A large number of people attended the seminar held at New Gurgaon—there was strong participation from other parts of the NCR too, along with attendees from Allahabad, Ludhiana and Chandigarh and other cities in the northern region
Moneylife Foundation had its first outing beyond Maharashtra with an ‘Investor, Empower Yourself’ seminar, which was held at the lush Town & Country Club at New Gurgaon, in the National Capital Region (NCR), on Saturday, 7th May. The event was held with the support of the Indiabulls Group.
It was a full-day event, with over 300 people participating. The venue was fully packed—despite placing additional chairs, some people had to be accommodated as standees.
The event was a great success, with the support of an eager team of Indiabulls’ senior personnel, led by the CEO of Indiabulls Financial Services Ltd, Gagan Banga.
A large number of people had come from Delhi as well as other parts of the NCR; a few attendees were from far-off places like Allahabad, Ludhiana and Chandigarh and other cities in the region too.
Moneylife Foundation has held a number of seminars to promote financial literacy and promote advocacy. These events have been held at the Moneylife Knowledge Centre in Mumbai, and have also been conducted in various cities across Maharashtra.
This foray was the first in the NCR, and this is the start of many more such events to follow. Demand has been overwhelming—and we are also constantly inundated by requests from citizens all over India to hold events in their cities.
In the event held at Gurgaon, there were suggestions that future events like these be held in larger auditoriums and also be telecast on video screens as well as on the Internet for those who cannot make it to the venues.
There is no dearth of people who want to know more about how to invest well and invest safely in the northern part of the country—as is the case in other Indian regions.
There was also an opinion expressed that trying to conduct these seminars in regional languages as well as in Hindi might be a good idea too.
Sucheta Dalal, Trustee, Moneylife Foundation and Managing Editor, Moneylife, and Debashis Basu, Trustee, Moneylife Foundation and Editor, Moneylife, and Sachin Chaudhary, Whole Time Director, Indiabulls Housing Finance, helped the audience to understand how to become an aware and empowered investor.
Moneylife Foundation has completed 15 months of spreading financial literacy, and guiding & empowering investors with pro-customer advocacy. The Foundation has hosted around 49 speakers and has conducted 61 events. Currently, more than 5,000 people are members of the Foundation.
The most heartening thing to note in this seminar held in Gurgaon was that a number of people present were already investment-savvy and financially literate—and they posted a number of intelligent questions to the panel. And the audience came away satisfied.
Like we said, this was the Foundation’s first foray outside Maharashtra; stay tuned for more events that we are planning across India.
Former member Mohan Gopal has expressed “strong concern about the gross abuse of power and corrupt practices in the SEBI Board over (the) last two years to protect SEBI chairman CB Bhave from being subjected to independent inquiry with respect to his actions as chairman of NSDL during the IPO Scam”
New Delhi: A former member of SEBI (The Securities and Exchange Board of India) has alleged that the Board of the securities market regulator “abused” its powers to protect the then chairman CB Bhave from being subjected to any independent inquiry with “respect to his actions as NSDL (National Securities Depository Ltd) Chairman” during the IPO scam, which related to irregularities in share allotment in various initial public offers (IPOs) between 2003 and 2006, reports PTI.
In a letter to the Prime Minister, the then SEBI member G Mohan Gopal wrote, “As an outgoing (part time, independent) member of the SEBI Board, I write to convey my strong concern about the gross abuse of power and corrupt practices in the SEBI Board over (the) last two years to protect SEBI Chairman CB Bhave from being subjected to independent inquiry with respect to his actions as Chairman of NSDL during IPO Scam.”
The letter written on 24 December 2010 has been made public by the Prime Minister’s Office in an RTI (Right to Information) reply to activist SC Agrawal.
The PMO has said it has forwarded the letter to the finance ministry for further action.
When contacted, Mr Bhave declined to give any comments.
The finance ministry also said, in its RTI reply dated 8 April 2011, that it has forwarded the letter to SEBI for its comments and even sent three reminder letters but no reply has come (so far).
