‘Telcos may start WiMAX services soon’

Subject to availability of spectrum, most operators would like to launch services as soon as possible as they are eagerly looking to recover the cost of BWA spectrum that was auctioned in June, WiMAX Forum chairman CS Rao said

WiMAX Forum, a representative body of WiMAX players, on Tuesday said telcos who have won Broadband Wireless Access (BWA) licences would like to launch WiMAX services as soon as the spectrum is made available to them, reports PTI.

WiMAX (Worldwide Interoperability for Microwave Access) is a technology, which is used to provide high speed Internet services to mobile customers.

"Subject to availability of spectrum, most operators would like to launch services as soon as possible. The operators very well know the technology available today. They are eagerly looking to recover the cost that they have paid during the auction," WiMAX Forum chairman CS Rao told reporters in New Delhi.

BWA spectrum enables high-speed Internet access as well as Internet telephony and TV services. It can also be used for voice and high-speed data services.

The government has raised over Rs38,500 crore from the BWA spectrum auction, which closed last month.


Near-term rate hikes by banks, NBFCs unlikely: HDFC CEO

On continuing with HDFC’s ‘teaser’ home loan rate, Keki Mistry said the benefit of lower cost of funds is being passed on to customers

Leading home loan lender HDFC today said a hike in interest rates by banks is unlikely in the near-term, notwithstanding an increase in key lending and borrowing rates by the Reserve Bank of India (RBI) last week, reports PTI.

"In the very short-term, I do not see any hikes by banks and NBFCs (non-banking financial companies)," HDFC vice-chairman and chief executive officer Keki Mistry told reporters in Mumbai.

The Reserve Bank will be taking into account data on inflation, impact of the fuel price hike, progress of the monsoon and the government's spending programme before announcing its quarterly monetary policy due on 27th July, analysts said.

In order to check inflation, the apex bank is expected to further increase the repo and reverse repo rates in its policy announcement, they said.

Contrary to suggestions from his peers that credit offtake has been low in the first quarter of 2010-11, Mistry said HDFC has witnessed "very strong" numbers in the period. "I cannot share the numbers, but they are very strong."

On continuing with the teaser loan, he said it had arrived on the rate based on cost of funds and as the cost has been low, it deemed it right to pass on the benefit to customers.

HDFC had last week announced the continuation of a home loan product under which clients pay a fixed rate of 8.25% till March 2011 and 9.25% for the next year, after which prevailing rates become applicable.



TP Viswamatjam

6 years ago

As in the case of petroleum products, bank interest also should be left to the individual bankers. There should be no administered rate. In the interest of financial security of the banks, RBI can probably put a cap on maximum interest allowed by banks on various deposits.

Information Commissioner lambasts SEBI for providing misleading information under RTI Act

The order was issued in connection with an appeal filed seeking information about all communication received by the market regulator from the capital markets division of the finance ministry

MS Sahoo, whole-time member of the Securities and Exchange Board of India (SEBI) has been issued a show-cause notice by the Central Information Commission asking him to show cause as to why an appellant should not be paid Rs25,000 as compensation for the detriment caused to her on account of the perfunctory manner in which her Right to Information (RTI) application and appeal was heard and disposed of.
Information Commissioner AN Tiwari issued the order in connection with an appeal filed by Seema Kashyap to SEBI seeking information about all communication received by the market regulator from the capital markets division of the finance ministry on norms for approval of new stock exchanges, currency derivatives, SME exchange, interest-rate derivatives, corporate bond markets and ownership guidelines for stock exchanges.
Ms Kashyap received a reply from the Central Public Information Officer (CPIO). However, not satisfied with the reply, she then moved the Appellate Authority. The Authority rejected her plea that the information disclosed had no relation to what had been requested. Ms Kashyap then approached the Central Information Commission claiming that what was supplied by SEBI by way of information was "nothing more than a bunch of irrelevant letters and news items having no relation to the information sought." During the hearing, Ms Kashyap pointed out that rather than provide her the particular information she sought, the CPIO went on a tangent giving out a plethora of entirely unrelated information and surprisingly, the Appellate Authority approved the CPIO's action.
In an order, the Information Commissioner said, "I find that the disclosed information was at variance with what the appellant had requested. The focus of the CPIO and the Appellate Authority ought to have been on the 'communications' of a certain variety as received by SEBI from the government of India and not material on the issues contained in the points which the appellant had listed. I wonder how such elementary aspects of the appellant's RTI query escaped the notice of both the CPIO and the Appellate Authority. Prima facie, there seems to be an attempt to somehow fob off the appellant with some vague information rather than give to her what she had really demanded. If SEBI had received no communication from the government of India of the type the appellant had mentioned in her RTI application, a proper response to that effect would have been entirely in order. Unfortunately, that was not to be."
The Information Commissioner directed the CPIO to provide precise information sought by Ms Kashyap pertaining to her RTI queries within two weeks. The Commission also issued notices to the CPIO as to why proceedings under Section 20 of the RTI Act should not be drawn up against him for providing false and misleading information to the appellant.
While the order was issued some time ago, it has been put in the public domain only recently. This is probably the first time that a regulator has been threatened with a fine for not providing proper information to a citizen under the RTI Act.

Interestingly, under the previous chairman, SEBI used to take pride in its claim that it answered all RTI queries. However, the regulator now seems to share the same attitude at the two leading bourses - the National Stock Exchange and the Bombay Stock Exchange - who have both gone to court claiming that they should not be subject to the RTI Act.

Meanwhile, SEBI had filed a writ petition against the CIC order in the Bombay High Court. The HC, while admitting the petition sent a notice to the CIC, returnable by 26th July and said, "...till then there will be ad interim order in terms of prayer clause".




6 years ago

If SEBI, NSE and BSE have nothing to hide, why they are claiming exemption from RTI? The more they shirk their responsibility to share the information in the public, more will be curious to know what they are trying to brush under the carpet.


6 years ago

The regulator has never tried to be transparent to public through-out tenure of Mr Bhave-though it is fully dependent on public participation-is SEBI a defence or army organisation whose revelations could threat country's defence-this is gross case of dictatorial attitude of this organisation-if this condition prevels for longer-people will soon loos faith in all such govermental bodies which are directly related to public participation-
god save this country-

Omprakash Jha

6 years ago

Dear Sir,

We have gone through your article on SEBI not providing correct information to the RTI Applicant. However this representation is not true and you may like to clarify this in your journal.

The matter is sub judice under Writ Petition (L) No-1319 of 2010 before the Hon'ble Bombay High Court and the Hon'ble High Court has granted stay against CIC order by its order dated 14/06/2010.

Thanking you.

jagdish manghnani

6 years ago

Dear Sir

This is a good issue to fight beacause if one instution gets away like this every one will take the same way

Awating an early reply from your end

Vijay Trimbak gokhale

6 years ago

Notice regarding compensation is isuued to SEBI Chairman as Head of public authority to be repeated to AA of SEBI Mr. Sahoo. This is because the obligations of public authority are basically the obligations of the Head of the authority, who should ensure that these are met in right earnest. Refernce to public authority in guidelines issued by Ministry of Personnel is, in fcat, a reference to the head of te public authority.

Vijay Trimbak Gokhale

6 years ago

The implementation of RTI Act by SEBI desrves this and many more such orders from SEBI. SEBI management must take steps to improve the quality of replies from CPIO and orders of AA.

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)