Citizens' Issues
Public Interest Exclusive
Mumbai, parts of Western Maharashtra and Gujarat experience tremors

Several people from Mumbai felt the tremors that lasted for 4-5 seconds. According to IMD, an earthquake of 4.9 on the Richter scale hit Maharashtra at 10.57am on Saturday

An earthquake measuring 4.9 on the Richter scale shook Mumbai, parts of Western Maharashtra and some areas in Gujarat at around 11am. There are no reports of any damage.

According to media reports, the epicentre of this quake was near the Koyna dam area in Satara district of Maharashtra. The India Meteorological Department (IMD) in its preliminary report has confirmed that there was an earthquake of with magnitude of 4.9 on the Richter scale in Satara district.

The IMD also reported another earthquake of 4.1 magnitude on the Richter scale, which hit Kutch region of Gujarat at 8.53am today.

Mumbai, parts of Western Maharashtra and Gujarat felt tremors, earthquake in Mumbai 

Many people, including celebrities were seen tweeting about the earthquake in Mumbai. Bollywood megastar Amitabh Bachchan tweeted, “Earthquake in Mumbai!! Did you feel it...? I did! Shutters and building shook twice for few seconds... all good here... all else?"

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COMMENTS

Sudhir Badami

6 years ago

Normally one does not feel earthquake at ground floor. I was sitting on the cot which gave a shake enough for my balancing fluids to recognize the tremor. Was too lazy to tweet - did not occur would be more appropriate.

Ratanlal Purohit

6 years ago

REALLY!
AB SHUT TT TER SHATTERED BUT NOT SHAKEN.
ARE WE NOT ON THE SAME TEKTONIC TERRA FIRMA?
I was busy commenting on Corruption at High Places.
May be Ground Reacted.

Ratanlal Purohit

6 years ago

REALLY!
AB SHUT TT TER SHATTERED BUT NOT SHAKEN.
ARE WE NOT ON THE SAME TEKTONIC TERRA FIRMA?
I was busy commenting on Corruption at High Places.
May be Ground Reacted.

Public Interest Exclusive
President’s office only sanctioned repairs to two bungalows; the President defied this

This bungalow in Khadki Cantonment area near Pune was taken over and later demolished

RTI documents reveal an official communication to President Pratibha Patil that new construction is “not the right option’’

In reaction to our report on how President Pratibha Patil has grabbed defence land, far in excess of her entitlement to build a palatial post-retirement residence, we now have further documents and photographs to show how two bungalows was commandeered for the President for demolition and reconstruction.
 
Things began moving when Pratibha Patil opted for Pune as her home after retirement. “The president has expressed her desire to settle down in Pune, Maharashtra on completion of her tenure on 25 July 2012. Keeping that in mind, Bungalow no 38 and 26A which are contagiously located within the Defence Cantonment area on Bombay-Pune Road have been identified.’’

Interestingly, the President’s office in that letter had taken the line that the bungalows should be only repaired and not demolished for construction of a new one, as recently February 1, 2011. However, almost in the same breath it also finds a specious way to justify allocation of property in excess of the eligibility of house accommodation for a President, post-retirement, when the intention was apparently quite different.

A letter written by Dr Christy Fernandez, secretary to the President of India, to home secretary GK Pillai on 11 February 2011 (obtained by activists), states that any new construction is “not the right option as it would not operationally be convenient and aesthetically acceptable.” Hence, the letter suggested that the next bungalow no 26A be used for office purposes.

Closing the door of the property
Army man closing the gate after taking over the property

As per the inspection site report of the Defence Estate Office done on 23 and 24 June 2011, bungalow No 38, which has been acquired, itself has open space of around 3.40 acres which amount to 1.48 lakh odd sq ft.  This by itself exceeds the eligibility criteria of house accommodation for a retired President. According to the home ministry’s rulebook, this should not exceed 4,498 sq ft.
Nevertheless, bungalow No 26A was also requisitioned on the claim that it would be required for office purposes, if No 38 were not demolished. That bungalow, as per the site inspection reports rests on 2.10 acres of land. So the total area allocated to the President is 5.5 acres, which is 2.42 lakh sq ft. That is official now, thanks to documents procured under the RTI Act, from the President's office and the Defence Estate Office in Pune.

