New ULIP norms: A whole new ball game for insurance players

Insurers are gearing up for a number of changes in the way they sell ULIPs after the new norms passed by the insurance regulator

While the Insurance Regulatory and Development Authority's (IRDA) new norms for Unit-linked Insurance Plans (ULIPs) are good for consumers, private insurers are protesting that they could see the end of the product and they will sink into the red again or remain loss-making. They fear that agents would prefer to sell traditional plans since ULIPs would turn less attractive. Interestingly, some even fear that stricter rules may spell the death of ULIPs, which have been their biggest product in the past five years. Were this to happen, it would spell another important turning point in the insurance industry.

While most insurers contacted by Moneylife were guarded or positive in their public response to IRDA's new rules, some have refused to respond and claim they are still studying the implications. "On the face of it, the impact of these guidelines on customers is favourable, with lower charges, guaranteed returns, etc. In the medium to long run, these changes could seriously impact choice of investment options to customers, restrict  product design & innovation, increase new business strain and call for increased capital requirements for insurers-thus impacting the profitability of insurers," said Deepak Sood, managing director and chief executive officer, Future Generali India Life Insurance Co Ltd.

Insurers believe that IRDA's new guidelines will affect their bottom lines. The say that capping of the charge structure will restrict the product portfolio and its flexibility. "Our bottom lines will be affected negatively and gradually even our top lines. With such norms, how does IRDA expect us to protect the policyholder's money?" asked an official from Bajaj Allianz Life Insurance.

"These changes are likely to have significant impact on product mix, distribution mix and cost structures of the industry. The timeline for implementation of these changes is very aggressive," said Rajesh Sud, chief executive officer and managing director, Max New York Life Insurance.

"In line with expectations, capping of charges will impact margins adversely. With limited product differentiation, having a low and variable cost business model will be critical. This, in turn, will lead to cost-cutting across the sector, impacting distributor commissions adversely," said an analyst from Edelweiss Securities Limited. According to Edelweiss, the capping of surrender charges is being considered a bigger blow than the cap imposed on the difference between gross and net yields, as it would not only restrict the ability to generate revenue, but also raise the persistency risk borne by the insurers. 

"Secondly, the commission structure can't sustain an agent's income; (the) agency channel will suffer badly. I hope we don't land up in a situation where the product is very good but no one is willing to sell it," said Kamesh Goyal, Bajaj Allianz Life Insurance country manager and chief executive officer.

A Reliance Life Insurance official, who spoke to Moneylife on the condition of anonymity, said that the insurance companies would also now shift their focus to selling more traditional plans. In fact, during the turf war between SEBI and IRDA, where insurance companies were banned from coming up with new ULIP products, insurers started coming out with more traditional plans. He says that the plans would now look more traditional then ULIPs.

"We understand that IRDA is simultaneously coming out with treatment of discontinuance-linked insurance policies. Under these regulations, the insurer will not be able to recover the incurred expenses (particularly under large value policies) fully as the regulator has prescribed the limits of discontinuance charges not only by percentage of annualised premium, but also in absolute value," Mr Sood added.

Probably the thorniest issue for insurers is the stipulation that all pension products should guarantee a return of 4.5% to protect the lifetime savings from adverse fluctuation at the time of maturity. Insurers believe that this would not be possible for a long-term product and investments in ULIPs will now go to safer outlets like debt and securities where the yields are low.

"Because of the guarantee structure being introduced in pension plans, insurers will now play safe, as they can't invest in equities, which means the upside is lost as everything is invested in securities and debts," the official from Reliance said, adding that ULIPs will now become more of an endowment plan.

GN Agarwal, Future Generali's chief actuary feels that there will be a drastic impact on the industry. According to him, more than 50% of ULIPs will be withdrawn from insurance companies and nearly all pension plans linked with ULIPs will be withdrawn. He went on to add that insurance companies whose revenues were solely based on ULIPs would be severely affected. He added, "They (the new norms) are too restrictive and pension products will be hit a lot, it would almost be impossible for life insurers to guarantee 4.5% on a long-term insurance product."

Insurers in the past have maintained that insurance must be sold on a commission-based model and are marketed on mutual relations. Nearly 80% of ULIPs are sold in rural and semi-urban parts of India. Life India Council's secretary general SB Mathur has said in the past, "Most of these sales are relationship-based, where it is very awkward for an agent to charge his client for doing his work."

The new framework reduces agent commissions considerably as insurers would now have to ensure that they can charge their customers 4% of the annual premium paid. Agents selling ULIPs will be less motivated and they may shift to selling traditional plans like endowment plans, as commissions are higher. The commissions for selling traditional plans are still 30% to 35% in the first year; in the second and third years the commissions is 7.5%; from the fourth year onwards, the commission is 5% for a 15-year policy.

However, one must note that the move of capping charges by IRDA does comes as a surprise, especially when its chairman, J Hari Narayan, in the early weeks of June, came out in support of insurance agents and the commission given to them as he felt that it would bring about smooth functioning for the distribution of insurance, at an event in Mumbai. He had said, "With the kind of sustained activity, which an insurance agent has to undertake, the number of times he has to meet a prospect before a sale can be concluded and the kind of post-sales service that he has to provide for the insurance holder, a commission-based model is necessary. The remuneration (to agents) is not excessive; there cannot be a lower-cost method for distribution."

ULIPs are hybrid products that combine elements of investment and insurance, and have been a big investment magnet for insurance companies. According to the Life Insurance Council of India, an industry body representing 23 life insurers, of the Rs2,00,000 crore-plus life insurance premium collected in the first 11 months of 2009-10, more than Rs91,000 crore came from ULIPs.

The new guidelines have increased the lock-in period for ULIPs from three to five years mainly to ensure that they become a long-term insurance product rather than a short-term investment option. During this period, no residuary payments on lapsed, surrendered or discontinued policies will be made. Top-up on insurance premiums will now be treated as a single premium, meaning that every top-up that one makes will have to have an additional insurance cover backing it as well.




7 years ago

These regulations should have been in place long ago.Insurance is a long term product and must be sold accordingly. Lockin period to be increased to 10 years, everyone used to pay premiums for 20-25 years on traditional plans before ULIPs came.Pre closures(not before 5 years) to be considered only in extreme cases.Quality of agents need to be improved by making the entry barrier stringent. Insurance agency must be made a full time profession and all agents must be trained for atleast 6 months before taking up agency. Subsequently they must be certified and licensed by IRDA. Also Life insurance must be made mandatory, every individual to have atleast one policy preferably traditional (term or endowment) as it also helps the family.


