Citizens' Issues
Centre approves Rs1,207 crore drought relief package for Maharashtra

Out of the total amount, Rs807 crore will be released under the National Disaster Relief Fund to 3,905 villages in the state and the rest Rs400 crore will be released under the National Horticulture Mission to 1,100 villages where drought has hit kharif crops

 

An Empowered Group of Ministers (EGoM) on drought headed by agriculture minister Sharad Pawar on Wednesday approved Rs1,207 crore relief package for Maharashtra.

 

“Rs1,207 crore drought relief package has been approved for Maharashtra,” home minister Sushilkumar Shinde, who is also a member of the EGoM, said after the meeting.

 

Out of the total amount, Rs807 crore will be released under the National Disaster Relief Fund to 3,905 villages in the state where drought has affected rabi crops, sources said.

 

The rest Rs400 crore will be released under the National Horticulture Mission to 1,100 villages where drought has hit kharif crops, they said.

 

The Maharashtra government had demanded a relief package of Rs1,801 crore under the National Disaster Relief Fund, but the central team after assessing the situation recommended Rs 872 crore.

 

Last year, Rs778 crore was approved to the state under this fund to mitigate losses to crop.

 

Shinde said the EGoM has approved drought relief packages for Kerala and other states as well.

 

Of the total 34 districts in Maharashtra, the worst- affected are Solapur, Ahmednagar, Sangli, Pune, Satara, Beed and Nashik. The situation is also serious in Buldhana, Latur, Osmanabad, Nanded, Aurangabad, Jalna, Jalgaon and Dhule districts.

 

Some districts in the state are facing acute shortage of fodder and drinking water problem. Drinking water is being supplied through tankers in most affected villages.

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SEBI fines 2 brokers for fraudulent trading in shares of Exedy India

The market regulator has slapped a fine of Rs10 lakh each on ISF Securities and Vishwas Securities for executing trades amongst themselves in large quantities and creating artificial volume and price increase in the scrip of EIL

 
The Securities and Exchange Board of India (SEBI) on Tuesday imposed a total penalty of Rs21 lakh on two entities for alleged fraudulent trade practices in shares of Exedy India (EIL).
 
The market regulator has slapped a fine of Rs10 lakh each on ISF Securities and Vishwas Securities for executing trades amongst themselves in large quantities and creating artificial volume and price increase in the scrip of EIL.
 
In addition, the regulator has also imposed Rs1lakh fine on ISF Securities for violating stock broker norms which warranted “imposition of monetary penalty”.
 
“The noticees being SEBI registered stock brokers created artificial volumes, false appearance of trading and generated investor interest in the otherwise thinly traded scrip of EIL,” SEBI said in its order.
 
SEBI said that both the entities “offloaded their entire shareholding at artificially rigged up prices to gullible investors and after suspension of trading of the scrip by the BSE they do not have an exit opportunity”.
 
The matter relates to a SEBI probe into the dealings in the shares of EIL (erstwhile Ceekay Daikin) which had seen a sharp rise in the price at BSE during the period from 1st April to 31 October 2009.
 
It was revealed that ISF Securities dealing in its proprietary account and Vishwas Securities dealing through trading member SIC Stocks and Services executed trades amongst themselves in large quantities and created artificial volume and price increase in the scrip of EIL.
 
Both had also executed self trades which were fictitious in nature, SEBI said.
 

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