Mr Fernandez, a loyal official, makes a case for the President needing more space in the letter to the Mr Pillai with this argument, “The bungalow No 38 does not have adequate space to set up the office and the related facilities required to be provided to a former President. Creating this extra facility in Bungalow No 38 would amount to additional construction to the existing building, which may not be the right option as it would not be operationally convenient and aesthetically acceptable. Hence, the request for using the adjacent vacant building for the purpose of setting up office, etc.’’

The letter continues to reiterate the aspect of repairs. It states, “Special repairs required prior to occupancy of the building and its subsequent regular maintenance and upkeep will have to be undertaken by the Defence establishment itself, as it would be administratively and operationally convenient to do so... It is necessary to take up the matter straightaway since the civil work involved will be time consuming as the building require heavy repairs particularly the one which remains unoccupied.’’

Military personnel removing a tank from the property
Army men removing a tank from the property, that was later found discarded near a road in Khadki

Bungalow No 38 was, until a few months being used as an official accommodation for a military officer. There is nothing wrong if this is given to the President as she or he is entitled to an existing government accommodation. However, it is a mystery how the argument made against demolition of an existing bungalow is used to usurp another one and then both are demolished to start a brand new construction.  The letter from the President’s office, clearly seeks that the bungalow be vacated for repairs: “It is understood that Bungalow No 38 is presently occupied by the Commandant Works, Bombay Engineering Group and Centre (The Bombay Sappers) while Bungalow No 26A is presently lying unoccupied.

The matter was informally discussed with the Defence authorities who are inclined to allow the use of these buildings for the suggested purpose without any change of their ownership. Hence the matter may please be taken up with the Ministry of Defence for timely vacation of the premises to carry out requisite repairs to render them befitting for occupation on completion of the tenure of the President.’’

And so the mystery of the new construction has still to be unravelled. The ownership of one of the two bungalows is also a separate story.

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COMMENTS

Sanjay Shukla

5 years ago

Tujhe maloom hai ke Duniya tujhe kya kehti hai,
Haath rakh leti hai kaano pe tere naam ke saath!!!

RATANLAL PUROHIT Saheb, aapki farmaish, sar aankhon par.

Sanjay Shukla

5 years ago

तुझे मालूम है के दुनियाँ तुझे क्या कहती है,

हाथ रख लेती है कानों पे तेरे नाम के साथ.....

REPLY

Ratanlal Purohit

In Reply to Sanjay Shukla 5 years ago

Shuklaji Namaskar
Mera durbhagya hai ki mein aapke vicharonse vanchit hoon. Mera Korean Smart Android eMail to leta deta hai par Devnagri mein Nahi. Meri galati maaf karen aur meri karbaddha prarthna ko maanate huye punah apne vichar Roman me bhejane ki kripa kar anugraheet karen.
BHAVDEEYA
RATANLAL PUROHIT

SUBHASH MEHTA

6 years ago

I tried to post this link on my Timeline of Facebook, but got a message that "This message cannot post on your wall". Whether censorship of comments on Facebook has been started?

REPLY

malq

In Reply to SUBHASH MEHTA 6 years ago

Thank you for writing in, and I don't think facebook or other social media are censoring this link. Please do try again. It may take a few minutes to show up on your pages though.

If there is still a problem, please let us know . . .

brgds/VM

vs chowdhry

6 years ago

col patil and comm pathak should seek sound legal advice to prevent this land grab. shri bhushan/dr swamy will help willingly as this anti- corruption. going to court seems only answer.

B V KRISHNAN

6 years ago

It is a wonder how a person like Ms Pratibha Patil got elected to the high office of the President of India. It shows that the UPA does not have any regard for this high office, and it is only used for political patronage. If we cant find persons of moral eminence to this august office, why have the post at all? At least future generations can save the money!

vs chowdhry

6 years ago

there is no end to greed by politicos--shows lack of integrity.

malq

6 years ago

Seems like there is no dearth of land grab scams involving the Pune defence lands. Here's one more making waves, though not reported as much, involving the Vice Chief of Army (previous)

http://72.78.249.187/SakaalTimesBeta/201...

What is happening in Pune? And the gentleman is also with BEML/Tatra . . .