7 years ago

Will this new regulation applicable on existing policies also? Or this will applicable on new policy only.
I have invested rs. 50K in Kotak smart advantage. At the time of buing policy agent told em that you can surrender ur policy after three years. Now , kotak guys are saying that if i surrender my policy then they would forfeit my first year premium as this amount goes to guaranteed return account. How can they do it?
With new regulation they can only charge 6% as penalty fees not my full premium of first year.
So, please tell me whether it'll applicable on my policy or not?



In Reply to Amit 7 years ago

These new regulations are prospective and not retrospective, hence applicable only to policies that will be taken from 1st september 2010.


7 years ago

I can not understand When a product or service meets my requirement and if I can afford it why should I worry about the profits done by the manufacturrer or the distributor.
It is the fact that manufaurrer and distributor will continue offring the product and services only if they are making good profit.
Instead of making such big hue and cry about Insurance products/ insurance agents and insurance companies, why these people go and visit he families who are saved because the insurane taken by the family member who realised the need of it. Any product the seller will always highlight all the good qualities of the product but it is up to the buyer to see wether the product is suetable to hgis requirements or wether he or she really needs it. We can not stop the evil of short cut gainers but we can keep them under control if we take the courage to expose them and penalise them.
Keshav B Bhat


7 years ago

I think the new norms for ULIPs are for wealthy investors and for the Insurance companies not for small investors and customers niether for Agents cummunity.
Only for Insurance companies.
No perimum charges are cut down in new ULIPs norms.
Mutual Funds Adviser.
Mob. 9817040604.

bayyaram manohar

7 years ago

Life Insurance is pushed to the innocent people mercilessly, by their own acquaintances and often comes in the way of wealth creation. This can be stopped only by reducing the commissions to the agents and spending the more on educating the importance of pure life insurance. Insurance delinked with Investments gives good returns to the investors.

Anil D Kale

7 years ago

I hope the last word on ULIP drama is still to come as there are lot of unanswered questions,one of it being the surrender value in case of premature stopping of premium or premium holiday for which addln charges are applied.

Soon there should also be a fund ratting available,on the lines of how it is available for mutual funds on valueresearch.


7 years ago


Ajay Ahuja

7 years ago

While the new rules have protected the Consumers in general, they have also taken away the bread & butter from the Financial Advisor, after SEBI's guidelines of no up-front commission to Advisors form the MF AMC's, the Financial Advisors have no other alternative but to starve themselves.


7 years ago

I am quite surprised to know that there is illiteracy on insurance to this extent, even amongst some of the knowledgeable readers of a magazine like this!!!

This has to do with the post Deepak Rao has written and the way he has analyzed the issues. Assuming someone actually buys insurance based on the ideas given by him, the family is bound to be doomed.

Here are are the reasons:

The very first premise that insurance is not an investment is wrong. From what I have come across, there are two financial products in which an average Indian invests regularly over a long period of time. One is provident fund, because he has no choice. Two is an insurance plan from LIC. All other investments like mutual funds, gold, equities etc are done more on an ad hoc basis than as a planned investment decision. There may be a few who do things differently, but they are more of exceptions than rule.

We all have financial dependents on us. Even if both the spouses are working, they are still dependent on the income of the partner since there would be several financial liabilities taken based on the total income of the two. Therefore having an insurance cover is of utmost importance.

Having established the need for a life cover, the next question is the adequacy of this cover. The argument put forward by Deepak is quite shallow. Here is why.

Before going into the other details a quick pointer. As Deepak had pointed out, the cost of making a call might have come down. The cost of airfare might have come down. But at the same time, the cost of ESSENTIAL commodities has gone up substantially high. This is precisely what Mr.Sainath, a journalist from The Hindu was talking a few days ago. The cost of the luxuries which the middle class India wanted a few years back has come down substantially. However the cost of essentials like rice, wheat, vegetables etc has gone up from a minimum of 100% to as high as 400% or 500%. I can live without making that all important call from Mumbai to Mangalore. But can my family survive without the essentials?? Twelve years ago, the cost of a liter of diesel was something like Rs.15. Today it is hovering around Rs.45. And this will continue to raise in the future. Will this not have a direct effect on the cost of other commodities??

Coming back to the family he had talked about. A family of four, with two very young children, is spending about Rs.25,000/- today. And the main breadwinner dies. The family has Rs.43 lakhs with which it will get this Rs.25,000 to sustain even in the absence of the breadwinner. Several questions arise.

1. What if the interest rates come down by a couple of percentage points? This is not impossible. During the 90’s the bank FDs had an average rate of interest of 12%-15%. It is now in the range of 8% - 10%. Can it drop further? We don’t know.
2. Will the inflation remain the same throughout? What happens if, let us say the price of one kilo of rice shoots up to Rs.100?? It was about Rs.15 a few years back. Now it is at about Rs.30. Can it go up even further? We don’t know.
3. Will the two young children never go to school? Or to college? What about their educational expenses? Can the family meet this out of the Rs.25,000 they have budgeted for their living expenses?
4. Will this family never fall sick? Never get any illness? What if there is any and the cost of medication is very high? Will they still be able to manage within Rs.25,000/-?
5. We are assuming that this family has a house of its own. If not, what about the increase in the rent every year? I am sure no landlord is magnanimous enough to give his house on rent without any hike in the rentals, right?

When there are so much of uncertainties in life, are we courageous enough to say that we should have only so much of life insurance cover which will meet our family’s immediate financial needs without looking into a considerable time in future?

In my personal opinion, this whole debate of insurance – whether it is ULIP or any other form of insurance – stems from our perception that we are making an agent/advisor rich from our hard earned money!!! Should this be the guiding force for us to decide on the quantum of cover we should have???

Deepak K Rao

7 years ago


No insurance in the world is more wrongly sold than life insurance. We will discuss about whether you require it or not, later. First, let us have some ideas on insurance which are based upon the advice of some of the world's best writers on financial planning, insurance and investment.

