Citizens' Issues
Former police commissioner Satyapal Singh urged to vacate his bungalow

Police Reforms Watch and other activists have expressed outrage over Satyapal Singh's move to seek an extension of his official accomodation when he had resigned from the police force to enter into active policits


Several activists and Police Reforms Watch (PRW), have urged Maharashtra government to ask Satyapal Singh, former police commissioner, to vacate his official bungalow, since he is no more in the service.


In a strongly worded statement, PRW said, “It is rather unfortunate that the former Mumbai Police Commissioner has clung to his official residence since the last 22 years thus depriving other Police Officers posted in that region the use of the premises.” The message from civil society and PRW was clear, that the government should not allow Dr Singh an extension or the use of the premises anymore.


Dr Singh, former Mumbai Police Commissioner and currently a Lok Sabha MP of BJP from Baghpat, requested that he be given an extension so as to continue staying in the official accomodation in Bandra, which he was provided when he was a policeman.


On receiving a letter from Dr Singh, the Home Minister's office forwarded it to the current Mumbai Police Commissioner Rakesh Maria for scrutiny and said it will take a final decision based on Maria's recommendations.


Citing the example of former Union Minister Sushil Kumar Shinde, PRW said that, “The former Police Commissioner must learn from the example of the former Union Home Minister Shri Sushil Kumar Shinde also from Maharashtra. Setting a public example within three days of his losing the lost the parliamentary elections in Solapur, he handed over the possession of his sprawling bungalow.”


“We do not know why the Home Minister and Home Department of Maharashtra allowed such a state of affairs when the former Police Commissioner for some years was not even posted in Mumbai,” the PRW said.


The PRW also pointed out that the Ex- Police Commissioner had resigned from his service and had started on a career in politics. He won his seat to the Parliament from the Baghpat Lok Sabha seat and as MP, he should set an example and not be a strain on the Maharashtra's resources. They added that, “While we wish him all good luck in his new career , Satyapal Singh should follow the example of Shri Sushil Kumar Shinde and vacate the premises without any delay.”


NSEL scam: EOW files charge sheet against Jignesh Shah

The Mumbai EOW had filed a charge sheet against FTIL promoter Jignesh Shah in the Rs5,600 crore NSEL scam


The Mumbai Economic Offences Wing (EOW) of Mumbai Police on Monday filed a chargesheet against Jignesh Shah, promoter of Financial Technologies India Ltd, in connection with the Rs5,600 crore National Spot Exchange of India (NSEL) scam.


Earlier, in May, the EOW had arrested Shah in the NSEL scam. NSEL, promoted by Shah-led Financial Technologies group, is already being probed by various other regulators and investigative agencies with regard to a Rs5,600-crore payment default and persistent violations of various regulations.


Last week, the Mumbai High Court had deferred a bail plea by Shah till 5th August. The Mumbai EOW had to file its chargesheet by that date.


This will be the second charge sheet filed by EOW in the NSEL scam.


The first chargesheet was filed in January 2014 in the Maharashtra Protection of Interest of Depositors court, in which it had named former NSEL managing director and CEO Anjani Sinha, former head of finance Amit Mukherjee, former chief of warehouse operations Jay Bahukhandi, NK Proteins’ managing director Nilesh Patel, and Lotus Refineries’ chairman and managing director Arun Kumar Sharma.


Last year in September, EOW of Mumbai police searched 184 places across 16 states, including residences of Shah, and Joseph Massey, the then managing director and chief executive of MCX-SX.


In December 2013, commodities market regulator Forward Markets Commission (FMC), has termed Shah, FTIL and two other directors, Massey and Shreekant Javalgekar as 'unfit' to run Multi Commodity Exchange of India Ltd (MCX), the country's largest commodity exchange. The commodity market regulator also held FTIL and its directors, Shah, Joseph Massey and Shreekant Javalgekar responsible for Rs5,600 crore payment crisis at NSEL.


FMC had said, Shah was practically the 'highest beneficiary' of the fraud perpetrated at the NSEL Exchange. "It is because of the huge profit of Rs125 crore (approx.) earned by NSEL during FY 2012-13 that the value of the shares of Jignesh Shah in FTIL shot up manifold giving him the benefit of a spectacular market capitalisation of his investment in FTIL running into thousands of crore of rupees. Jignesh Shah, as the promoter of FTIL and NSEL has misused his position to create a confidence in the minds of the participants regarding the legitimacy of the business and its operations in the exchange platform of NSEL. Shah consciously used his position to represent to the public at large about the attractive features of the contracts being traded on NSEL platform while taking no steps to introduce any effective governance mechanism including risk management, due diligence, assured collaterals etc., to ensure the legitimacy of his claims and to prevent frauds," the Commission had said in the order.