K B Patil

6 years ago

A major share of the blame should go to the Congress Party for not choosing the right candidates to this office. This is not the first instance of an undeserving person being made President. You have the previous example of Mr. Fakhruddin Ali Ahmed who signed the "PROCLAMATION OF EMERGENCY" without a murmur. Then we have the example of Mr. Shivraj Patil being made Home Minister and who was more renowned for his sartorial taste than his dynamism. Truly, the Congress wallows in promoting mediocracy and sycophancy. Notice the silence of Rahul Gandhi when serious controversies are plaguing the country. He has not uttered a single word about the Tatra controversy, NCTC, GST, Kudankulam etc. and yet it is almost a certainty that if Congress wins the next general election, Rahul will be the PM. Retaining an air of mystery is best suited to movies, not to politicians who must be transparent.

REPLY

Rihan

In Reply to K B Patil 6 years ago

People get the Govt they deserve . Can this be said for India ? I think that this country deserves a more assertive administration , whether Congress or BJP . Let one of the national parties come in absolute majority , so that they can do what they deem fit . If they do not deliver , even after that , then they should be kicked out for ever.

Ratanlal Purohit

In Reply to Rihan 6 years ago

RIHAN of course. But it is not before the Electoral Reforms that makes choice of Majority possible. Today minority decides who should Rule us. Unfortunately. And Corruption is the way to get elected.

ASSUNDARAM

6 years ago

It is a shame that the Supreme Commander is a thief. She may be procesuted under relevent rules. and sent to jail. also recover the cost of money wasted so far.

REPLY

Ratanlal Purohit

In Reply to ASSUNDARAM 6 years ago

Pardon me.
What was your point.
Entitled for
PRESIDENTIAL PARDON
TOO.
IN ADVANCE.
B4 RETRIALMENT.

Samar

6 years ago

Name of the Game, every where is Operation Grab -Govt property, while off or on Duty.

malq

6 years ago

Good Morning!!

As we wake up to another day in Delhi, where this topic has become a fulcrum apparently also for the local MCD elections, I am reminded of a few things. Especially since it is also Dr. Ambedkar Jayanti.

1) Our President solemnly swore, and needs to be reminded that she said this:- """I, Pratibha Devisingh Patil-Shekawat, do swear in the name of God that I will faithfully execute the office of President of the Republic of India, and will to the best of my ability preserve, protect and defend the Constitution and the law, and that I will devote myself to the service and well-being of the people of Republic of India".

How much of this does she stand bye for the rest of us, please?

http://indiacode.nic.in/coiweb/welcome.h...

2) Avul Pakir Jainulabdeen Abdul Kalam was and is not from another country. He is from India. There is still hope.

3) The way the rest of the political spectrum has stayed away from the topic has a message somewhere.

4) It is about time somebody explained to the President's son and the rest of the lot that it is "our Armed Forces" and not "the Armed Forces". BIG difference there.

5) It is time for people in India to look around their own villages, towns, cities, and bring more such land-grabs to the attention of those who will do something about it. Write in!!

For now, everybody needs to do their bit. Please step in, distribute and spread this article, help transalate it into regional languages, let people KNOW.

Please also place more RTI applications relevant to the subject with the various public authorities concerned. Let all the government officials who connived here also be brought out into the open.

Hail to the Thief! 420 gun salute for her!!

(Some people objected to my "lack of respect". Others, more like what we call them "common man", have a view that this is overdue. Every which way, the momentum has to continue. )

Veeresh Malik

REPLY

Ratanlal Purohit

In Reply to malq 6 years ago

WHY GO FAR LETS TAKE THE CASE OF MET OPP LILAVATI. CC IS LOOKING IN TO ITS MISUSE. IF SOMEBODY WANTS TO PUT HIS NECK OUT LET HIM RTI AS TO HOW HE OR FOR THAT MATTER ANY OTHER POLITICO CHARITABLE TRUSTS. MANY RTI ACTIVISTS HAVE GONE TO THEIR HEAVENLY ABODE AND LEFT NO BODY TO WEEP FOR THEM. THAE AGE OLD SANSKRIT SAYING IS SARVE GUÑA KANCHANMASHRATE HAS ADDED AN URDU WORD. GUNAH. ALL CRIMES ARE COMMITTED BY PERSONS AT HIGH PLACES WITH MONEY BAGS. MORAL FIBRE IS LOOSENED UP. IT REQURES KARODO HAZARE ANNAS.

v r menon

6 years ago

Bravo! to the valiant ex-servicemen, to Vinita Deshmukh and to Moneylife for exposing the glaring example of unethical land grabbing by President Patil. The silence of the mainstream media is shameful. This is a metter which calls for a judicial inquiry.