Life insurance should be purchased only if required and to the extent required. A. N. Shanbhag is perhaps the best Indian writer on investment and financial planning. This is what he has to say about life insurance:

"There is no substitute for life insurance.
Life insurance is not an investment.
It is a social and commercial instrument to provide financial security in the event of death of the insured.
If dependents can look after themselves comfortably without the amount insured, life insurance is not needed.
Life insurance is like a life saving drug. If you need it, you must have it irrespective of the cost. If you do not need it and you take it, it can have very bad side effects on your financial health."

So the first question to be asked is: Do you need life insurance?

The answer is simple. You need life insurance only if you have financial dependants. If no one is going to be financially affected by your absence, you do not need life insurance.

The next question is: How much life insurance do you need?

The answer is, enough to keep your financial dependants in the lifestyle they are used to, ensure that they are debt-free, and provide for their reasonably foreseeable future needs. In other words, enough to compensate your dependents for the adverse financial situation caused by your absence.

Let us take a simple example for attempting to calculate how much life insurance a person needs. Suppose there is a family consisting of husband, wife and two very young children. Let us assume that the monthly normal expenditure of this family is Rs 25,000/-. That means a cash requirement of Rs 3 lakhs per annum, to ensure that the family lives in the lifestyle it is accustomed to.

Now supposing the husband is the sole bread winner of this family. His first concern will be that the family will not have the cash flow of Rs 3 lakhs per annum, in case he should suddenly be removed from the scene. Therefore, he must calculate what size of corpus must be invested in a safe avenue of investment like a bank fixed deposit, to ensure that the family gets Rs 3 lakhs per annum. If a corpus of Rs 43 lakhs is invested in a safe avenue like a bank fixed deposit at an average rate of interest of say 7% p.a., it will provide the family with the required income stream.

However, this does not mean that the husband must rush out and straightaway purchase Rs 43 lakhs worth of insurance. There are some deductions to be made from this corpus. For example, he may already be having financial savings of say Rs 10 lakhs. His wife may have financial resources of her own of another Rs 15 lakhs. Let us say that the value of his retirement benefits, existing insurance policies and other cash flows that will accrue in case of his death amount to another Rs 5 lakhs. This total of Rs 30 lakhs must be deducted from the Rs 43 lakhs corpus envisaged earlier, since it will be available to provide the necessary income stream.

Therefore, there is an uninsured gap of Rs 13 lakhs, that is 43 lakhs minus Rs 30 lakhs. This is the amount for which life insurance must be taken. We have of course given a very simple example, assuming that this family has already taken care of its housing requirements. You can discuss with your close family members and calculate your own insurance requirements.

Going back to the example under consideration, if when doing your calculations, you find that your total liquid assets are say Rs 45 lakhs, that is more than the corpus of Rs 43 lakhs that would be required to provide income to take care of normal expenditure, then you do not have an uninsured gap and you certainly do not require life insurance.

One final point. Do not be fooled by advisors who do complicated calculations to arrive at how much life insurance you need. They will add things like child education, marriage expenses, etc., to inflate the quantum of insurance to be taken. No one can predict the future, especially the distant future. The period of vulnerability is one, two, three or a maximum of five years after a death occurs in a family, especially of a breadwinner or important earning member. Human beings are very resilient by nature and are capable of adjusting to, and dealing with, new, adverse situations, in the medium to long term. It is in the short-term that they are vulnerable and need the protection of life insurance.

When we talk about expenses based on which to calculate life insurance needs, we generally talk about normal current monthly expenses. There is however definitely no harm in a slight increase in the estimate of these normal expenses. For example, if we are talking about Rs 25,000/-worth of normal monthly expenses, you certainly can provide for Rs 30,000/- normal expenses for the purpose of life insurance requirement calculations.

However, there is no need to substantially inflate these figures or worry about providing for 10 or 20 years hence. No one can predict the future including what shape general circumstances or economic circumstances including inflation is going to take. The two simple examples are; Twelve years ago, the cost of a telephone call from Mangalore to Bombay was more than 26 rupees per minute. If anyone had predicted that the cost of this call would come down to less than Rs 2.40 per minute, he would have been laughed at and dismissed as a madman. Similarly, if someone had predicted that one day, you would have air tickets of Re 1/- (subject of course to conditions) available in India, no one would have believed the prediction.

There is already a built-in safeguard in taking only normal monthly expenses for insurance calculations. In practical terms, we have observed that the expenses of a family tend to go down immediately after the death of one of its members. This is because expenses that used to be incurred on that particular person are no longer incurred.

Further, as mentioned earlier, it is impossible to predict future inflation rates and future fund requirements. So long as the rest of the family is adequately insured for health, and to the extent required for life, the best you can do in life insurance is enable a corpus to take care of normal expenses for the next few years, say a maximum of 5 or 6 years.

It is important and most people do not realise it when they buy insurance: Human beings are extremely resilient. They tend to adjust sooner rather than later to new situations, including existing, adverse situations. The greatest period of vulnerability is generally not more than, one, two or at the most three years from the date of death of the breadwinner.

The final point for consideration is, what kind of life insurance to take?

There is only one type of life insurance that is truly beneficial for the person buying it, and that is pure term insurance. This type of insurance is sometimes also called pure insurance or term insurance. Term insurance provides compensation in case the risk, against which protection is sought, actually occurs. There is no mixing up with investment. Term insurance is extremely economical.

Going back to our example, in case there is an uninsured gap of Rs 13 lakhs and you go to an adviosor, he will actively discourage you from taking term insurance saying that you get nothing back for all the premiums you pay. He will not mention of course, that you will get protection from the perceived risk, which is the sole objective of term insurance.

If you take a 10-year term policy for Rs 13 lakhs, and if you are aged about 35 years, the term insurance premium may not be be more than Rs 5,000/- per year. If you survive the term of the policy, you get nothing back. No problem. Be happy you survived! If something unfortunate happens, your nominees get Rs 13 lakhs. Term insurance is that simple.

If having taken a term policy, at sometime in the future, you decide that you no longer need insurance; all you have to do is stop paying the next premium. This brings another important point. Life insurance should be taken when there is a need for it and should be discontinued when the need for it disappears. So, life insurance requirements should be reviewed once in a while, at least once in five years.

If you have taken a housing loan, then you must take adequate mortgage insurance, which is nothing but term life insurance, which will result in the insurance company paying off the entire housing loan in case of your untimely demise. Life insurance is too important a subject to deal with lightly.


