Investor Issues
BSE joins UN's Sustainable Stock Exchanges global initiative

The SSE aims at exploring how exchanges can work together with stakeholders to enhance corporate transparency and performance on environmental, social and corporate governance issues

 
Mumbai: BSE Ltd, India's oldest stock exchange on Friday said it has joined the Sustainable Stock Exchanges (SSE) initiative of United Nations (UN), reports PTI.
 
The SSE initiative was launched by UN Secretary-General Ban Ki-moon and UNCTAD Secretary-General Supachai Panitchpakdi in 2009 at UN headquarters in New York City.
 
The BSE has been the first amongst global peers to join five other leading exchanges that have publicly committed to promoting sustainable investment practices.
 
Other exchanges include the Brazilian stock exchange BM & FBOVESPA, Egyptian Exchange (EGX), Istanbul Stock Exchange (ISE), Johannesburg Stock Exchange (JSE) and NASDAQ OMX made a commitment towards improving sustainability at the Sustainable Stock Exchanges 2012 global dialogue in Rio de Janeiro earlier this year.
 
BSE is also credited with launching the first-ever live Carbon Index BSE-GREENEX in India, earlier in 2012. The index measures the performances of companies in terms of carbon emissions.
 
"BSE is committed to working with investors, companies and regulators in playing a transformative role towards enhancing sustainability in Indian capital markets. We are hopeful that this initiative would help us in further introducing a culture of sustainable business practices amongst BSE's listed companies," BSE's Interim CEO Ashishkumar Chauhan said in a statement.
 
The initiative aims at exploring how exchanges can work together with stakeholders to enhance corporate transparency and performance on ESG (environmental, social and corporate governance) issues besides encouraging responsible long-term approaches to investment.
 

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IAC sets up panel to probe charges against Bhushan, Gandhi, Damania

The three-member panel of retired judges or internal Lokpal for Kejriwal's yet-to-be named party, would probe charges against Prashant Bhushan, Anjali Damania and Mayank Gandhi


New Delhi: With allegations levelled against its own members, India Against Corruption (IAC) on Friday announced setting up of a three-member panel of retired judges to probe the charges against its prominent members, including Prashant Bhushan and Anjali Damania, reports PTI.

 

Former Delhi High Court Chief Justice AP Shah, Justice BH Marlapalle (Retd) of Bombay High Court and Justice Jaspal Singh (Retired) of Delhi High Court are the internal Lokpal for Kejriwal's yet-to-be named party.

 

Kejriwal said it has been alleged that Prashant Bhushan has done irregularities in buying land in Himachal Pradesh, that Mayank Gandhi has links with builders and questions have been raised against Anjali Damania's land deals in Maharashtra.

 

"We have from time to time requested the government to set up an independent enquiry to investigate into the matter and give us double the punishment than prescribed if found guilty. Unfortunately, the government has been more interested in mud-slinging than setting up an independent probe.

 

"Therefore, we have formed an independent ombudsmen consisting of three retired judges enjoying a reputation of high integrity and independence to inquire into any charges made against key members of IAC and they will probe Bhushan, Gandhi and Damania," Kejriwal said.

 

He said they are sending their cases to the three retired judges on Monday and would request them to expeditiously inquire into these charges and give their report as early as possible and within 3 months.

 

Kejriwal said the ombudsmen would be requested to examine in depth the allegations and material against IAC members, their defense and give a report on whether the allegations show any illegal or immoral act being committed by IAC members.

 

"If any member is found guilty of any illegal or immoral activity he would be expected to resign from the proposed party," he said.

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COMMENTS

M G WARRIER

4 years ago

This step by IAC is right. But the signals it sends out, for which GOI, not the UPA II political leadership, is squarely responsible, are disturbing. The fire-fighting approach, by sending out non-entities in the political outfit to defend charges of corruption, by making counter-charges or claiming that corruption is part of economic development or taking shelter under ‘procedures’ or challenging anyone who raises an accusing finger to go to court or some other authority, instead of coming out with facts and figures where available or ordering a probe where already documents like CAG reports had pointed out sufficient ground for review/revision of procedures, has affected the credibility of the system. Some introspection is overdue. Counter-allegations or Digvijay Singh type of ‘questions’ may not satisfy the people to whom at some stage things will have to be explained.

