Citizens' Issues
CBI registers FIR against members of SEBI: CNBC TV18

According to CNBC TV18, CBI has registered FIR against four people, including one former and one present ED of SEBI


The Central Bureau of Investigation (CBI) on Monday registered first information report (FIR) against former members of Securities & Exchange Board of India (SEBI). This include, JN Gupta, Muralidhar Rao, Vishakha More and Rajesh Dangeti, says a report from CNBC TV18. No more details were available.


JN Gupta, was executive director for a two year term from July 2009 and was in charge of market regulations, surveillance, derivatives and new products departments at SEBI. An IIT Kanpur graduate, Gupta is the founder and managing director of Stakeholders Empowerment Services - a proxy advisory services and corporate governance research enterprise.


SV Muralidhar Rao is also executive director of SEBI in the department of economic and policy analysis (DEPA).


Rajesh Dangeti is deputy general manager (Dy GM), while Vishakha More is an assistant general manager (AGM) in the market regulation department. More had received the best employee award from the Union Ministry of Social Justice and Empowerment in 2012.



Vaibhav Dhoka

3 years ago

In India getting award is no problem as integrity is never checked.If one has contacts and political blessing he or she gets award.

Bihar assembly bypoll give Lalu-Nitish combine 6, BJP 4 seats

Old rivals Lalu Prasad and Nitish Kumar together checkmated BJP's march in Bihar by winning six out of the 10 assembly seats


Rebonding of old rivals Lalu Prasad and Nitish Kumar on Monday checkmated Bharatiya Janata Party (BJP)'s march in Bihar with winning six out of the 10 assembly seats where bye-elections were held on 21st August.


The remaining four seats were won by BJP, the Election Commission said.


In 2010 Assembly poll, BJP had won six of the 10 seats which went to polls, while RJD was victorious on three and JD(U) in one.


This time, BJP won Narkatiaganj, Hajipur, Banka and Mohania (SC) seats.


Lalu Prasad's RJD was victorious in Rajnagar (SC), Chapra and Mohiuddinagar. Ruling JD(U) won in Jale and Parbatta, while Congress wrested Bhagalpur from BJP.


In Banka, BJP candidate Ramnarayan Mandal defeated his nearest RJD rival Iqbal Hussain Ansari by a slender margin of 711 votes.


Though the outcome of the bypoll would not have much impact on health of Jitan Ram Manjhi ministry as it already enjoys support of 145 MLAs in the 243-member House.


The outcome of the bye-elections has infused new energy in JD(U), RJD and Congress in the state after they received severe drubbing in the Lok Sabha polls.


BJP in company of LJP and RLSP of Union minister Upendra Kushwaha had won 31 out of 40 Lok Sabha seats in Bihar.


RJD which had fought with Congress and NCP had won seven, while JD(U) which went solo had managed only 2 seats in the wake of Modi wave.



Rakesh Goyal

3 years ago

This is Dance of Democracy.

This is a good development for consumer (the janata).

Nobody should take janata for granted.
If your product will not be good or cost-effective, we will go to another product.

Competition brings quality of service at realistic cost with good delivery. What happened in consumer and FMCG in 1990s’ must happen in politics.

These political parties must compete for policies, honesty, transparency, delivery and people-orientation.

It looks that it is happening now.

Previous BJP was some-what aligned with congress but with Modi, it is a different BJP.

It has now become BJP+ v/s all others. And that all others must create a trusted alternative to BJP.

The winner should be voter and not party.


3 years ago

What is there in Bihar results Congress to be happy? Congress has become a marginal player.

Hypocritical Nitish had no problem with BJP ever and his so-called "problem" was with NaMo only. He junked BJP by raising Narendra Modi bogey. He thought that he could replicate a Patnaik of Orissa in Bihar but he miserably failed.

Badly beaten by election results hypocrite Nitish immediately accepted an invitation from his foe Lalu as he knew very well that his political life was to end soon. Till the other day Nitish was seeking votes raising the bogie of Lalu's jungle Raj. He took an about turn and now lalu has become the guardian angel of secularism.

Now a combine of "great secularists" joined together and fought communal BJP. But the "grand secular alliance" could make only 6 out of 10 and not 10 out 10.

But in the end who is the real loser in this election ? The "great Secular" Nitish himself. His party loses its prominent position. Who is the winner? Lalu the "junglee". He had the last laugh after the votes were counted. His cadres can now distribute Laddus for the victory

I think Lalu is an astute politician and he knows the proverb - Beware of the person with two faces.

RBI to redefine deposits as ponzi scams grow manifold

In the wake of unearthing of multiple unauthorised deposit raising schemes and scams such as Saradha and PACL, the RBI feels there is a need to define deposits for entities other than banks


Reserve Bank of India (RBI) Deputy Governor R Gandhi on Monday said the Reserve Bank is working with the government on redefining as to what constitutes a deposit.


“We are working on redefining definition of deposits. The 'deposits', as it is defined today, is inadequate,” he told reporters after a conference of Chief Secretaries and State Finance Secretaries.


He said that in case of banks, the definition of a deposit is very clear, but it does not cover money collected by other entities for which the exercise is being carried out.


“We are discussing it with states and the Centre. We need to define in such a way that who will be the regulator for different types of collection of money. Today, certain things are clear, certain things are unclear. So in the unclear area we are trying to bring more clarity,” he said.


Gandhi said amendments will have to be made in the laws once the redefinition gets done.


Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.


The comments from Gandhi come within days of capital markets regulator SEBI asking a PACL, Delhi-based property developer, to return Rs49,100 crore to depositors, and after the busting of earlier scams like the one caused by the Saradha Group in West Bengal and two Sahara Group companies.


Certain entities, which are regulated by none of the financial sector watchdogs, have often taken advantage of the regulatory loopholes to raise large amount of deposits.


Rajan said a host of issues including state finances, their automation and liquidity issues were discussed at the meeting.


RBI Deputy Governor HR Khan said the newly revised norms on liquidity management, aimed at reducing the volatility in the overnight rates, will have a positive impact in terms of predictability and timing.


“Basically, it (new liquidity framework) has been released. So just wait. In terms of predictability and timing, it should have positive impact,” he said.




3 years ago

Leave alone Ponzi schemes. What about frauds taking place on investors in corporate fixed deposits? Microtech India Ltd has managed to dupe all fd holders even after being regulated by the so called regulators what to tals of ponzi schemes. Why cannot the regulators take such mangement to task and ask for refund of fd holders money on a priority basis?

Gurudutt Mundkur

3 years ago

I wish the powers that be spare time to read the article "ROT at THE TOP". But again how much to the top can one get?

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