Drive a Hard Bargain!
Smart decisions about car loans and insurance require careful thought. It is much easier to handle insurance and loan for a new car. For used cars, insurance and loan are a bit complicated. Raj Pradhan found that there is a need to understand the way insurance works, for not just the buyer but for the seller too. For instance, should the seller transfer or cancel insurance? Along with the complications of insurance, a used car loan is expensive. Financially, it makes little sense to take high-cost loan to buy a used car as the effect of lower price will be negated. The dealer may confuse you about the rate, if you focus only on the EMI (equated monthly instalments). We have provided the loan rates from several banks for you to compare.
 
While you look to get the best deals for your car, R Balakrishnan writes on what you should look for before investing in big businesses that are not quoting at a bargain price. He lists points on how to pick a potential winner.
 
How about a ‘Herbal’ bleach which may not be herbal, or a ‘Healthy & Tasty’ cooking oil that may be neither? Sucheta, in her ‘Crosshairs’ column, writes on misleading brand names and harmful products that have proliferated throughout the country. Are the regulators and other government agencies aware? Will they step in to protect consumers? In another brief piece, she highlights the speech by SS Mundra, deputy governor of the Reserve Bank of India, on five kinds of financial illiterates. What we need most is less lip-service and better outcomes of all the financial literacy and financial inclusion campaigns being proffered. In her ‘Different Strokes’ column, Sucheta points out how, for almost two decades, the regulators have been treating foreign institutional investors through Participatory Notes being used to channel money into the Indian stock markets. 
 
Do you know whether your building is structurally safe in case of an earthquake, landslide, fire, deluge or internal design alterations? Do join us on 22nd August to hear expert views on building safety. To register, visit foundation.moneylife.in

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Pankaja Munde tops list of ministers absent from cabinet meetings
Pankaja Munde, Eknath Shinde, Dr Deepak Sawant, Sudhir Mungantiwar and Rajkumar Badole are the top five ministers, who have not attended all cabinet meetings in the Fadnavis government
 
Pankaja Munde, the controversial Minister of Women and Child Welfare Department from Maharashtra has attended least number of cabinet meetings, reveals a reply received under the Right to Information (RTI) Act.
 
According to the reply received by RTI activist Anil Galgali, ministers like Eknath Shinde, Dr Deepak Sawant, Sudhir Mungantiwar and Rajkumar Badole also skipped cabinet meetings most of the time. Munde tops the list of absentee minsters. Only Chief Minister Devendra Fadnavis and Babanrao Lonikar, the Minister for Water Supply, have attended all the cabinet meetings.
 
Replying to the RTI query, Public Information Officer (PIO) of the Chief Secretary's Office, said during 11 December 2014 and 23 June 2015, 28 cabinet meetings were held. Before that, there were few ministers in the Fadnavis cabinet. Pankaja Munde was absent in nine out of 28 meetings, while Shinde, the PWD Minister was absent in seven meetings. 
 
Health minister Dr Deepak Sawant was absent in six meetings followed by Finance minister Sudhir Mungantiwar and Minister for Social Justice Rajkumar Badole in five meetings, Housing Minister Prakash Mehta and Environment Minister Ramdas Kadam in four meetings, and Higher and Technical Education Minister Vinod Tawde, Revenue Minister Eknath Khadse and Energy Minister Chandrashekhar Bawankule were absent in three cabinet meetings each, the RTI reply reveals.
 
 

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SEBI impounds Rs14.7 crore from 16, including Sharekhan in a front-running scam
SEBI has asked these 15 persons or entities to provide, within seven days of this order, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares or securities
 
Market regulator Securities and Exchange Board of India (SEBI) has ordered impounding of Rs14.70 crore as unlawful gains from 16 entities, including domestic retail brokerage Sharekhan Ltd for front-running activities. Just few days back, BNP Paribas SA announced that it is buying 100% stake in Sharekhan for an undisclosed sum.
 
In a 42-page order, Prashant Saran, Whole Time Member of SEBI, directed to "Impound unlawful gains of Rs13.54 crore (alleged gain of Rs8.42 crore + interest of Rs5.12 crore) jointly and severally from Manish Chaturvedi, Laxmi Chaturvedi, Manohar Chaturvedi, Viraj Mercantile Pvt Ltd, Josh Trading Pvt Ltd, Abhinandan Ranka, Pinky Auto Finance Ltd, E Ally Consulting India Pvt Ltd, Sandeep Maloo, Shree Jaisal Electronics and Industries Ltd, Neeta Maloo and Bhavesh Gadhavi. 
 
“Impound unlawful gains of Rs65.15 lakh (alleged gain of Rs40.3 lakh + interest of Rs24.87 lakh) from Madhu Chanda, Anandilal Chanda and Anandilal Chanda HUF. From Sharekhan, the SEBI directed to impound unlawful gains of Rs50.93 lakh (alleged gain of Rs30.83 lakh + interest of Rs20.10 lakh), " the order says.
 
Front running refers to a market activity wherein the broker buys or sells shares or takes a similar position in the stocks ahead of large orders given by his institutional clients. 
 
According to SEBI, the alleged gains were made between March 2009 and March 2011, and it levied an interest of 12% per annum from the date on which such profits were earned.
 
 
The SEBI order says, "Considering that the front-runners and the entities involved in the case are connected to each other directly or indirectly and collaborated with each other in engaging in the unfair practice of front-running and thereby deriving undue profits through their trades, it is pertinent to make these 12 persons or entities jointly and severally, liable for deriving undue profits from such alleged fraudulent and unfair conduct and trades. As discussed above, Madhu Chanda has used/passed information of the orders placed by clients of Sharekhan. The two dealers (Madhu and Anandilal) of Sharekhan are husband and wife and therefore the unfair gains made by them, by collaborating with each other, in the accounts of Anandilal and Chanda HUF by front-running the clients of Sharekhan also needs to be impounded jointly and severally from Madhu, Anandilal and Chanda HUF. Further, Sharekhan Ltd is also liable for the undue gains made in its Proprietary Account through trades carried out through dealer, Anandilal."
 
In addition, Sharekhan is asked to deposit Rs50.94 lakh in an escrow account within seven days.
 
SEBI has asked these 15 persons or entities to provide, within seven days of this order, a full inventory of all their assets and properties and details of all their bank accounts, demat accounts and holdings of shares or securities, if held in physical form and details of companies in which they hold substantial or controlling interest.
 
According to SEBI release, Sharekhan and other front running entities used orders from the Sterling Group from South India for their operations. Sterling Group consists Abhi Ambi Financial Services Ltd (Abhi Ambi), Sterling Futures & Holidays Ltd (Sterling Futures), Ratha Infrastructure Pvt Ltd (Ratha), Baghmar Finlease Ltd (Baghmar), Shanmuga Home Makers Pvt Ltd, Siva Trade Consultancy Pvt Ltd, Saravana Enterprises (Saravana), Shanmuga Real Estate & Promoters Pvt Ltd, VS Net Ltd and Siva Projects Engineering & Enterprises Ltd.

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