K Sudhkarance

In Reply to Deepak K Rao 7 years ago

your prediction on inflation is very tell me what was the price of 1kg onion yesterday and what is the price today .Inflation should be valued as per the pricing of essential commodities of the common man. Not as per understand that subsidies on petrolium products are being cut short every now and then which inturn will accelerate the inflation rate.Also term insurance will not solve the purpose if he is a tax payer because one gets tax benifits if he invest in insurance products.Again the maturity amount is non taxable unlike other investment understand the subject thorughly before making propognda.Regards

Gerard Colaco

In Reply to Deepak K Rao 7 years ago

Excellent points made by Deepak K Rao. The essence of insurance and its exact utility for an ordinary individual have been clearly brought out.


7 years ago

Oh! If insurers r unable 2 assure a minima of 4.5% p.a. 2 customers, then why do they play on their field? Their cushion is all set 2 go 2 bay and that is y they are shouting! Public must ignore all insurance companies, at once!!!

sanjay pandey

7 years ago

insuranceco's certainly do somthing in favour of his agent's. otherwise a new but very huge people's will be on road,like M.F. industri's.
so, ready to increse unemployed person's
invester's point of wiue it's too good.


7 years ago

This was a long overdue move expected from a regulator from the point of view of investor welfare. Regulators ought to think about suitability and sustainability of the customers and not of the agents. There are and there will be new agents interested to sell good products for the customers at low commission rates. One more change in regulation will definitely go a long way in helping such agents to actually sell the better or best products amongst all the available ones, is that they should be able to sell products of all insurance companies under one agency like mutual funds. This will automatically reduct certain amount of misselling as at least the agents who want to sell the best policy will find out one and suggest to the customer rather than compulsorily selling whatever he or she is having.


Bhupesh Desai

In Reply to D B DESAI 7 years ago

Good One! ?

Bharat Thakkar

7 years ago

i think ,

01.There is ignorance of customer in this new ULIP design .
02. There is no compulsory in insurance coverage, it should optional.
03. You also take minimum lock in period 6 yrs on ward .
04. Also some fix maturity amount offer on as long period as long benefits are there.
05. So, request for that not consider only insurance company in nutshell.

Bharat Thakkar
Insurance & Financial Advisor
Ahmedabad .
98253 29960

Dillip kumar swain

7 years ago


Holes in Concurrent’s claims, as manipulators ramp up prices and SEBI & BSE look away

After hitting a monthly low last week, Concurrent shares are hitting upper circuits—now backed by dubious information and inspired recommendations in blogs. The regulators have still not reacted

Shares of Concurrent (India) Infrastructure Ltd hit the upper-circuit limit for the third day in a row on Tuesday, following some clarification by the company to the Bombay Stock Exchange (BSE). Just last week, Concurrent shares were falling before hitting a monthly low of Rs24.1 on the BSE. Meanwhile, investors are still wondering what the real details about the company are.Earlier, Moneylife had reported on how the company had apparently misled investors with a false announcement on a Sikkim power project (read more:, and some investors had taken others for a ride in Concurrent shares ( Thereafter, Concurrent's chairman and managing director Koneru Sudhir Babu met us at the Moneylife office on 23rd June to assert that everything was open and above board. We then sent the company some questions. The company has now replied but there are still gaps in its answers.

The company has reported a sudden boost in revenues, net profit as well as operating margins (OPM) and earnings per share (EPS) in its March quarter results (read more: But among the most important issues is a remarkable discrepancy in its quarterly and annual results. Concurrent had reported negligible (or zero!) depreciation in the last quarter which was quite astounding for any functioning company, not to speak of an infrastructure company which would have to have heavy investments. Mr Babu, in a written reply, told us that the prime reason for not having depreciation in significant numbers is that the company is at present outsourcing the works after detailed engineering, hence there is low depreciation. He said that the company has started to build its in-house equipment to execute projects from 1st April and equipment-related depreciation will get reflected in the first quarter of FY11. But any company would certainly have lots of depreciable assets-including computers, office equipment and automobiles.

Secondly, in a regulatory filing, Concurrent said on 10th May that it has been issued an assurance letter from Kranthi Constructions for a work order of Rs74.37 crore for the project 'Erosion Control for Managing Flash Flood for Guwahati city', accorded a top priority by the government of Assam. However, in a news report, Assam Tribune, a local daily, listed the total project cost as Rs26.25 crore, which is divided into two parts-Rs5 crore sub-project for Basistha-Bahini Watershed and Rs21.25 crore sub-project for RG Baruah Road-Bharalu Watershed. The first sub-project has secured sanction from the North Eastern Council (NEC) for funding in 2009-10 fiscal, the report said.

We asked Concurrent on how is there a big cost difference between its filing and the project cost. Concurrent said that Hyderabad-based Kranthi Constructions has received contracts from the authorities in which the first letter is for Rs21.25 crore and second is for Rs53.12 crore. "They (Kranthi Constructions) in turn assigned the work for processing and preparing of project proposal to Concurrent India with an assurance that with the completion of processing and preparing of project proposal, Concurrent will be given an order for the total aggregate of works equivalent to Rs74.37 crore for which Kranthi Constructions got two separate assurance letters."

In a telecon with Moneylife, the Concurrent CMD said, "The project cost is not Rs21.25 crore, it is Rs75 crore, which was given from Central government aid and because there would be a lot of approvals required for the total project they will not give a single letter and would split the work. If they come up with a single order then they will have to invite global tenders. The project has been split as per Central government norms under which the minister can sanction projects up to a certain level and the department has powers to sanction a project for a lower level." We have no way of independently verifying this.

There are other issues too. On 27 November 2009, Concurrent reported that it has signed a collaboration agreement with Eliss Richardson Inc and that the company will transfer technical knowhow for turnkey implementation of power plants to Concurrent. Moneylife searched the Internet for any reference about Eliss Richardson. All we could find out was related with Concurrent. And if one removes Concurrent from the search input, there is not a single result about Eliss Richardson on Google, Yahoo or Bling. Eliss Richardson just does not exist-at least on the Web!

When asked about Eliss Richardson, this is what Mr Babu said: "Eliss Richardson is (an) engineering, power-consulting company based in the US. This company has developed a new technology in thermal and solar energy. We are in (a) tie-up with them to have total Indian market in a joint venture. This is a new technology, which has not come yet and we need to get approvals from the concerned departments. Solar is going to be a major source of energy and with this technology we think we would be able to reduce its cost to Rs12 crore per MW from Rs18 crore per MW."