It is possible that the President's son will next claim that the plan is to gift to Pune and the country a Pratibha Patil Presidential Museum of international artefacts collected by the President and her family in the course of the many international trips. He may then
even suggest that as the first President to leave an enduring legacy, she should be given the Bharat Ratna!

REPLY

Ratanlal Purohit

In Reply to v r menon 6 years ago

Not a bad idea. It has been done but was for Nehru Gandhi . I dont know how Kumar is holding JBabuji. But there is enough land for VIPs to GRAB. None for Garib Sipahi who is in mess. Water Water Everywhere Not a Drop to Drink.

V Jayaraman

6 years ago

This President has been a creator of controversies right from her political days. The only thing she has been encashing is that she is a woman. Her husband and her son are used as conduits for doing all the wrong things. It requires sustained and serious efforts to unearth these loots under the garb of high posts. Pratibha Patil is no exception and she is an average woman worth sitting in front of choola and making rotis. You know what happens when politicians get a kick : She is a woman and under the garb of woman empowerment, she got the pot luck and last time, they did with Dr. Abdul Kalam under the garb of Muslim (minority class empowerment). Then when he started questioning too many decisions, he turned untouchable and Dr. Abdul Kalam being a true committed Indian citizen and busiest scientist did not bother to look at the re-election. This President will even lick any place(s), if there is a re-election contemplated for her. Shameful acts.

Ratanlal Purohit

6 years ago

Once a property is occupied it is difficult to get vacant posession back from the occupiers. Interestingly the One who has to give it back after its purpose is over is making unauthorised official comments now. His future comments can be projected now.
We all know that illegal occupiers of slums are rehabitated at Government Expense every five years on regular basis by Political Goons for their CAPTIVE Vote Banks.
KABJA SACHCHA
JHAGDA JHOOTA
NEHRU FAMILY WAS GIVEN INDIA ON PLATTER FOR THE LIFE TIME.
IT IS THEIR PROPERTY.
CAN YOU VACATE IT?
IS A BIGGER QUESTION.
AND WHO DOESN'T KNOW THE BIGGEST BHUKHAND GRABBER.
PUNE AND NEARBY AREA IS GOING TO BE THE NEXT CAPITAL OF NEW PESHWAS WHERE VACANT MALLS ARE NEW WADAS IF ONE CAN 4C IN NEW DIGINGLISH.
THE PRESIDENTIAL PALACE IS GOING TO BE ITS EPICENTRE WITH NEW SAWANTWADI AROUND. AS WOODEN HANDLE IS REQUIRED TO CUT WOOD, A PATIL IS REQUIRED TO CUT THE CREDIBILITY OF ANOTHER PATIL.
LEAVE THE PAID MEDIA ASIDE.
FOR ML IT IS A BIGGER SWOOP THAN H MEHTA.
WILL THE NEXT PREZ CONSIDER HIGHER PADMAS FOR THIS!
MUMBAI ITS COLONY. A CASH

REPLY

Ratanlal Purohit

In Reply to Ratanlal Purohit 6 years ago

To continue.
The way things are going
Pune seems to be again a new Peshwai for Maharashtra Politicians and Mumbai their CASH COW.
PLEASE READ SCOOP in place of Swoop in the previous comment.
Jai Hind Jai Maharashtra.

malq

6 years ago

In what appears to be a throwback to the jagir kind of days, Pratibha Patil's son is now making statements on behalf of the President of India that she may return the land if and but and when.

I guess you can see it here:-
http://ibnlive.in.com/videos/248476/grou...

Somehow, this is now moving from disgusting to start with to ridiculous, and without any concern for the dignity of the Armed Forces and the people of the country.

I mean, how does a private citizen, even if he is her son, make official statements on behalf of the President of India??What next, will he also announce foreign policy and decide on mercy petitions??