The finance ministry had set up a committee consisting of two SEBI members—G Mohan Gopal, now the National Judicial Academy director, and V Leeladhar—to look into the IPO scam.
The committee had passed three orders and found that NSDL had failed in its duty.
It had also passed remarks against the manner in which SEBI had functioned during the scam days. Mr Gopal, in his letter to the Prime Minister, has alleged that his “objections to illegal and unethical actions” did not elicit any response in the board and he was “isolated and threatened” for the same.
“I brought issues to the attention of the Finance Secretary at an early stage, to no avail, mainly because the representatives of the Ministry of Finance on SEBI Board (no longer with the Ministry of Finance) were an active part of developing and implementing the impugned actions,” he wrote.
NSDL was given a clean chit last year by SEBI when CB Bhave was its chairman.
Mr Bhave had recused himself from the SEBI board meeting in February 2010, when the NSDL matter was discussed, as he had previously headed the depository.
The Supreme Court had asked SEBI to reply whether it would revisit its decision to give a clean chit to NSDL in the 2006 IPO scam.
The apex court had expressed concern over SEBI’s outright rejection of the report, and had asked the market regulator to give its stand.
It had remarked that as the committee comprised senior SEBI officials, the report should have been considered by the regulator.
The apex court was also not convinced by the submissions of SEBI that the committee exceeded its limit.
Curiously, SEBI did a U-turn in the Supreme Court last week when it filed an affidavit agreeing to restore orders indicting Mr Bhave in the IPO scam.
In an affidavit filed on 5th May, SEBI said it would reconsider the very orders it had declared as non-est in November 2009 when Mr Bhave was chairman.
Special public prosecutor UU Lalit, appearing for the CBI, opposed her bail plea, saying, "The controlling mind of Kalaignar TV is Sharad Kumar but behind the scene the person who is controlling everything in Kalaignar TV is this lady"
New Delhi: Keeping the suspense on, a Delhi special court today reserved orders on DMK MP Kanimozhi's bail plea after the Central Bureau of CBI strongly opposed it saying she is "controlling everything" in Kalaignar TV, which got Rs200 crore from Dynamix Balwa group, from behind the scene, reports PTI.
Special judge OP Saini said the order on bail pleas of Ms Kanimozhi and Kalaignar TV MD Sharad Kumar will be pronounced on 14th May, a day after the results for the assembly elections will be out.
Special public prosecutor UU Lalit, appearing for the CBI, vehemently opposed her plea, saying, "The controlling mind of Kalaignar TV is Sharad Kumar but behind the scene the person who is controlling everything in Kalaignar TV is this lady (Ms Kanimozhi)."
Appearing yesterday in response to the special court's summons for his alleged role in the 2G spectrum allocation scam, the 43-year-old daughter of Tamil Nadu chief minister M Karunanidhi had pleaded for bail and sought it on grounds of being a woman and a MP.
She also sought to shift the blame on former telecom minister A Raja for the second generation (2G) spectrum allocation scam.
Kalaignar TV MD Sharad Kumar too had appeared along with her and had moved court for bail.
The CBI told special judge Mr Saini that Ms Kanimozhi and her family have a majority stake in the TV channel, which received Rs200 crore from the company which got telecom license and spectrum illegally during the tenure of Mr Raja.
The CBI contended that there was sufficient evidence to prove Ms Kanimozhi's complicity in the transaction of Rs200 crore paid by the Balwa group.
"Ms Kanimozhi and Sharad Kumar's complicity in the entire transaction of Rs200 crore is clearly made out," Mr Lalit said while pleading with the court that no lenient approach be shown to them and that they be sent to judicial custody like other accused in the case.
The investigating agency further submitted that the DMK family holds 80% stake in the TV and all the decision regarding financial transaction must be known to them.
It said that DMK chief Karunanidhi's wife Dayalu Ammal holds 60% stake in the company but she is not actively involved in its running which is done by Ms Kanimozhi and Sharad Kumar.
"If a family holds 80% share in a company, it is impossible to think that anyone other than members of that family could run the company," Mr Lalit said.