When asked why there is not a single mention of Eliss Richardson on the Internet, Mr Babu said, "This is not a big company. Basically it is a technocrat. I will send you their email ID in case you want to contact them. I can give you their numbers so that you can have (a) discussion with them."

What is interesting is a majority of contractors, partners or sub-contracts mentioned by Concurrent in all its regulatory filings either do not exist or are mentioned in tandem with Concurrent on the Web. Whether it is Ellis Richardson or Sreenidhi Construction or Brahmani Udyog, the story is the same. According to Mr Babu, Kranthi Constructions, which gave it two assurance letters for the Guwahati flash flood related work, is a special Class-1 contractor based in Hyderabad. But what we found on the Internet is that the same contractor is mentioned as a real-estate builder and developer.

Moneylife has always attempted to offer a balanced view to its readers and in order to protect investors has researched each and every fact before publishing. However, according to Mr Babu, by directly contacting the concerned authorities, Moneylife is trying to "create confusion" in their company affairs. "(We) request you to first deal with the company and we shall endeavour to give you whatever information you like," he said in the mail.

However, it was only when Sikkim Power Development Corp (SPDC) denied any deal or contract with the company, Concurrent came up with a clarification related to the Sikkim Power project. If someone had not checked with SPDC, then the company would not have come out with a clarification. Interestingly, during the period between its announcement and clarification, its shares were trading at its highest level. (read more:

On 9th February, Concurrent had said that it had procured an order from Indo Asian Projects Ltd for supply of beneficiated laterite on for unloading siding for Vedanta Aluminium Ltd, Orissa, and the total value of the contract was Rs11.8 crore. Indo Asian Projects is also a BSE listed company. However, when we checked, we did not find any regulatory filing by Indo Asian Projects about ordering supply of laterite from anyone. Interestingly, Indo Asian Projects has reported total revenues of Rs2.12 crore for FY10 and it has supposedly given an order (or sub-contract) of Rs11.8 crore to Concurrent!

Mr Babu, in his email said, "Concurrent is currently implementing the order by buying its own trucks and hiring trucks from others and lifting laterite from the east coast and transporting the same to the railway siding and also to manufacturing sites. Since the order has been assigned by Indo Asian they might not be reflecting (the same) in their financials, however, we are nobody to comment on their financials."

He sent us some images that show some trucks labelled as 'Concurrent', but one cannot make out when and where the photos were clicked. He told us that these trucks are being used to transport laterite from Rajahmundry to Vedanta Aluminium's Jharsuguda plant in Orissa.

As mentioned in our previous article, we have asked for the annual report and balance sheet of Concurrent from Mr Babu. We are still waiting for it. However, the mail sent to us by the company said: "This is the maiden year after Mr Sudhir Babu has taken over the company management. The first audited balance sheet will be released 21 days before the AGM, which is scheduled in August 2010 and the unaudited financials in terms of required public disclosures have been given to BSE, which you may refer."

Meanwhile, the bunch of investors led by Arun Mukherjee continues to plug the stock in various places including a dubious website ( In his latest blog, Mr Mukherjee talks about a Rs-1,300 crore contract win of Concurrent in Sri Lanka. It is old news, reported by the company in November 2009, where no financial details were given. However, it is surprising that the blogger came out with the project cost and other details as well as the size of Concurrent's total order book (whether true or false, we don't know) and financial estimates of other projects.  




7 years ago

The person who is said to be behind all wrong propoganda through various various forum through net is offering PMS sevice on his own website.How can SEBI allow these people? check below

Get united with me guys
Folks I feel so happy to let you know that I have acquired another brokerage franchise of one of the oldest and best brokerage house of India,i.e,Prabhudas Lilladher.So many benefits and facilities are there.So if anyone of you wish to get associated with me for lifetime do come up fast to get the PL online trading account done at the earliest.Account opening procedure is very easy and hassle free.Just courier me the below mentioned documents and your account would get done in 3-4 days.No matter where you stay in india or in any part of the world you can always have an account wth my firm.

btw:The account can act as your portfolio management account too where all transactions would be done from my end on your behalf,If you wish at all.

So here is what you need to courier me for an online trading account:-

1.PAN Card zerox
2.Address proof(Voter card/Passport/telephone bill/Ration card/driving license/Latest Bank Statement with Bank seal)
3.Two Photos
4.One cancel cheque(A cheq which you need to criss-cross or simple write cancelled)
5)A margin cheque of 1000rs.

Address where you will courier:-debjyoti is the broking partner of mine.



In Reply to Rahul 7 years ago

SEBI never caught Satyam, where is the question of small time sub broker?
You should appreciate these paid advertiser's strategy. Spam heavily free forums at almost zero cost.


7 years ago

Moneylife guys are exploiting their business of being into media. I'm sure they must've been paid by someone to denigrate the reputation of Concurrent, otherwise why despite so many clarifications would they continue to find out ways to damage the reputation of a small market cap company. I was a subscriber to Moneylife and have unsubscribed it due to the negative influence it has in many of it's articles rather than straightforward news found in ther magazines. The author of this article is a corrupt guy and should be ignored at all costs.



In Reply to Kamal 7 years ago

If you know the author, then why not give his/her name, instead of commenting. And keep your advice to the Con-Current people, who paid you some loose change.


In Reply to Kamal 7 years ago

Hey Kamel,
How much the copmany paid you to write this comment? And why not give your subscriber details, if at all you were subscriber to Moneylife. I am sure Moneylife will tell us whether you were really their subscriber or is just bluffing here. Lets see who is speaking the truth.

Kamal Pardeshi

In Reply to Joseph 7 years ago

My name and surname is enough for them to find out whther i was a subscriber or not. The magaine is very negative. By the way it never benefited me or anyone i know. Concurrent guys don't need to pay me. because I believe unlike moneylife guys, neither i nor Concurrent guys believe in or encourage corruption.


In Reply to Kamal Pardeshi 7 years ago

Kamal Pardeshi was never a subscriber with Moneylife. His claims are false.