Public Interest Exclusive
HSBC loots Suchitra Krishnamoorthi after big promises of 24% returns

This can happen to you—bank customers beware. Lack of financial literacy can cost you big time as reputed banks target the gullible with money to spare. PMS, insurance, loans are pushed by relationship managers to make a killing, at your cost!

HSBC Bank took Ms Suchitra Krishnamoorthi, a well-known singer and actor, for a ride over a five year period by promising an extravagant assured return of 24% from mutual funds as well as insurance. Each time the customer complained about losses in her account, the standard reply was that the relationship manager has been fired and that the bank will make up for the losses with judicious investments. Needless to say, the losses were never made good. The one-way road for the customer was downhill. If a well-known celebrity could be cheated with such impunity, it is surely happening routinely with others.

It is a case of systematic looting and exploitation of emotionally vulnerable who had got Rs3.6 crore as part of a settlement in September 2006. The money was supposed to be the means of livelihood for herself and for her daughter. The bank used confidential information about the hefty deposit in her savings account and began to market its toxic services to her. Since bankers are seen as trustworthy, she believed that her relationship manager was advising her correctly.

The modus operandi for HSBC in this case has been a combination of toxic churning of the portfolio management system (2% entry load on every purchase made by it on behalf of client), insurance products promising 24% returns, insisting her on taking a loan instead of withdrawing funds without even disclosing that the client was entitled for a smart loan.

The end result after five years was Rs83 lakh—direct loss from investment, Rs29 lakh in commission to HSBC, Rs8 lakh (50% of investment) lost from an insurance policy, Rs10 lakh (again, 50% of investment) valuation decline in insurance policy still in force, Rs4.5 lakh tax paid on redemption of short-term mutual funds (including Rs1.85 lakh penalty to the Income Tax department due to non-disclosure of gain by HSBC to the client) and Rs58 lakh interest on home loan earned by the bank.

When Suchitra wished to surrender her insurance policies, HSBC refused to act for her by contending that they no longer had any tie-up with Tata AIG and that it was not their business to get client’s money back that they had recommended in the first place.

Apart from the losses, the so-called customer service was pathetic after the relationship started getting sour. The bank was appallingly evasive and non cooperative even for basic requests such as furnishing of documents or revoking power of attorney for the investment portfolio. It took the bank four months and repeated requests to furnish inchoate standard forms that Suchitra had signed at the time of appointing HSBC as her portfolio manager. Moreover, the documentation was incomplete.  

According to Suchitra, “It took my chartered accountant six months to authenticate the figures of losses—as not only was the HSBC team adept at covering its paper trail. They also very conveniently refused/evaded furnishing me the documents to which I am legally entitled for over a year—giving me one silly excuse after another like mismatch of signature/officers being on leave, etc.”

She adds, “While I was warned that the legal system in India is such that the matter will drag on forever probably causing me further expenditure and loss of peace of mind and reputation, I was determined to see this through. It is my moral responsibility and a warning to other vulnerable targets—small investors like me should not get conned by aggressive MBA's in suits who are preying on their customers like sharks in the big bad ocean. All the while getting richer and richer while making us small gold fish go bust.”

Last year Moneylife Foundation had conducted a seminar with Ravi Subramanian, banker and author of three well-known books like “If God Was a Banker”, “I Bought the Monk’s Ferrari” and “Devil in Pinstripes”. According to him, “Banks and relationship managers often indulge in cross-selling to earn more revenues and therefore, the customer has to be more careful while dealing with them. Bankers become ‘bhayankar’ when they fail to deliver what they have promised and try to hard-sell products on which they earn more money to the gullible customers. A customer can protect himself from falling into the hands of mercenary bankers by being alert, vigilant and at the same time doing due diligence.”

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COMMENTS

Dr.Abhik De

2 years ago

Moneylife » Personal Finance » Banking » When Banks Cheat Customers
When Banks Cheat Customers

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• + COMMENT
SUCHETA DALAL | 23/06/2015 02:10 PM |
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Stanchart robs a doctor in Kolkata with churning and forgery. Will RBI act?

