Leisure, Lifestyle & Wellness
IOC suspends Indian Olympic Association, reports say

IOC imposed the sanctions after Indian Olympic Association failed to comply with the world body's directive to hold its elections scheduled tomorrow under the Olympic Charter

 
Lausanne (Switzerland): Two officials with knowledge of the decision say the International Olympic Committee (IOC) has suspended India's national Olympic body because of government interference, Associated Press reported.
 
The decision comes just a day before Indian Olympic Association (IOA)'s elections to be held tomorrow.
 
According to Associated Press, the IOC executive board imposed the sanctions on Tuesday after the Indian Olympic Association failed to comply with the world body's directive to hold its elections scheduled tomorrow under the Olympic Charter.
 
The officials spoke on condition of anonymity because the official announcement hadn't been made yet, the AP news agency said.
 
The IOC had repeatedly told the Indian body to adhere to its own constitution and the Olympic Charter and not follow the government's sports code for the elections.
 
Suspension means the IOA will stop receiving IOC funding and its officials will be banned from attending Olympic meetings and events.
 
India's athletes will be barred from competing in Olympic events under their national flag.
 

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Government examining National Spot Exchange reply to show-cause notice

Commodities market regulator FMC, which analysed the trading data of NSEL, had found that National Spot Exchange allowed trading on its platform without verifying whether the seller has stocks with him or not, thus in effect allowing 'short sale' by members

 
New Delhi: The union government is examining the reply of Financial Technologies-promoted National Spot Exchange Ltd (NSEL) to a show-cause notice issued for offering commodity contracts allegedly in violation of law, Food Minister KV Thomas has said, reports PTI.
 
Spot exchanges, including NSEL, were allowed to offer one-day duration forward contract under Section 27 of Forward Contract Regulation (FCR) Act, subject to conditions, like the member of exchange would not resort to 'short sale' and outstanding positions at the end of trading day would result in delivery.
 
"A show-cause notice was issued to NSEL for non-compliance of stipulated conditions of the notification dated 5 June 2007. NSEL has submitted the reply to the notice, the same is under examination of the government," Thomas said in a written reply tabled yesterday in Rajya Sabha.
 
Commodity markets regulator Forward Markets Commission (FMC), which analysed the trading data of NSEL, had found that the exchange allowed trading on its platform without verifying whether the seller has stocks with him or not, thus in effect allowing 'short sale' by the members, the minister said.
 
Short-sale means selling commodities, which one does not own at the time of contract, with the hope of buying at a lower price before the delivery time. If the period of delivery is more than 11 days, it is called future trade.
 
The FMC had also found that the contracts traded on the exchange platform for which settlement period exceeded 11 days were non-transferable specific delivery (NTSD) contracts, which was in violation of provisions of FCR Act, he added.
 
Asked if a scheme promoted by member of NSEL resulted into an illegal non-banking financial company transaction (NBFC), Thomas said: "A complaint has been received by FMC that an investment scheme promising assured returns to retail investors is being marketed by a member of NSEL."
 
FMC is examining whether the scheme is violating the condition mentioned in the 2007 notification that all the outstanding positions of the trade at the end of the day should result into delivery, he said.
 
"Regarding the scheme resulting into an illegal NBFC transaction, the issue is being examined in consultation with Finance Ministry," the minister said.
 
The country has three national spot exchanges. NSEL and NCDEX Spot Exchange started operating since 2008, while National APMC Spot Exchange is yet to commence its operation.
 

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Lok Sabha Bill make sexual assault a gender-neutral offence

The amendment bill expands the definition so that cases of sexual assault where victims were male would fall under the same law along with cases where victims were women

 
New Delhi: Both men and women could soon be able to invoke the provisions of a criminal law in case of sexual assault, once a bill in this regard is passed by Parliament, reports PTI.
 
The Criminal Law (Amendment) Bill, replacing the word 'rape' by the phrase 'sexual assault' and seeking to widen the scope of the offence, was introduced by Home Minister Sushilkumar Shinde in the Lok Sabha on Tuesday.
 
The amendment bill expands the definition so that cases of sexual assault where victims were male would fall under the same law along with cases where victims were women.
 
At present, the offence is defined under section 375 of the Indian Penal Code as per which a man is said to commit 'rape' in case he has sexual intercourse with a woman against her will.
 
The bill also carries provisions which makes carrying out of acid attacks a separate offence punishable by a maximum of ten years' in jail. Attempt to do so could send the accused to jail for 5-7 years.
 
Under the bill, an offender can be jailed for life in cases of sexual assault, irrespective of the victim's gender.
 
The term 'sexual assault' has also been widened to include forced unnatural sex.
 
The bill lays down strict provisions under which persons below 18 making a complaint will not have to face the accused in court or police stations. It has raised the age of consent from 16 to 18 years.
 

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