7 years ago

You should understand these are paid dalal recruited by this fraud company to ram up the price.
One should not expect Kazi aviation or similar parties to come up and clarify or deny.
There are hundred other good stocks to invest on. Move on


7 years ago

Dear Editor,
Concurrent India now moved a step further by threatening boarders of online forums and trying to stifle healthy dicussion on the board. Yesterday evening it issued a letter to moneycontrol as:
Letter from the Concurrent Management

We wish to bring to your notice that there are a few unscrupulous writers, whose writing are not only libelious, but also unsubstantiated and full of falsehood. These persons are posting various comments under the board which is causing panic among the public at large. We are daily receiving umpteen number of calls and emails enquiring about the company after reading the posts of a few boarders in Money control. This panic is causing loss to a lot of small shareholders. We feel the messages posted by a few boarders like PSS5588, PAISABIVI, CONCON, SIVANAG21,CHATGURU, MONEYMAN1973, GUEST, etc should be stopped at the earliest. They have already eroded about 50 crore worth of market cap of the company.

Pls take immediate action to prevent further loss of the shareholders monies.

There are some serious issues with the company because of which they are reacting in this manner and we hope that you come up with a detail research on such fraud managements which are trying to cheat retail investors in every possible way.


7 years ago

Congratulation to Moneylife Digital Team, who has brought these article. Impact of these are seen very clearly (Stock price is south ward) and small investor are crying.

Another kudos you have for referring the blog site of Arun Mukherjee. Due to your article blog which was available for very one free of cost, now they have stopped it and only invittee can use. Great in your act of depriving small investor from rewarding investment from.

KEEP IT, This type of journalism will wipe out all small upcoming cos. and your policy to untouch bigger fish is commendable.




In Reply to Rajiv 7 years ago

If journalism can wipe out small businesses then the world would have been a different place, and in all likelihood for the better. Anyway, Debashis and his team has done an excellent job:

1) Investing in Concurrent is not without risks and this needs to be brought out. And the company does seem to have an obsession in working the media. Why?? Get a 40% CAGR and media will anyway follow you dude -- no need to post pictures of trucks with Concurrent painted on them. Paint the pages of your balance sheet properly if you need serious attention.

2) Junk blogs like arunthestocksguru have gone where they should go -- away from public eyes, which is helpful for the general people otherwise there's a constant feed of cooked news not to mention news which question notions of morality.

3) Perhaps we need another story on the boarders of MMB, their thinking on how or how not to behave in a forum which is meant for financials. And maybe someone from CNBC like Senthil should explain why a bunch of morons are let to post stuff that have nothing financial and what is remotely financial has no whiff of evidence. Not taking names here, but most people in Concurrent board give a distinct impression that they are juvenile.


In Reply to Rajiv 7 years ago

If Concurrent has indeed done any wrong, Moneylife is doing a great service exposing it. When you talk about the stock, do remember that it's a buyers and sellers market, and if the price is heading south and existing investors might get trapped, it's their fault for not doing due diligence. At least future investors are getting saved IF Moneylife is bringing certain shaky facts to the fore. That said, it does sometime look like Moneylife crosses a line (refer to my previous comment) by almost declaring the company as a complete fraud when it has managed to piece together only some evidence of wrongdoings.
"This type of journalism will wipe out all small upcoming cos"... well, I was a believer in the story but the company itself invited closer scrutiny when it goofed up with the Sikkim announcement, now it better come clean.

Nazim Khan

7 years ago

As a small-time ex-investor into Concurrent and a journalist, here are my two bits:
Moneylife is quite right in bringing up concerns about the company’s financials and dealings. However, both anti- and pro-Concurrent readers here are stretching things a bit too far:
Rajat: While simply relying on a Google search may be a fool-hardy thing to do, Moneylife does not seem to be missing a point here when it says all (or most) the entities that it claims to have business with a) Do not have a website b) Have no information on the web sites relating to their dealings with Concurrent. Talk about connecting the dots? It also does refer to other sources, as rightly pointed out by other commentators here.
Ant-Concurrent commentators do stretch things a bit too far when they attack Arun, Kalyan or Rajat on a personal level.
Moneylife: The journalist in me says you’ve got to have solid, ground-breaking evidence to run with a headline that says: “As manipulators ramp up prices”, which you currently don’t. Got an axe to grind?
PSS: Thanks for being the sole reasonable voice here.
Rajat has got it wrong when he accuses Moneylife of having other interests in investigating Concurrent apart from those of shareholders. However, instead of coming out day-by-day articles, which, at best, speculate on what could possibly be wrong and tanking the stock price, it could have carried out a comprehensive research and published a piece than jumping the gun. For, if it really carries out a “real” investigation and actually exposes Concurrent, small investors would be better off blaming themselves than Moneylife for not doing their due diligence before investing their money. Why blame Moneylife for trying to scratch the surface over what it appears like a bogey organization to them?

Kumar K

7 years ago

This is exactly how journalism is supposed to be and no less. Debashis and his team are doing a job which in normal circumstances would have been a SEBI prerogative.

MMB is a slippery slope -- innocent gullible investors are ripped off daily.

Can you believe boarders who claim themselves to be serious investors go by names like Puli, Guli, Be and Make, Royal Bengal Tiger?

These people have no qualification that back them up as a financial advisory, and having read through the conversations all I can say is that they make for nice soap opera (maybe the whole lot should be moved to the Balaji board on MMB) but disgusting investment philosophy.


7 years ago

Thank you for posting sensible articles.

Some of the folks are being overly critical of pointing finger( i.e Money life) ??
and ignoring the direction which it is pointing towards.

Maybe sometimes it pays to pay attention to what is being written and not who is writing it.


7 years ago

Rajat Ghosh is right in pointing out his apprehension about this article. These articles looks more intentional than any unbiased one.

As every body knows this is a new company (as they have started their business from this financial year) then expecting a perfect financial report is undue.

Your all articles more look like misusing the freedom of power given to press rather than protecting small investor.

Why you have raised the question when Reliance power without any functional power plant has created history in looting public money. I feel you must have thought they are peer and can loot like anything.

It is not so some of person well versed with the timing of publication of these article must be having holding and have sold before publication.

This is really a shabby work of targeting smaller companies (as if you have started agenda to only to permit big business conglomerate) by not allowing them to come up.

I hope seniors at Moneylife will take note of these and give a serious thought to whole process.




In Reply to Rajiv 7 years ago

At least thank Moneylife for writing on such a small company that too four times! Since you seems to newbie to this site, I think you should check it first and then open your mouth for comment. FYI...the company is not new one, its a merged company and is into existence since many years on BSE.

Rajat Ghosh

In Reply to Sanjiv 7 years ago


The fact that the company has a changed management after merger and they still need to come out with an audited balance sheet, hey one needs to give the company, some time.