Dr Abhik De, a highly qualified doctor in Kolkata, had an account with Standard Chartered Bank. Since 2005, the Bank also managed his mutual fund investment which was Rs1.56 crore in 15 schemes. In a 19-month period after May 2008, Stanchart switched and churned his portfolio over 200 times causing a massive loss of Rs68.28 lakh. In so doing, the Bank often forged signatures on transaction slips. At least 50 transactions in July-August 2009, all loss-making, were a give-away since he was out of the country. Dr De confirmed the forgery by writing to each mutual fund and seeking photocopies of transaction slips. Dr De says that some of the forged signatures were even attested by Stanchart officials. When he complained, the Bank initially dismissed his complaint as false and frivolous.

A reckless churning of mutual funds to earn commissions as well as entry- and exit-loads can only happen when there is a nexus between ‘wealth managers’ and the fund managers. Dr De complained to the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) but got nowhere. Over the past four years, he has slowly gathered enough evidence to file a police complaint.

Dr De describes the attitude of regulators succinctly and colourfully. He says, “If a person is murdered with an unlicensed revolver, the judge does not ask for the source of the weapon. He conducts a murder trial.” Our regulators have all been focused on trivial technicalities rather than justice even when violation of their own regulations is very clear.

Stanchart’s actions are a direct violation of SEBI’s prohibition of fraudulent and unfair trading practices regulations, as well as the code of conduct for mutual fund intermediaries. Readers would recall that Moneylife’s relentless pressure ensured SEBI action against HSBC in a similar case of churning involving singer-actress Suchitra Krishnamoorthi. The actress was eventually paid Rs1.3 crore by HSBC as a settlement. But SEBI has done nothing to help Abhik De.

Finally, the Kolkata police registered a first information report (FIR) based on his complaint in 2014. It caused Stanchart to wake up at long last. The Bank sacked its relationship manager and unilaterally transferred Rs35 lakh into Dr De’s account (November 2014) calling it a “full and final satisfaction of all claims, demands and contentions raised by you.” Adding insult to injury, it called this a “goodwill gesture to maintain cordial relations” with its victim. Obviously, Dr De is in no mood to accept or give up the battle.

The question is why did RBI fail to redress the complaint? An ordinary consumer who cannot repay a small loan or defaults on credit card is declared a defaulter and his financial life is crippled. But a bank decimating a person’s savings through mis-selling faces no action. The collective clout of banks has swung the pendulum of justice far against the ordinary consumer. This cannot go on. RBI’s consumer charter, issued in 2014, is supposed to protect people from such brazen mis-selling. RBI must make an example of Dr De’s case. Awarding exemplary punishment will show that it is serious about fair treatment of consumers.

Dr.Abhik De

2 years ago

The regulator show caused HSBC for violating SEBI code:
MFD/CIR/ 06/210/2002
June 26, 2002
All Mutual Funds Registered with SEBI
Unit Trust of India
Association of Mutual Funds in India.
, AMFI has now prescribed a code of conduct for the mutual funds intermediaries i.e. agents and distributors, a copy of which is enclosed. It is advised that all distributors and agents of mutual funds units shall follow the code of conduct strictly. As advised in the aforesaid circular dated September 25, 2001, the mutual funds shall monitor the activities of their agents/distributors to ensure that they do not indulge in any kind of malpractice or unethical practice while selling/marketing mutual funds units. If any intermediary does not comply with the code of conduct, the mutual fund shall report it to AMFI and SEBI. No mutual fund shall deal with those intermediaries who do not follow code of conduct..
9. Avoid commission driven malpractices such as:
(a) recommending inappropriate products solely because the
intermediary is getting higher commissions therefrom.
(b) encouraging over transacting and churning of mutual fund investments to earn higher commissions, even if they mean higher transaction costs and tax for investors.
Same violated by StanChart/vide moneylife 23.06.15,article.Wonder why regulator non cooperative to take penal action against S.C.B.for violating the same,and in either case no action against AMCs,who connivined with the intermediaries.Signatures forged/kyc all over the places,as self attestation by s.c.b.R.M.Wonder when SEBI/R.B.I. ,will be in action.Even violated banking code.

Dr.Abhik De

2 years ago

Who will win?StanChart or HSBC when in looting investors/plz.compare with your article of 23rd June.Regulator biased.

ABHIK DE

3 years ago

Xerox copy of the same complaints happened with our funds,misselling/churning of mutual funds/ulips/tampered medicals/unauthorised trnxns/kyc violation/violation of financial underwriting/violation of SEBI/AMFI/IRDA guidelines.Hope regulators are watching.S.C.B./BALIC/16 Fund houses,connivined /resoted to above misdeeds.

d p agarwal

3 years ago

We have also been looted by HSBC. We are fighting with them . we need help and guidance.