Another MLM, Giftredbook gifting free money!

This MLM is trying to spread its wings through Facebook as its site does not provide access unless you are a member. While it promises huge income, you would need to enrol about one crore people to reach the 10th level and earn Rs24.48 lakh as gift income

Despite the crackdown on various multi-level marketing (MLM) companies like SpeakAsia, Swarna Labh and Forex Dhamaka, scamsters are finding new ways to lure gullible people into their networks by promising huge and easy money. This time, it is Giftredbook.com that claims one can earn Rs61 lakh in just three months flat without joining a single downline and selling anything.

 

The website claims to provide “Lal Kitab” or the Red Book, a book on astrology, supposedly written by one Rupachand Joshi. The site claims that the original “Lal Kitab” written in Urdu, is a wonder book on astrology, which provides remedies for solving chronic and critical human problems. However, the book is not used as gift. Instead, one is required to transfer money. This looks like a money circulating scheme rather than an MLM or Ponzi scheme.

 

While the website is in a ‘locked’ state, people behind the MLM are busy promoting the scheme through social networking sites like Facebook. In the postings, they claim that one can become a member by paying Rs600 as registration charges and would be provided a login ID and password for giftredbook.com. In the member's area, the new joinee would be provided the name and bank account number of and old member. The new joinee would then have to contact and transfer Rs1,200 in the account of the old member within 72 hours. Over the next 8 to 15 days, this new member's name would be sent to five new joinees, who in turn would send Rs1,200 each or together Rs6,000 to him. What an idea to earn money as a gift!

 

Here is posting about the scheme on Facebook...


Since, this is a limited time offer, one can join with as many as IDs (remember, you have to pay Rs600 as registration fee for a single ID?) and increase his earning potential and thus profit. It promises you a net profit of between Rs4,200 (your ‘gift’ income of Rs6,000 minus your ‘investment’ of Rs1,800) to Rs24.48 lakh, if at all you reach at 10th level.

 

In simple words, to earn Rs24.48 lakh, you would need to have a downline of 97.65 lakh members! This may look easy on paper but in reality, this is just not possible. Because, the moment new people stop joining the scheme, it is bound to collapse under its own weight.

Remember, even SpeakAsia, the most rapidly-spread MLM could garner only 20 lakh members, before it become defunct.

 

In addition, it does not say a single word about how the members are selected for receiving gift income and how it would get newer people into the network.

 

The site, Giftredbook.com is not an open site. That means, unless you are a member, you cannot access the vital information. Even on Who.is, the site that keeps record like ownership and registrar details of each website, there is no information available about the owner, registrar of Giftredbook.com, as all information is kept hidden by using PrivacyProtect.org services.

 

In short, don’t fall prey to schemes like Giftredbook.com and keep reading Moneylife.in for “How to be safe and smart” with your hard-earned money.

 

User

COMMENTS

MOHAN

4 years ago

BANGLADESH:

MLM racket Destiny goes into offensives

http://www.weeklyblitz.net/2660/mlm-rack...

dillip swain

4 years ago

SIMPLY INFORM CBI,POLICE,MCA,SEBI TO CHECK FINANCIAL TERRORISTS.CURRENTLY NMART IS IN SCAM MORE THAN 1500 CRORES. SAVE INDIAN FROM THIS TYPE OF FINANCIAL TERRORISTS.

MOHAN

4 years ago

It is a great thing that you are constantly and consistently exposing MLM frauds. But I have a grievance against you.

These are all small fry, including Speak Asia as compared to Amway and Mona-Vie. Why nothing is written against them in these pages ?

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