You cannot make a new born baby ask the questions which you ask an Adult.

Just distinct , give time to breathe and let it grow for a while before coming to conclusions is the right appraoch.

Anyway this company did not rise any money public nor looted public, it's uprise in stock price is what questioned by these articles. Nothing else. I think upside is shared by all the 12,000 shareholders joyfully, then who is crying man and what for these cries.

Not able to digest


In Reply to Rajat Ghosh 7 years ago

Mahaguru ? Rajiv,
what different then we all are saying? If according to Concurrent is a baby, then it should take baby steps and not giant. But since your vision is also narrow (vested interest?) or focussed only on the company's share price, then what about the other investors who should also have received 'tips' just like you to make money?


In Reply to Rajiv 7 years ago

Dear Rajiv,

Your analogy with Reliance is like first catch Dawood Ibrahim,only then you can catch the small time criminals.

Does that mean that if Dawood is not caught ,then the police has no right right to catch small time criminals?

Rajat Ghosh

In Reply to Kuvera 7 years ago


Who is Dawood, Who is Small Time Criminal. A bunch of allegations against Anil Ambani cannot make him Dawood and bunch of allegations against Sudhir cannot make him small time criminial.

In Law un less and until proved guilty, no one is criminal, rest all are accusations, allegations, interpretations, degree of understanding.

Popular management saying, that What ever you feel is right according to your perception, but it tells to a learned man what kind of personality you have.

Rest all are Bull Sheet Rules.

param hans sethia

7 years ago

great wishes .i iwish you will have an impact like ibn7 is having in news market.hats off for your courageous journalism .investors should really read your articles and take wise decisions.


7 years ago

Its high time now to secure our money from this counter.
1. Concurrent couldnt give any single reaction on its Sikkim Deal fraud allegation ... clearly signals RED.
2. MoneyLife is publishing article after articles of dubiousness.. yet concurrent is silent ....MoneyLife cant just put anything to defame a company ..there are legal rules after all.... A big RED signal
3. If satyam could dip to 6 .. a small & unknown counter like this can directly go Zero without giving a single chance to exit. The Govt of India stood up to save a giant employer like Satyam. But who on earth will stand behind these tiny and largely unknown Orgnzations ?
4. Arent there other counters of high growth to invest in ?? There are hell lots of them. Then why to stick the hard earned money here ??

--------------- LETS BE SAFE THAN TO BE SORRY LATER ________________

Sincere Human

7 years ago

Excellent article.
This is the only way to trap fraudulent company when they dont give information.
Go to their website, after money life thrash they dont publish even basic details of contracts , all future works! and to tune of 1475 crores.
Whats stopping company to clarify even names of work now??


7 years ago

Dear Sirs,

Your conjectures should have been based on something more concrete than web searches as Rajat has pointed out( business india does not have a website)

. U have a lot of resources at ur command including the ability to make source contacts as against browsing and ur report should have been based on more solid groundwork investigation with web only as one of the tools and not the main tool here.

Yes u have presented the other side but the conclusions thereafter are not based on further actual research but only ur loose perception.

When so many investors are involved with their hard earned money one expects a reputed magazine like yours to show a greater sense of responsibility in reporting based on ground work and not SPECULATION based on websearch results.

CAN WE LOOK FORWARD TO A BYLINE BY THE AUTHOR on top priority basis as also a para or two from some senior editor of the magazine preferably Ms Sucheta Dalal or Mr Basu for this involves not only the credibility of Moneylife magazine , Concurrent and THE 12000 shareholders majority of whom are retailers hoping to make decent returns on their investments . Even temporary setbacks based on possible unfounded articles will have a major repercussions for these small investors resulting in untold losses to them.


Thanking u in anticipation.



In Reply to pss 7 years ago

Hi Pss ... pls read properly all the para's. Can u see that other than WebSources, MoneyLife is also referring to articles of newspaper .. as well as telecon with Sudhir. Its all upto u.. whether u want to gamble with ur money or invest .


In Reply to TraderJi 7 years ago

It is not a question of me but of 1000s' of retail investors. A more solid report EITHER WAY based on ground work would enable investors to take a proper decision instead of leaving them in two minds and in a limbo as the share tends to bounce back after each such expose as exposure not being conclusive and based more on conjectures. Do it but do it right is all that i ask of moneylife.


In Reply to pss 7 years ago you still want all investor of concurrent to stay invested after all the lies. Me moving out as fast as I can.... no point wating for another saytam from the same city..


7 years ago

Excellent work..kudos to you and your team for indepth research and taking it till here when SEBI and exchanges are just sleeping.

Your efforts in digging the facts and putting forward infront of us, really helps in taking our investemnt decisions. People like sudhir babu comeup every now and then to cheat investors and loot the money from the market.
Showing couple of lorries with concurrent logo is the only proof they can show to convince u investors here but even a person having few bucks too can do that.



Rajat Ghosh

In Reply to rajesh 7 years ago

It's always a popular misperception that SEBI and BSE are sleeping. Their alert terminals are working 24*7. They know much better than the provoked socalled sleep of regulatory.

In India we have the best of the systems. Ultimately if there is anything wrong they will catch, but what if, scenario, when there is nothing wrong and provoked, small investors get affected, Who takes the responsiblity, Who takes the responsibility???? Just curious.
Just Curious.

Rajat Ghosh

7 years ago

Money Life is Calling Wolf, With All Due Respect.

With all due respect, I can say Money Life Fourth time cride Wolf. Does any one bother about their new article??

This time pictures of Concurrent Trailers with Some family members of Sudhir as it looks like? Is it decent to put such photographs for a magzine of repute what ever it is? From where did they get these photographs? Even assuming that Sudhir showed them, Did they take his permission to publish them???

Some more improvements this time in the article, the other side from Sudhir is also presented.

But in-between interpretations and self driven conlcusions are not upto the mark of any standards whatever you call.

Whether any one is bothering to edit these articles properly or they are just posting the stuff generated from ameturish writers.

The theme is the same, they compare each and every order of the company with google, yahoo or bling serach, if they dont find any information relevant to concurrent related announcements they say company is not upto the mark.

I just would like to pose the following questions to Moneylife Team??? If at all you read this board?? Take this professionally.

1) The leading business magzine in India, BUSINESS INDIA dosnot have any Website. Their articles donot appear on Web. Can you say that Business India is not in existence???

