Companies & Sectors
Microsoft announces new partnerships, cloud start-up initiative
US-based technology major Microsoft on Thursday announced a string of partnerships, programmes and products claimed to help Indian organisations and governments to explore unchartered business areas and enrich customer and citizen experiences.
 
The newly launched local Microsoft Cloud and new devices will also catalyse digital transformation, the company said.
 
The tech giant, based in Redmond, California, announced partnerships with three e-commerce players - Justdial, Paytm and Snapdeal - and launched a special cloud initiative for start-ups aligned to smart cities at its first of its kind technology conference being held here.
 
"At Microsoft, we strive to empower every Indian citizen and every business and government organization to achieve more," Satya Nadella, the Indian-born chief exevutive of Microsoft, said at the conference.
 
"With the newly launched Microsoft Cloud and with Surface Pro 4, our customers here in India have the digital technology they need to seize incredible new growth and opportunity on a global scale," he added.
 
According to the company, Justdial and Microsoft will explore the use of Bing and cloud-based analytics to provide and enhance customer experience.
 
"Paytm and Microsoft are working on three core areas of partnership. The companies will integrate the Paytm app and Paytm Wallet into Cortana to enable consumers to pay for their utility bills and carry out mobile transactions easily. Paytm will use Office 365 for their merchants' inventory and account management," it said in a statement.
 
"Lastly, Paytm will facilitate and support Microsoft service sales via their merchant network," it added.
 
Justifying the partnerships, Bhaskar Pramanik, chairman, Microsoft India, said: "Cloud and mobile technologies are already galvanising Indian industry. We will demonstrate that technology in the hands of brilliant people can create magic."
 
Snapdeal will work with Microsoft Cloud platforms to create a digital automotive dealership that is expected to change the way customers make automotive buying decisions.
 
In addition, Microsoft also said that start-ups can now apply for individual access up to $120,000 (Rs.80 lakh) worth of Azure computing to help India's smart cities explore solutions and run smart city digital pilots.
 
"Cities can also apply for access to these services and solutions on Azure through a new portal which connects start-ups with cities and their needs. This initiative is anticipated to impact over 50 smart cities in the next year through a catalogue of over 50 start-ups and ISV solutions," the company added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Online hiring zooms in India: Report
As a sign of economic revival and increasing use of technology, online recruitment across India zoomed 60 percent in October, with manufacturing hiring most, a leading placement agency said in a report on Thursday.
 
"Our finding shows a 60 percent growth in online recruitment in October as against 28 percent in August, led by production and manufacturing," online career and recruitment agency Monster India said in a survey-based report.
 
Online recruitment also doubled on annual basis with 112 percent growth in opportunities this year in the manufacturing space across the country.
 
"The growth momentum improved 11 percentage points from September to October, which hint at ease of doing business and more foreign direct investment (FDI) flowing into the country," Monster India managing director Sanjay Modi said in a statement.
 
Claiming that mood was upbeat amid cautious optimism, Modi said online hiring improved in 25 of the 27 industry sectors since January 2014, with recruitment in banking, financial services and insurance (BFSI) growing at 96 percent after manufacturing.
 
"Hiring in the IT sector spanning software and hardware grew 84 percent in October as in September, while it was up 42 percent in back-office and IT-enabled services (ITES)," Modi asserted, citing the report.
 
Hiring in automotive, ancillaries and tyres sector also grew in double digits (19 percent) as against 21 percent in September.
 
"Healthcare, bio-technology, life sciences and pharmaceuticalsAregistered a robust 66 percent growth in hiring in October as against 44 percent in September," Modi added.
 
Online recruitment in government, defence and state-run firms declined two percent in October, while it was four percent less in oil, gas, petroleum and power sectors due to fewer opportunities.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Parliamentary Committee express concern over SEBI’s inaction against Ponzi schemes
The Moily Committee, in its report said, SEBI needs to become more transparent, vigilant and accountable in their regulatory action, showing the same level of alacrity as in the case of Sahara while dealing with Ponzi companies
 
The Parliamentary Standing Committee on Finance while expressing concern over Securities and Exchange Board of India (SEBI)'s inaction on Ponzi or chain-money schemes since 2010, said that the market regulator should show same level of alacrity while dealing with these companies as in the case of Sahara.
 
The Committee headed by Congress leader M Veerappa Moily says over the past one year, SEBI has initiated action against 200 Ponzi, fraudulent, bogus and deemed public issues under section 67 of the Companies Act, 1956. "The Committee also observe that after receiving complaints, SEBI initiated enquiry, but the interim order took two to three years, whereas the final order took more than five years and during this interim period the Ponzi company's promoters one way or the other collected thousands of crores of additional amounts from the small investors. The Committee would now expect SEBI to become more transparent, vigilant and accountable in their regulatory action, showing the same level of alacrity as in the case of Sahara," the Committee said in its report presented to the Lok Sabha Speaker on 7 October 2015. 
 
Need for a nodal department to deal with Ponzi, MLMs
 
 
The Moily Committee noted that there are several cases relating to unauthorised financial schemes pending at different levels for investigation, prosecution, adjudication or compliance. It said,"...a nodal Department of the Central Government, say Department of Economic Affairs under Ministry of Finance should compile and consolidate updates on these cases and facilitate coordinated action with concerned agencies like SEBI, Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Department of Financial Services (DFS), Department of Agriculture & Cooperation and Ministry of Consumer Affairs through digital backbone. The Central investigative agencies like the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and Investigation Wing of Income Tax as also the enforcement agencies from the concerned States may also be involved in this exercise." 
 
