Citizens' Issues
In three years, Moneylife Foundation emerges as one of the largest voices of investors and consumers

The Foundation has nearly tripled its member base in the past 365 days to almost 21,000. Workshops on topics as diverse as the Right to Information Act, the evils of the Aadhaar scheme, food adulteration and Wills & Nominations, along with numerous financial literacy seminars allowed it to surpass 150 events a few weeks ago over the last three years


Moneylife Foundation has completed three years educating savers about the various financial products and their risks, giving them the knowledge to make independent decisions about money and life. Its membership, which is free, has reached almost 21,000 today from 7,388 a year ago.
 

Aside from various workshops on financial literacy, the Foundation organised events on issues of deep public interest, such as biometric identification, the draconian Section 66A of the IT Act, food adulteration, property taxes and medical malpractice. Each of these were conducted by experts such as former IPS officer and now activist lawyer YP Singh, Col Mathew Thomas, a missile scientist from Bengaluru and Advocate Godfrey Pimenta. While the majority of the events were held in Mumbai, the Foundation also travelled to Kochi, Mangalore and Pune this last year. But this is not all the Foundation is up to. A major chunk of its work is related to advocacy.
 

A couple of weeks ago, for example, the Foundation was able to get justice for a barely literate ticket collector from Solapur—Arvind Injamuri. He had been fraudulently mis-sold insurance polices work Rs12 lakh by Reliance Life Insurance. The regulator forced Reliance Life to pay back the money plus Rs1.5 lakh in interest. The Foundation, by filing an RTI application, managed to get the performance of Portfolio Management Schemes to be disclosed and, eventually, was able to get an order asking SEBI to put all the information out on its website from April this year.
 

Moneylife Foundation has also been working towards the removal of arbitrary regulations governing mutual fund distribution and the tens of thousand unregulated pyramid and Ponzi schemes that are beggaring people around the country.
 

In the next year, it plans to widen its counseling initiative to areas such as Wills & Nominations and other legal issues. It intends to launch counselling in at least two new areas in the coming year and to extend this to members across India through webchats, email and video links. The Foundation also plans to take up issues relating to credit scores and credit history as well as senior citizens’ issues in the coming year.
 

To mark the occasion of its third anniversary, Moneylife Foundation has organised an event in Mumbai today, 15 February 2013, at which CAG Vinod Rai will speak on “Government Accountability is the key to a Vibrant Democracy”.

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COMMENTS

Mukesh kamath

4 years ago

While posting a comment i was not knowing that i need to create membership with the site. I wonder what benefits i may get from a membership in ml. This news site is totally communist. The line of thought persued here is totally different.

REPLY

M G WARRIER

In Reply to Mukesh kamath 4 years ago

Welcome to Moneylife famiy. Obviously, you are new to this site. First impression need not worry you. Some individuals communicating/behaving in certain fashion are earning a negative 'profile'for 'communist', 'politician', 'government employee', 'businessmen'and so on. Here, you read things which you consider will be beneficial to you and leave the rest. Over time, you will learn to scan media in a rational and unbiased manner. Moneylife has developed an individuality of its own in last three years, independent of the contributors and the Team Moneylife. Please respond to this, say, after a month or so only.

MDT

In Reply to Mukesh kamath 4 years ago

Moneylife added an extra layer of security so that only genuine readers with a valid email ID can post comments on articles on the website. Kindly read http://www.moneylife.in/article/moneylif... . Moneylife stands for savers, the common people often ignored by mainstream media. Therefore your comment "This news site is totally communist" is unwarranted and completely out of context.

Suiketu Shah

4 years ago

Also pl add to is the most credible publication in India.

Suketu

Habib Mohamed

4 years ago

We have had a difficult relationship with housing finance company, HDFC, in that they have so far not reduced the interest rate charged in our account in spite of it being a floating rate account, even as new borrowers are offered rates which are up to 225 basis points below the rates charged in our account. I had written to the MoneyLife Foundation too on this but it seems like the Foundation is not too keen to take on a holy cow like HDFC. I haven't lost faith as such and am still waiting ....