2)Similarly many news papers donot have any website, can we say those news papers are not in existence????

3) Are you 100% sure that you can google, yahoo or bling all the information what ever you require and if no such information as you want is not available, then can you say, there is no creditbility on the part of announcements???

4) Are you sure that the search engines capture all the information that is put on websites???

5) Again are you sure that each and every agency from nuke are corner of India posts all their developments on websites because moneylife wants to google it, yahoo it or bling it????? and present an article.

6) Did the moneylife journo take the permission of Concurrent Promoter while publishing those photographs???

7) When the Journo as he says that interacted with Mr.Babu, why he did not ask the questions for which he did not get the answers???? Why there is no by-line of the author of the article? I am curious, I want to interact with this guy???

8) Again linking arunthestockguru dot com with the company stating that he knows more about the company and his blog posts more information about the company. When you read his website and re-produce the content, did you read properly that he is a guy from Outskirts of Kolkata and he is only a Sub-Broker? You think he has the capacity to move or shake a stock? Then how many stocks he is moving as everyday he write on one stock or the other???? Then why are you not coming with articles on each stock covered by arunthestockguru.

9) In your blog itself you mentioned that Promoter denied any link with him. Like how you are posting improperly verified inforamtion for the readers (by clearly stating that info through google, yahoo or bling is not available) similarly if arunthestockguru who also has a website blog like you and posts some information as he feels right, like how you feel your information is right, what is the wrong in it??

10) Do you have any problem with arunthestockguru, then resolve it with him, arun the stock guru is posting about 500 companies, so do you link each and every company`s stock movement with his blog???

11) Clearly the Journo behind this article is not the Editor or Co-Editor of this magzine as the language suggests, when you read their published books and this article on Concurrent a clear variation in language and presentation. But is it really getting scanned by the respected Editors of Moneylife???

12) This is a Country where even Power Cuts are quite common in even outskirts of my city Kolkata, the same is the case with various states. In such a scanrio, can we presume that we are living in the web information era where in we can tally each and everything with Web Search Engines and Compare the Company Specifics with the General Public Domain information availabe???

13) What is the motive of these articles??? Are you concerend about the small investors who form 12,000 numbers in this company??? or do u have a personal vendatta on any one for which you are making each of us face the music as you want????

14) If you are really fighting for investors,you tend to consider this fact. If the company`s scrip is finding upside, you mean to say it is a sin and none of the investors invested in small quantums should not get benefit???? But for whose benefit these articles are germinating????

15) In your own admission you say that company has asked you to verify with them and they are willing to co-operate with you for any information??? Then why dont you cross verify, ask them twice or thrice before getting into article space of your web???

16) if your allegations of Concurrent shares hitting upper circuits—now backed by dubious information and inspired recommendations in blogs as you calim in your own langauge of that of arunthestockgur dot com, if they are proved to be wrong and if damage takes place to small investors, will you take the responsibility for all the damage and confusion created by your articles on day in and day out basis.

17) Respect needs to be earned through good contributions but not through forced perception mapping???

Time to Think Dear Editor and Co-Editor. Please get the journo post his name. So that we can interact with him.



In Reply to Rajat Ghosh 7 years ago

Rajat ghosh,

We all here know well that you work for firstcall equity research which is the promoter of concurrent. So its bound to happen that you comeout with such foolish arguments to trap investors.

Rajat Ghosh

In Reply to Rajesh 7 years ago

Hey, Rajesh

I dont work for any firm which you named. This is what called as spreading Gobels.

By the way K.Sudhir Babu is the promoter even that info also u dont know.

The whole world knows the quality of the article put out here which clearly admits that they did not find any information based on google, yahoo or bling.

The Best of the Business Magzines Business India has no website.

Sincere Human

In Reply to Rajat Ghosh 7 years ago

Everybody knows your vested interests.
Except your trash comments, Business India have a old website-FYI.
That shows you are paid by company for advertisements.


In Reply to Rajat Ghosh 7 years ago

Hi Rajat,
MoneyLife does not only refer about Google.They have clearly mentioned abt AssamTribune article (which is the best sellin newspaper there) as well as telecon with sudhir babu. 4get all these ... why such lies about Sikkim Power Proj ??? Why Concurrent unable to hide their lies now ???


In Reply to Rajat Ghosh 7 years ago

@Rajat.....have you taken any vakalatnama from Concurrent? Moneylife has been asking for the balance sheet from the company and what they get is just some photos of trucks. And above all, you are queesting if they had taken permission from promoter! Either, you come out clearly admitting you are Concurrent counsel or on their or First Call's payrole or just shut up.

Sugar output pegged at 23 million tonnes in the next crop year

The output in the current crop year ending September would touch 18.8 million tonnes, which is nearly three million tonnes higher than the estimates made at the beginning of the season, according to a senior government official

After two consecutive years of lower output than demand, India sugar production is expected to rebound to touch 23 million tonnes in the next crop year starting October on the back of higher area under cane, reports PTI.

"Sugar production in 2010-11 crop year (that runs from October to September) is estimated at 23 million tonnes. Area under sugarcane so far has increased by 13% at 47 lakh hectare this year," a senior government official said.

The estimate for the next crop year was arrived at a meeting with the cane commissioners of all the sugar producing states in the country.

Higher output in the next crop year is expected to help the government keep sugar prices under control.

Sugar prices in the retail market had touched nearly Rs50 a kg in mid-January and is now ruling at Rs32-33 a kg in the national capital.

The output in the current crop year ending September would touch 18.8 million tonnes, which is nearly three million tonnes higher than the estimates made at the beginning of the season, he added.

Sugar output has been lower than the annual demand of 23 million tonnes in the current as well as last year. India, the world's second largest producer and biggest consumer, had produced 14.7 million tonnes in 2008-09.

The country has imported over six million tonnes of sugar since early last year to meet domestic demand.

Maharashtra, the country's largest producer, is estimated to produce 8.6 million tonnes in the next crop year, up from about 7.1 million tonnes in the current year. Uttar Pradesh is likely to produce six million tonnes next year, the official said.

The sugar industry has been demanding that the government should impose import duty on white sugar to protect domestic mills and check sliding prices, which is affecting their margins.

An empowered group of ministers (EGoM), headed by finance minister Pranab Mukherjee, had last week deferred the decision to levy 15% duty on white sugar due to high inflation which is hovering around 16%.


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