While small-cap and mid-cap indices has given a return of 55.86% and 40.3%, respectively, gains in the benchmark Sensex were at 24.1% since 1st April till date
Buoyed by robust stock market sentiment, the small-cap and mid-cap indices on the BSE have rallied by up to 56%, outperforming the larger index — S&P BSE Sensex — this fiscal.
The small-cap index of the BSE has given a return of 55.86%, followed by mid-cap index with 40.29% gain.
On the other hand, gains in the blue-chip index Sensex have been at 24.11% from 1st April till date, an analysis of the three indices showed.
The Sensex had touched its all-time high of 27,969.82 on Monday.
The mid-cap index touched its one-year peak of 10,068.63 on 16th September and the small-cap index hit its 52-week high of 11,352.01 on the same day.
Experts said when markets perform well, smaller stocks make big gains than the front-lines. But during times of uncertainty, greater losses are seen in mid and small-cap stocks.
According to analysts, the bullish investor sentiment following a new government at the Centre and robust foreign fund inflows have been fuelling the rally in the domestic equity market.
Since the beginning of this year, overseas investors have infused Rs82,266 crore ($13.7 billion) into Indian equity market, while they invested Rs1.36 lakh crore into the debt market ($22.5 billion) taking the total to Rs2.18 lakh crore ($36 billion).
Retail investors are major participants in mid-cap and small-cap stocks and their activity in this segment has been upbeat over the past few months.
Market players say smaller stocks are generally bought by local investors, while overseas investors focus on blue-chip shares.
Mid-cap index tracks companies with a market value that is on an average one-fifth of blue-chips or large firms. Small-cap firms are almost a tenth of that.
Events leading to the all-important meeting of the BCCI Selection Committee were also confusing after two selectors gave journalists contrasting information regarding the agenda
In a mysterious turn of events, Selection Committee of the Board of Control for Cricket in India, did not select the team for the final two one day internationals (ODIs) against Sri Lanka and the upcoming Australia tour without specifying the reasons for the no-show.
Later a BCCI release stated the postponement of the meet at Mumbai without giving a definite reason for not picking the squads.
The events leading to the all-important meet were also confusing after two selectors gave journalists contrasting information regarding the meeting agenda.
While one selector said Tuesday's meeting in Mumbai was regarding the selection of the squad for the final two ODIs against Sri Lanka, the other said the meet was called to pick the team for the Border-Gavaskar series in Australia.
Even chief selector Sandip Patil left the meeting half-an-hour early and chose not to speak to the waiting media, who were left guessing about the outcome till the BCCI statement arrived.
Maharashtra’s Govt Servants Act is similar to the Right to Service Act. However, all local self-governing bodies are out of the gambit of this Act and there are no strict provisions to penalize erring officials. Without this, the Act would be ineffective
Moneylife in an article titled “Mr Fadnavis & Media: A Right to Service Act already exists” mentioned that the Citizen Charter should be upgraded and the Right to Service (RS) Act made active. However, the Maharashtra government needs to remove several loopholes and give more teeth to the RS Act to make it effective, if it is ever implemented.
Firstly, the Government Servants Regulation of Transfers and Prevention of Delay in Discharge of Official Duties Act, 2005 (Govt Servants Act) in Maharashtra, is akin to the Right to Service Act, but it is not essentially the RS Act in words and spirit. For example, all the panchayats, zilla parishads, municipalities and municipal corporations are out of the ambit of this Act. Hence, even if the RS Act is implemented by Chief Minister Devendra Fadnavis, it would not apply to any of these local self-governing bodies where transparency and accountability is most vital, as these bodies are directly connected with peoples’ day to day life.
In 2011, there an amendment was made in the Bombay Provincial Municipal Corporations (BPMC) Act, wherein the above local self-governing bodies were directed to form a Citizen Charter. Under both, the Govt Servants Act as well as the BPMC Act, all the relevant government departments have been directed to form their respective Citizen Charters. However, all of them remained toothless, as the Acts do not include penalty or compensation if a government officer fails to provide the Service within the stipulated time.
“Over the past decade, Maharashtra issued at least six major Government Circulars (GRs) directing government departments to form Citizen Charters,” said RTI activist Vijay Kumbhar, who has been fighting against the dilly-dallying in the implementation of the Act by the state government since 2005. He said, “The state government has deliberately removed all local self governing bodies from the Act to make it toothless.
Also, most of the government departments have made Citizen Charters but have not implemented their commitment to time bound services to citizens, which would reflect transparency and accountability. They have submitted their Citizen Charters to a Committee appointed by the state government, based on whose recommendation the final Citizen Charter was created. In fact, in one of the circulars on 13 August 2007, the state government had directed all departments to create public awareness about the Citizen Charter through the media and with help from NGOs. Have any of us ever heard of it? Similarly, in another circular issued on 24 May 2011, the chief secretary issued a circular asking all departments to send names of those officers who had not provided time bound services. There has not been a single name that has been sent to the Mantralaya.
One of the reasons is that the Citizen Charter is very soft on the erring government officers, as the option to penalize has been left with the senior officer; it is not mandatory.
If in case, the erring officer has not provided time bound services, he has been given the luxury of explaining the reason and getting away with it.’’
So, what is the option? About 18 states in India have the Right to Service Act. Some states have powerful Acts says Vijay Kumbhar. He, through his RTI Katta, has appealed to citizens to read Acts from all the 18 states and submit suggestions to Maharashtra chief secretary, requesting him to bring in a totally new Right to Service Act.
Following is Kumbhar’s appeal:
Request to participate in process of drafting in a good and effective “Right to Public Service Act” for Maharashtra
“Chief Minister of Maharashtra Devendra Fadanvis announced to introduction of “Right to Public Service Act” (‘लोकसेवा हमी कायदा’) in Maharashtra and also Instructed Chief secretory to prepare Draft for that. I guess it will be great if citizens of Maharashtra also help Government in this regard. As on Today, such act is in force or in process in many states. So people of Maharashtra have an opportunity to participate in a process of drafting a good law, taking in to consideration experience in other states. So I request you all to go through the acts-bills reproduced below , also ask your friends and relatives in the respective states for their experience in this regard and give your suggestions, So that we may be able give a citizens draft for the 'Right to Service Act’ to the government. You can send your suggestions to email@example.com.
Central Government Bill - http://goo.gl/6vxFaY
Punjab - http://goo.gl/V8sJFM
Uttarakhand - http://goo.gl/CMwQy9
Madhya Pradesh - http://goo.gl/xBU2LF
Bihar - http://goo.gl/J9Ja4n
Delhi - http://goo.gl/DdexTV
Jharkhand - http://goo.gl/1M0e1H
Himachal Pradesh - http://goo.gl/yACbc3
Rajasthan - http://goo.gl/voZfGL
Uttar Pradesh - http://goo.gl/pQ7ogp
Kerala - http://goo.gl/fikbrJ
Karnataka - http://goo.gl/6jNeqE
Chattisgrh - http://goo.gl/5vbK4v
Jammu and Kashmir - http://goo.gl/YAswfE
Odisha - http://goo.gl/pBbZc8
Gujrat - http://goo.gl/tzcqP9
West Bengal - http://goo.gl/jsjSAq
Goa - http://goo.gl/SpCyJL
Haryana - http://goo.gl/tVOSV9
(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)