NSEL to launch e-Platinum on 17th April

Indian investors can now buy, hold, sell or liquidate their e-Platinum units electronically through NSEL platform

National Spot Exchange Ltd (NSEL) has announced that it will launch e-Platinum on 17 April 2012 at the Bombay Stock Exchange.

According to NSEL, e-Platinum—an investment product in platinum—will be offered in demat form under the NSEL’s e-Series banner.

“Indian investors can now buy, hold, sell or liquidate their e-Platinum units electronically. They will also have the option to invest their small savings in the systematic investment plan (SIPs),” NSEL said.

The benefits of e-Platinum include: Trading in units available in 1gram, transparent and uniform pan-India pricing, extended trading hours from 10:00 am to 11:30pm.

User

COMMENTS

Narendra Doshi

5 years ago

Good addition to the e-series. Can I know which other commodities are likely to be added this year?

FIIs turns negative on Indian markets in April

Government's anti-tax avoidance rules, GAAR, proposal in the Budget has been the real dampener for several FIIs

New Delhi: After pouring record funds into the Indian equity market during the first three months of 2012, overseas investors seemed to be cautious so far this month and invested Rs322 crore, reports PTI.

Foreign Institutional Investors (FIIs) made a net investment of Rs322 crore in the equity market up to 13 April 2012, according to Securities and Exchange Board of India (SEBI) data.

Net inflows stood at around Rs44,000 crore during the January-March period of 2012. However, in 2011 FIIs mostly stayed away from Indian equities and pulled out over Rs2,700 crore from the capital market.

Market analysts believe the government's anti-tax avoidance rules, GAAR, proposal in the Budget has been the real dampener for several FIIs whose clients have used participatory-notes (P-notes) to invest in the Indian market.

Besides, FIIs are also concerned about micro-economic situation in the country, they added.

During the month, foreign fund houses infused Rs214 crore in the debt market, taking the collective net investments by FIIs in stocks and bonds to Rs536 crore.

FIIs, the main drivers of the markets, turned negative on equity so far this month. The stock market barometer Sensex plunged 310 points, or 1.8 per cent, in the same period. The index finished at 17,094.51 points on last trading session.

Investment by overseas investors into the Indian stock market since the beginning of 2012 has reached to Rs44,273 crore ($8.9 billion) level, out of which Rs26, 329 crore were pumped in January and Rs25,212 crore in February and the remaining Rs8,381 crore in March.

The strong FII inflows in January- March was mainly due to reversal in the Reserve Bank of India's (RBI) monetary policy stance and subsequent impact of the improved liquidity position.

User

Public Interest Exclusive
CIC fines own CPIO for delaying information

Central Information Commissioner Shailesh Gandhi ruled, “The award of compensation for harassment by public authorities not only compensates the individual and satisfies him personally, but also helps in curing a social evil”

In probably the first reflexive ruling, the Central Information Commission has issued a show-cause notice to its own CPIO (chief public information officer) and asked him to pay Rs3,000 as compensation to an appellant who was given piecemeal information, that too after much delay.

In a recent order, central information commissioner Shailesh Gandhi ruled, “Harassment of a common man by public authorities is socially abhorring and legally impermissible. It may harm him personally but the injury to society is far more grievous. The award of compensation for harassment by public authorities not only compensates the individual and satisfies him personally, but also helps in curing a social evil. It may result in improving the work culture and help in changing the outlook. The Commission in exercise of its power under Section 19(8)(b) of the RTI (Right to Information) Act awards a compensation of Rs3,000 to the appellant for the loss and detriment suffered by him in having to pursue the appeals and getting the information late. The Commission recommends that the secretary, CIC may consider recovering this amount from the salary of the persons responsible for this.”

The Commission also directed the PIO to provide the information before 10 May 2012 and the cheque be sent to the appellant before 1st June.

On 7th September, 2010, the appellant Haroon Siddiqui had filed a query with the CIC, asking for a copy of rules under which the deputy registrar authorized to return the second appeal and state the reasons on record for the return. He had earlier asked for information related to a CIC ruling involving the Indian Farmers Fertiliser Cooperative (IFFCO) and had asked for the company’s reply to the CIC. He received mostly evasive answers from the CPIO and deputy secretary S Padmanabha. Dissatisfied with the answers, Mr Siddiqui filed the first appeal, which was rejected.

The CIC deemed that the CPIO’s refusal to disclose IFFCO’s reply was ‘erroneous’. The ruling said, “This refusal was erroneous since Section 11 is only a procedure which requires the PIO to inform the third party of his intention to disclose the information if the information was received in confidence. After receiving any objection from the third party, if the information is exempt as per the provisions of Section 8(1) or 9, the information may be denied by the PIO after giving reasons. In the instant case the respondent states that there is no evidence of any letter having been sent to the third party seeking objection. Besides, the appellant has a right to get any counter statements or submission made by the opposite party. It appears that a completely unreasonable rejection was made and the appellant has not received the information so far at all.”

Mr Gandhi said that Mr Padmanabha is directed give his reasons to the Commission to show cause why penalty should not be levied on him. He will also send the information sent to the appellant as per this decision and submit the Speed Post receipt as proof of having sent the information to the appellant, along with the copy of the information.

 

User

COMMENTS

praveen sakhuja

5 years ago

it is an historic judgement given by Gandhi. Other IC's should also learn lesson from it, specially those who enter into close door meetings with respondents and even after noting repeated failures of PIO & AA refusing information or delaying to reach CIC, does not bother to pass order of penalty and compensation.

P M Ravindran

5 years ago

Thanks to Sri Shailesh Gandhi RTI is surviving even though on a ventilator. I do not know if there are any other information commissioners who have even run through the law that they are required to enforce! Even in the notorious judges assets case the bench headed by the then CIC Wajahat Habibullah failed to implement the law by refusing to impose the penalty under Sec 20 on the then CJI, K G Balakrishnan, who was the deemed PIO in the case!

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

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