluded from being prosecuted and not the PM.
 
"We have had allegations of corruption against two former PMs - Bofors and the JMM bribery case. In a democracy, how can a person merely because he is holding an office be excluded from prosecution? The Constitution excludes the prosecution of the President and the Governors in some cases...One can't apply the same principle on a man who passes executive orders on a daily basis," he told PTI.
 
Responding to a query as to how he expects Arvind Kejriwal's newly-launched 'Aam Aadmi Party' to perform, Hegde raised doubts about its success saying it was not an "easy job".
 
"My only apprehension is how far a political party will survive because of the very many demands of the political system, these days. It requires a huge amount of money to elect nearly 546 Members of Parliament from Kashmir to Kanyakumari. It is not going to be an easy job.
 
"It is a good thing in principle, but in reality, can it succeed?" he asked. 
 
On being queried on Kejriwal's possible expose on corruption in judiciary, Hegde said, "Haven't we heard of malpractices in judiciary? We have had one Supreme Court judge against whom impeachment proceedings had started, but it was not completed. We had one Chief Justice against whom impeachment proceedings had been initiated- Justice Dinakaran- he resigned, so it came to an end.
 
"We had Soumitra Sen from Calcutta High Court. Impeachment process started against him (and then) stopped; didn't go anywhere. We have a charge sheet filed against Justice Nirmal Yadav of Punjab High Court. We have 34 judges of the Allahabad High Court, who are being investigated by the CBI.
 
"So, there is corruption there and therefore, he must be having some material against some judges," he said.
 
On being questioned if self regulation was the way for the judiciary to control corruption within its ranks, he said, "We have tried it and it has not succeeded. We have tried it all these years...About the judiciary, everybody said that..
 
we will self-regulate, we will control, the superior court will look after the subordinate courts...nothing has happened," he said.
 
Hegde replied in the affirmative to a query on whether he is willing to have a Lokpal that has the authority to investigate and prosecute judges.
 
The very judge who is being investigated can go to the court- of which he may be a judge - and then question the investigation, he said.
 
"Who will investigate the judges? Somebody should be there. You want to have a separate investigating(sic)vigilance body of retired judges, then create it, that is okay, but it should not be out of the purview of investigation.
 
"That very judge, who is being investigated, can go to the same institution, court of which he is a judge and then question the investigation," he said.
 

User

COMMENTS

Vaibhav Dhoka

4 years ago

Judicial complaint are never investigated in transparent way,and therefore complaints of corruption have increased manifold without any action on concerned.High time to bring in judicial LOKPAL.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)