The Committee also directed the follow-up action initiated on this count along with a status note should be submitted before it within three months of the presentation of this Report.
 
In its submission before the Committee, the DFS stated that around the promulgation of SEBI (CIS) Regulation, 1999, the market regulator had information about 664 companies collecting money illegally under CIS. Over the past three years, SEBI had passed orders against some of the large companies. Here is the list of additional nine companies against which SEBI had passed order.
 
 
SEBI told the Committee that it has received references or complaints against 292 companies for carrying on activities of CIS. So far activities of 46 companies with respect to applicability of SEBI (CIS) Regulations have been examined and complaints or references against 37 companies were closed as they were not CIS. In addition to the above SEBI is also dealing with prosecution proceedings initiated against 553 entities as on 31 March 2013. In view of the above, SEBI may require more man power in future to deal with the challenges ahead, the market regulator said.
 
SEBI said it has also written to the Finance Minister seeking power of attachment of bank accounts, sale of movable and immovable property similar to Income Tax Act for enforcement of its orders.
 
Expressing displeasure over judicial interventions, SEBI Chairman told the Committee that "It is very clear in the SEBI Act that an order passed by us can be appealed to Securities Appellate Tribunal (SAT) and against that an appeal can be filed on with the Supreme Court. The High Court has no jurisdiction on appellate side so far as SEBI Act is concerned. Nobody can contest their writ powers but under the appellate jurisdiction and under the SEBI Act, they have no powers. But we have dozens of examples where the High Courts are interfering...So obviously a District Court has no role. Here in case of MPS Greenery, five district courts of West Bengal Hooghly and Barasat-have given injunction orders. The SEBI had to go to the High Court. We did not get relief from the High Court. We went to the Supreme Court which directed the High Court to pass an order. But in the process, they went on collecting money...."
 
The Parliamentary Committee was told by SEBI that multi-level marketing (MLM) and online money collection activities did not come under its purview. "So far SEBI has come across two cases involving schemes collecting money from investors through internet. In one case, the entity was not offering any units or securities to the investors and was found to carry out MLM activities. Hence, it did not come under the purview of SEBI. The same was informed to the Ministry of Finance vide letter dated 5 August 2011. In the other case, it is seen that the entity claims to be a Mutual Aid Fund and it is a voluntary informal network of millions of people across the earth….Prima facie, the activities of the company do not fall within the purview of SEBI”.

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COMMENTS

V ganesan

1 year ago

recently torrent power merged with them the torrent cable.The record date is 16th october 2015.The quarterly result of torrent power says the shares are allotted on 23rd october.But till today the sharesare not credited.I already send amail to the company and contacted the registrar and company.I am not receiving proper reply till now

Vaibhav Dhoka

1 year ago

Since inception SEBI is never seen to be active and take care of Investors grievances.grievance has formulated web based investors grievance holding that all Indian investors are e. knowledge d.AS http://www.scores.gov.in one gates routine reply that your grievance is filed.They should produce data to show the same.Inaction or delayed action is rule in India may it be SEBI judiciary or any one as there is no accountability here.

Arun Kamerkar

1 year ago

What is discussed in this article are cases of big fishes but what about the many shark who are galloping money of innocent people specialty senior citizen and retired persons. Here I am giving my case cheated by M/s Bansal Finstock Pvt Ltd. We are all 15 persons cheated by this company from 2 Lakh to 19 Lakh each.

This fraud and cheating is done by M/s Bansal Finstock Pvt Ltd,for amount of Rs. 1,01000/- trough my trading account with them,

During first week of June 2015, relationship manager meet me at my home & insisted to open trading account with them & promised that they will do trading on my behalf in future and option and give me assured returns of 4% per month. Accordingly I opened trading A/C by filling necessary forms and and deposited Rs. 101000/- cheque payment on 1 June 2015.
I started receiving calls form relationship manager (R.M.) from 8 June to invest in scrip in F & O & immediately I use to get call from their trading dept to give instruction to purchase and sell as suggested by R.M.
This way continued up to 18 June (9 trading sessions) and I received S.M.S. on 18 june evening to pay cheque for short of margin money in my A/C of Rs.5790.65 suddenly I realized that all my deposited money has vanished in brokerages and I have been cheated for around Rs.1 lakh.
When I talked to R.M. he gave me explanation that due to bad market, he could not make money as promised but could not explain me why he has me why he has traded so vigorously just in 9 trading session and make me loss of Rs.1 lakh as brokerage only ???? He Just said Galati ho gaya.
It shows this is their regular trick to attract people like me and cheat them ans receive hefty money as brokerage in short time.
As I been cheated I send e-mail to their head office at Bhavnagar explaining situation of wasting my hard earned money of Rs. 1 lakh as mainly brokerage, which is purely fraud and cheating. I received answer back that their Mumbai office will sort out this issue but Mumbai staff informed me that They are sorry for what had happened and cannot do any more thing.
Hereby I request you to guide me how to bring this issue to justice and receive my lost money and make other people to be aware from cheating by

REPLY

Shirish Sadanand Shanbhag

In Reply to Arun Kamerkar 1 year ago

Email your complaint to
moneylife.in/lrc.html
You will get proper free guidance to bring the culprits to the task.

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