SUKLA DE

4 years ago

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REPLY

SUKLA DE

In Reply to SUKLA DE 4 years ago

THIS IS AN EMAIL MESSAGE FROM BALIC

SUKLA DE

4 years ago

COMMON SENSE PREVAILING,IF AN INVESTOR APPOINTIG BANK AS FINANCIAL ADVISOR,PAYING FEES,IT IS THE DUTY OF THE F.ADVISOR TO GUIDE THE INVESTOR IN THE RIGHT DIRECTION TOWARDS PROPER INVESTMENT.BUT THESE DISHONEST ADVISORS FOR THEIR OWN INTEREST MISSELL INAPPROPRITE PRODUCTS LIKE N.F.Os,WHICH ATTRACT BROKERAGE OF 5%?MIS ADVISED TO GO ON PREMIUM HOLIDAYS FOR ULIPs,THOUGH ULIPS/M.F PRODUCTS ARE LONG TERM INSTRUMENTS.THEY ARE NOT SATISFIED WITH ADVISORY FEES ONLY,THEY WANT MORE IN THE FORM OF PERCENTAGE OF LOADS THROUGH CHURNING.

SUKLA DE

4 years ago

1.Churning
Churning is an illegal trading activity that may cause an account holder to seek damages in a court of law. An unscrupulous broker who is guilty of churning executes trades in a client's account for the sole purpose of generating commissions and thus increasing his own income.

As a measure of churning activity, the court will look at the number of times the investment capital of the account has been "turned over" or re-invested during the past 6 to 24 months. If the entire assets of an account have been involved in buying and selling once ever six months to two years, the broker has churned the account. This kind of activity can destroy the investment value of a portfolio in short order due to the number of commissions generated.
HSBC IS THE BROKER IN THIS CASE./VIOLATING CODE/GUIDELINES OF REGULATORS/AS CHURNING IS COMMISSION DRIVEN MALPRACTICE

Suiketu Shah

4 years ago

I would like to reply to some people who have posted on ml website saying that the root cause of being misselling is "greed" of the customer.This is a total false notion to save the skin fo fraud wealth management companies.Look at this case.Suchitra didnot klnow anything about equity and was taken in by the reputation of the bank who promised her 25% returns per yr or so.IT WAS NOT GREED by the customer.

REPLY

rajivahuja

In Reply to Suiketu Shah 4 years ago

Absolutely right.

Suiketu Shah

In Reply to rajivahuja 4 years ago

Great minds think alike Rajviahuja:)

SUKLA DE

4 years ago

WHICH ONE IS MOREAPPROPRIATE?
1.MUTUAL FUNDS ARE SUBJECT TO MARKET RISK.

OR
2.SUBJECT TO DISHONEST PORTFOLIO ADVISORS/AND THE AMCs,WHO CONNIVINE WITH EACHOTHER TO DEFRAUD INVESTORS OF THEIR HARD EARN MONEY THROUGH CHURNING/MISSELLING/UNAUTHORISED TRNXNS/FORGING SIGNATURES,THEN ATTEST THEM TO ENSURE PROCESSING THEM BY AMCs,WHO IN TURN OBLIGE THE LARGE DISTRIBUTOR TO OBLIGE/SHIELD THEM.

SUKLA DE

4 years ago

WHY SHOULD NOT HSBC BE BARRED FROM SELLING MUTUAL FUND PRODUCTS AS PER SEBI CIRCULAR NUMBER SEBI/IMD/CIR NO 8/174648/2009/DT 27.082009,AS CHURNING IS COMMISSION DRIVEN MALPRACTICE,IGNORING THE FINANCIAL WELFARE OF THE INVESTOR.WHY CHURNING WAS NOT REPORTED BY THE INVOLVED AMCs TO THE MARKET REGULATOR,AS PER ABOVE CIRCULAR,AND THE AMCs SHOULD STOP SELLING THEIR PRODUCTS THROUGH THE DISTRIBUTOR I.E HSBC.

rajivahuja

4 years ago

Some one once told me, an RM of a Bank doubling as an investment advisor is not in your best of interest. So beware of this arrangement.