REPLY

Sucheta Dalal

In Reply to Habib Mohamed 4 years ago

This is completely untrue. We follow up cases if they have a genuine point and if people take the trouble to write a synopsis of their issue in about 500 odd words. We work with a tiny team and all this is free social service that we do. No other magazine even bothers with grievance redressal. And the webcontent that you get everyday is FREE. Are you a member of Moneylife Foundation? Who did you write to? And how on earth can we chase up your grouse about whether people spend their free time at casinos? Why not focus on your issue and whether it is contrary to the terms of your agreement?

Suiketu Shah

In Reply to Sucheta Dalal 4 years ago

Dear Ms Dalal

Just to clarify when I wished the gentleman above good luck,I wished him good luck on his fight against HDFC Ltd,not on the "fake" complaint he has against ml.Just wanted to clarify.Thanks.

Suiketu Shah

In Reply to Habib Mohamed 4 years ago

We agree to disagree sir.Moneylife has no vested interests.
Pl read my posts on this website on cheats,frauds and seasoned crooks HDFC Bank and HDFC Securities wherein their key people indulge in corruption and boast about spulging the cash commission money in Goa Casinos.

Habib Mohamed

In Reply to Suiketu Shah 4 years ago

I desist from posting a copy of my complaint here as this is a public forum and I don't want to compromise on our privacy. May be you will act on it and I am waiting to see ... This is not a demand, but a plea from someone who is otherwise helpless. Yes, I hope you act on it for my sake and for the sake of the unorganized majority, who don't have a voice.

Suiketu Shah

In Reply to Habib Mohamed 4 years ago

dear Mr Mohamed

I am an investor like you,not an activist.My sympathies with you and wish you good luck.However pl note as far as I am concerned I have blacklisted HDFC Bank and its subsidiary permanently and am least bothered about their response or reaction.The loss is theirs in losing a clients like me,not mine.

The purpose of my postings is to make ml readers aware that if HDFC Bank is a cheat and fraud,what about others and to beware of this bank where their directors boast of splurging their cash illegal commission in Goa casinos.

Also I stand by my statement that ml has no vested interest which is why it is so great.

Sucheta Dalal

In Reply to Habib Mohamed 4 years ago


You do not desist from posting imaginary complaints about Moneylife Foundation in the public domain but your so-called issue is a matter of privacy?
I have a simple question, if you make such allegations, when Moneylife does not even have an advertising relationship with the HDFC group, how much worse will you be in other cases? Do you think this will motivate us to take up your complaint, which is purely a social service we provide? Wont we be human enough to be totally put off with you? Why dont you join our fight for a larger cause instead of expecting others to take up your case!

nagesh kini

4 years ago

I've been a witness to MoneyLife growth over the last three years.
It is in deed awesome for a grass root organization to pursue relentless so many diverse causes affecting common citizens, that too totally free. May your tribe increase.
I feel proud and privileged to belong to the MoneyLife family. Thank Sucheta and Debashis for enabling me. Greatly indebted to say the least.
Many, many, happy returns of this third anniversary, surely there will be many more to follow. A big God Bless.

M G WARRIER

4 years ago

Three years may not be a long period in the life of an ‘institution’ like Moneylife. But it gives much comfort that an ‘open’ and transparent organisation like this one could grow fast and make its presence felt at the highest level in government and financial sector. I have been ‘with’ Moneylife only from June 2012. But, during this short period, I have been witnessing the growth of clientele and audience which should be encouraging for Team Moneylife which is working overtime to keep pace with time despite several constraints. Best wishes on this great day when Moneylife is celebrating 3rd Anniversary!

Nilesh KAMERKAR

4 years ago

India would have been a far better place, if we had more like you ... Thank you for being what you are. Good Luck Team Moneylife!