Sensex, Nifty may rally: Monday Market Report

As long as Nifty does not break 7,650, an uptrend is likely


The broad Indian market indices—S&P BSE Sensex and NSE’s CNX Nifty—recovered on Monday after a decline of over 2% in the past two trading days. In our Friday market closing report, we mentioned that Nifty and Sensex may put in a short rebound later in this week. The rebound came on Monday itself. Both the Sensex and Nifty opened and continued to trade above Friday’s low and closed near the day’s high. The 30-share Sensex closed at 25,723 (up 242 points or 0.95%) shortly after hitting an intra-day high of 25,754, while the 50-stock Nifty closed at 7,687 (up 84 points or 1.12%) minutes after touching a high of 7,695.


Trading volumes were lower on the NSE at 728.6 million shares compared to 961.2 million shares on Friday. On Friday, foreign investors registered a net outflow of over Rs1,000 crore from the Indian markets. 
Ahead of Tuesday monetary policy review by Reserve Bank on India (RBI), the Indian rupee on Monday strengthened in opening trade against the dollar after closing at 61.19 against the dollar on Friday. However, the upward momentum was short-lived. The rupee started to weaken and declined to 61.17 against the dollar after opening at 60.91 per dollar on Monday.
Infosys and other IT stocks gained on the weaker rupee. Auto stocks gained after announcing stronger sales. Except for the CNX Pharma index, all the sector indices on the Nifty, closed in the black. The CNX IT index gained 2% on Monday closely followed by the CNX Metal and the CNX Infra index which gained 1.75% and 1.61% respectively. The CNX Auto index gained 1.31%. At the bottom, on the sector indices list, was the CNX Pharma index which declined 0.21%. 
The RBI is likely to hold rates at its third bi-monthly monetary policy on Tuesday, according to a Reuters poll of 43 economists.  In its policy review statement on 3rd June, the RBI stated that “it remains committed to keeping the economy on a disinflationary course, taking CPI inflation to 8% by January 2015 and 6% by January 2016. If the economy stays on this course, further policy tightening will not be warranted. On the other hand, if disinflation, adjusting for base effects, is faster than currently anticipated, it will provide headroom for an easing of the policy stance.” 
The inflation rate measured by the CPI declined to 7.31% in June 2014 from 8.28% in May 2014, in line with the RBI’s projections.
In the bond markets, the yield on India’s 10-year benchmark bond was trading lower at 8.50%, compared with its Friday’s close of 8.53%.
Out of the 3,024 scrips traded on the BSE, as many as 1,810 stocks advanced and 1,108 declined. Of the stocks present in the Nifty, 44 closed with a gain and six stocks closed in the red. BPCL (4.70%), Hindalco (4.40%), Infosys (3.56%), NMDC (3.36%) and Jindal Steel (3.29%) were the top gainers in the Nifty. HDFC Bank (-0.30%), Cipla (-0.40%), Bharti Airtel (-0.50%), Sun Pharma (-0.88%) and HDFC (-0.91%) were among the six Nifty stocks that declined. Syndicate Bank was 6% down as its CMD was arrested for allegedly receiving a bribe of Rs 50 lakh.
The government was planning to move the controversial Insurance Laws (Amendment) Bill in Rajya Sabha on Tuesday after holding discussions with Congress and other parties on Monday. However, the Bill has been deferred for consideration in the Rajya Sabha for the time being after a meeting of the government with opposition leaders failed to break the deadlock. The bill will be referred to an all-party parliamentary panel called the select committee for review. The Bill aims at raising the ceiling on foreign direct investment (FDI) in insurance to 49% from the current 26% limit.
Most Asian and Europeans indices were trading higher on Monday. Except for Japan’s Nikkei, all other Asian indices closed higher. European stocks were trading higher despite downbeat Spanish employment data, as investors eye a policy meeting by the European Central Bank later this week. 
Disappointing US employment data on Friday eased speculation over the timing of a possible rate hike by the Federal Reserve. 
Crude oil was trading higher on Monday, after Brent and US crude futures tumbled on Friday to the lowest settlement prices in months on the back of oversupply. European markets were trading higher as were premarket futures in the US.


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