World
Doctor payments on the decline

Pharmaceutical company payments to health care professionals dropped between 2011 and 2012 among most of the companies and categories

Pharmaceutical company payments to health care professionals dropped between 2011 and 2012 among most of the companies and categories ProPublica tracks, driven in part by increased transparency as well as blockbuster drugs losing patent protection. Research payments, however, have increased among that group. Search: Has Your Health Professional Received Drug Company Money?
 

Speaking
 

Payments to health care providers for speaking decreased by 38.1% among the nine companies that reported for both years.
 

Research
 

Payments to health care providers for research increased by 6.9% among the six companies that reported for both years.

Meals
 

Payments to health care providers for meals decreased by 20.9% among the seven companies that reported for both years.
 

Travel

Payments to health care providers for travel decreased by 29.1% among the six companies that reported for both years.

 

Consulting
 

Payments to health care providers for consulting decreased by 18.7% among the nine companies that reported for both years.

Items or gifts
 

Payments to health care providers for items or gifts decreased by 47.3% among the four companies that reported for both years.
 

Courtesy: ProPublica.org

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Is the fair value of dollar below Rs60?

The sharp fall in exports a matter of concern, says SBI Research

The trade numbers released indicate export declining by 3.7% and imports registering a de-growth at17.1%. As a result the overall trade deficit narrowed to $8.1 billion. According to SBI Research the point of concern is the decline in exports even at a dollar value of over Rs 60. Adding to the export woes is the fact that EU’s Generalized Scheme of Preferences (GSP) designed to support developing countries export to the European Union (EU) will now be not applicable to India, points out SBI Research. Mineral products, textiles, motor vehicles, bicycles and chemicals originating in India will no more invite preferential treatment.

 

According to SBI Research, there is also the concern on gold imports. Although gold imports from official channels has declined, the vast inelastic demand for gold further fuelled by high domestic prices premium, has now been made good by unofficial channels.

 

Finally, SBI Research believes that though the fair value of the rupee is below 60 to the US dollar, RBI will continue to bolster reserves, and the rupee will continue to trade in the current range with gains unlikely beyond 60.

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SEBI lets off Bajaj Capital, two others in art fund investment scheme

During 2006-07 SEBI began a probe into art funds being sold as investment schemes. These left investors with losses. SEBI however found Bajaj Capital to be only into an advisory business with regard to art as an investment
 

After an over seven-year probe into alleged money-pooling through 'art funds', market regulator Securities and Exchange Board of India (SEBI) on Tuesday let off Bajaj Capital and two other entities as they were not found to be running illicit 'collective investment schemes' (CIS).

 

In an order, SEBI said, Bajaj Capital was found to be only into an advisory business with regard to art as an investment option, while it did not launch any 'art fund' to actually collect money from investors".

 

At least two other entities, Marwah Fine Art Dealers and RR Investors Capital Services, were also let off by SEBI after its probe concluded that they were not running any art fund schemes in contravention of the CIS (Collective Investment Schemes) regulations, SEBI said in separate orders issued on Tuesday.

 

SEBI had begun probe into various cases of art funds being sold as investment schemes way back in 2006-07. At that time only, SEBI had issued notices to Bajaj Capital, part of a leading business conglomerate, as also to Marwah and RR Investors among others.

 

Some other entities are still being probed for allegedly running illicit investment schemes in name of art funds.

 

So far, only one major entity, Osian's Art Fund, has been found guilty by SEBI of violating its norms with regard to collection of money from investors through art fund schemes. Soon after SEBI passed an order against Osian's in April 2013, the entity approached the Securities Appellate Tribunal (SAT) against the regulator's direction to refund over Rs100 crore and stop running any such schemes.

 

The case is still being heard by SAT.

 

Way back in February 2008, SEBI had also issued a public notice warning investors against "investments in art funds, funds/ schemes launched by companies or any entity formed for the purpose" and had said that such activities were in nature of 'collective investment schemes' and need its approval.

 

Among the three cases disposed by SEBI today, Marwah group had sought guidance from the market regulator in January 2007 to set up an art fund, after SEBI had issued a show-cause notice to them.

 

The regulator had prima facie observed that the entity was carrying out activities in the nature of a collective investment scheme without registering for the same. Similar prima facie observations were made by SEBI with regard to Bajaj Capital and RR Investors as well.

 

After detailed probe into these cases, SEBI however concluded later that neither did they launch any art funds, nor they collected money from investors for such schemes limited till date regarding any scheme of 'art fund'.

 

Consequently, SEBI has found that these are not fit cases to impose any penalty and therefore the proceedings have been disposed off without any regulatory actions.

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COMMENTS

Suiketu Shah

3 years ago

Bajaj Capital is a joke-their RM's donot even know how to converse with clients.Their head in Mumbai Surajit Mishra thinks he is more important than the PM of India.They run their show in a typical Marwadi fashion.

No surprise at this piece.Thanks for the article.Noone else reports such things about dubious agents.

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