CAG Vinod Rai to speak at Moneylife Foundation’s 3rd anniversary

Vinod Rai, the first Comptroller & Auditor General of India (CAG) to show us that the government and politicians can be made accountable, if statutory bodies simply do their job, will address a packed audience on the need for an accountable government in building a vibrant democracy

Moneylife Foundation has organised a lecture by Comptroller and Auditor General of India (CAG) Vinod Rai, to be followed by a question and answer session to be moderated by the Foundation’s trustee Sucheta Dalal, at Swatantryaveer Savarkar Rashtriya Smarak in Dadar (Mumbai) at 6:30pm this evening.
 

CAG Vinod Rai’s relentless audit and fearless disclosures have told the story of the massive real and potential losses in the sale of 2G telecom spectrum, the Commonwealth Games, allocation of captive coal blocks and irrigation projects. Mr Rai has managed to remain unflappable under extraordinary political pressure, making him no less a national hero than anyone else in recent memory.
 

His fearlessness has shaken up government and unsurprisingly attracted detractors, mostly from the government. Even the prime minister, on more than one occasion, has said that the CAG is going beyond his mandate. Mr Rai hasn’t backed down, of course. Just last week, addressing Harvard’s prestigious Kennedy School, he criticised the Manmohan Singh government for attempting to reduce the federal auditor to a mere accountant with no real role in auditing policy.
 

Mr Rai took over as the Comptroller & Auditor General of India on 7 January 2008. He has a Masters Degree in Economics from Delhi University and Masters in Public Administration from Harvard. A 1972 batch IAS from the Kerala cadre, he was the Additional Secretary, Banking and later, Secretary, Department of Financial Services, in his previous assignments.
 

About ML Foundation: For three years now, Moneylife Foundation has been spreading financial literacy all over India. Its member base now exceeds 21,000. The Foundation has conducted over 150 seminars on topics as diverse as Right to Information, Wills and Nominations and Pyramid Schemes. It was set up by Sucheta Dalal, Debashis Basu and Dr Nita Mukherjee.

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COMMENTS

Vaibhav Dhoka

4 years ago

CAG should also audit regulators like SEBI as they are established by act of parliament.

Hexaware management forecasts 10% dollar revenue growth for FY13

The company hopes to add $20 million in revenues in FY13 and improve its focus on client retention and acquisition on its non-core client base. Nomura thinks the company is worth Rs110 per share

Nomura Equity Research, which hosted Hexaware non-deal roadshow, reports that the management of the company seemed optimistic and bullish of its future prospects. The company’s revenue is expected to grow at 10% in dollar terms, mainly driven by BFSI, healthcare and insurance verticals. However, Nomura reports that Hexaware management is concerned about its lack of focus on its non-core clients (non top-20 clients). The report said, “Among clients, the management is confident about growth from Hexaware’s top 20 clients but acknowledges that its focus on non top-20 clients has been insufficient in the past, which will need refocusing.” It also hopes to make acquisitions in order to focus on the manufacturing/retail space with SAP capabilities.
 

Despite the focus on top clients, the Nomura report mentions that revenues of its top clients (i.e. top 20) had declined 21% quarter-on-quarter in the fourth quarter because of work stoppage in a particular project.
 

Hexaware management is not only confident of delivering on the revenue front but also on the EBITDA front. Nomura states that the management expects EBITDA margins to be in the range of 18%-20% range once it gets to steady utilization rate. The management also reiterated that not much hiring would be required. EBITDA margins have been plummeting in recent times but Nomura has forecasted that it would increase and stabilize. Check the graph below:


Most information technology companies rely on the US dollar for revenues and hence hope that Indian rupee will remain ‘weak’. Hexaware is no stranger to this. It has hedged at least 80% of its 2013 receivables at Rs53-Rs53.50 per dollar.
 

Despite the expected optimism amidst challenging economic circumstances and volatile currency rate movements, the company remains upbeat and is likely to maintain dividend payouts. According to Nomura, the company has indicated that 50% dividend payout will be maintained and translates to an impressive 6% dividend yield.
 

Based on the road show, Nomura has fixed a target price of Rs110 per share and has maintained a BUY recommendation.
 

For our analysis on other Nomura reports, check here.

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