REPLY

SUKLA DE

In Reply to rajivahuja 4 years ago

R.M ARE CHURNING /MISSELLING TO ACHIEVE THEIR TARGETS FOR INCENTIVES/PROMOTION.BUT THEN,WHAT IS THE JOB OF BR.MANAGER?OR FOR THAT MATTER HIGHER AUTHORITES?THEY ARE MUM SO LONG REVENUE TO THE BANK FLOWS IN.AND WHAT ABOUT THE AMCs?they are supposed to report churning by intermediary to the regulator.ALL ARE HAND IN GLOVE/CONNIVINNING EACHOTHR TO DEFRAUD THE INVESTORS.PLZ.REFER TO AMFI/SEBI GUIDELINE,WHERE IT SAYS,IF ANY INTERMEDIARY FOUND TO BE INVOLVED IN COMMISSION DRIVEN MALPRACTICES I.E.CHURNING,THE AMC SHOULD IMMEDIATELY STOP DEALING ITS PRODUCTS THROUGH THAT INTERMEDIARY/DISTRIBUTOR,AND REPORT IT TO THE REGULATOR/OR THEY SHOULD BE BARRED FROM DEALING WITH M.F.AMCs,wont in fear of loosing large distributor.

rajivahuja

In Reply to SUKLA DE 3 years ago

Kotak Mahindra Bank takes the cake. Better than HDFC Bank in this regard.They pass the buck to Kotak Life Insurance. They brazenly write contact IRDA.Why is IRDA mum on on all of this.

Suiketu Shah

In Reply to rajivahuja 4 years ago

in Sept 2007 HDFC Banks wealth management head office in lower parel sent a few people for us to invest in some big real estete related scheme supported by Deepak Parekh.The min amount they were asking was 25 lakhs and the gestation period was 5 yrs.We didnot go ahead with this in 20097 and when I enquired with their director Amit Kapadia in 2001 end he was laughing at this scheme saying the 2nd phase was to be over but the 1st phase hasnot even been announced yet.

Goes to show each Rm is just out to swindle in any which way in hdfc bank.

ASHOK M SHAH

In Reply to Suiketu Shah 4 years ago

CHURNING is Normal practice among BROKERS,MF and INSURANCE Agents and is allowed by SEBI / IRDA and this Institution who have never been able to find single case to penalize them instead they try to penalize always poor investors by rules like PCAS where they have almost delisted 2500 stocks without giving exit offers to investors.
This institution wants to solve all complaints of investors by just removing them from system So naturally complaint would go down like lakhs of investor has stopped going to Equity , MF and Insurance industry in last 5 years.

ASHOK M SHAH

In Reply to Suiketu Shah 4 years ago

CHURNING is Normal practice among BROKERS,MF and INSURANCE Agents and is allowed by SEBI / IRDA and this Institution who have never been able to find single case to penalize them instead they try to penalize always poor investors by rules like PCAS where they have almost delisted 2500 stocks without giving exit offers to investors.
This institution wants to solve all complaints of investors by just removing them from system So naturally complaint would go down like lakhs of investor has stopped going to Equity , MF and Insurance industry in last 5 years.

ASHOK M SHAH

4 years ago

FINANCIAL ILLITERACY MAY COST YOU ALWAYS YOU IN LIFE.

SO GET FINANCIALLY ILLITERACY CURED FIRST.

LIFE IS ALWAYS FULL OF CHEATERS.

ALL ANIMAL LEARN FIRST WHEN BORN BUT HUMAN BEING TAKES FULL LIFE TO LEARN.

I DO NOT SUPPORT SUCH ACT OF BANKS / INSURANCE CO.

REPLY

rajivahuja

In Reply to ASHOK M SHAH 3 years ago

Mr. Ashok M Shah is write about his candid observations.

Eddie Ertan

5 years ago

HSBC. Whether you read the small print and understand or not, see an experienced lawyer. I did not and relied on the HSBC OFFICIALS and now HSBC made me liable for over £600K used by others.
Eddie Ertan from London

abhik de

5 years ago

If she has to go to the court,then what is the role of regulatotrs?chaurning/misselling should be handled by regulators i.e sebi,amfii,irda.or the codes they have made for intrmediaries,are just for show,and the investors continue to suffer?

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