Citizens' Issues
Rahul Gandhi, Prasad spar over net neutrality
Congress vice president Rahul Gandhi on Wednesday accused the government of floating a “trial balloon” on net neutrality even as Communications and IT Minister Ravi Shankar Prasad said his regime was in favour of free and fair access to the World Wide Web.
 
In his second intervention in the Lok Sabha since his return from a 56-day sabbatical, Gandhi raised the issue of net neutrality and said: "Every youth should have a right to the net. But the government is trying to hand over the internet to some corporates."
 
He said: "I would request the government to please change the law or make a new law to ensure net neutrality."
 
The 44-year-old Congress leader continued with his support for net neutrality outside the house as well. 
 
"If the government wanted to protect net neutrality, why did it begin a consultation. It is a trial balloon to see if the reaction is strong. We are giving a strong reaction so that the process is closed."
 
Gandhi also found support in the new general secretary of the Communist Party of India-Marxist, Sitaram Yechury, a Rajya Sabha member.
 
"I think ours is the only party which has passed a motion on this in its national congress," Yechury said.
 
Prasad, who also spoke both inside and outside the house, said: "This government appreciates the net activism of the youth. Our prime minister (Narendra Modi) has said we have to make the net available without discrimination."
 
The minister said there was, indeed, the need for mobile governance, and the government wanted the net to reach everybody. 
 
"Neither is our government under pressure of any corporate nor will it ever be."
 
Referring to the Telecom Regulatory Authority of India (TRAI) initiating a debate on the matter, the minister said the watchdog has the mandate to debate, but it is the government that has the power to take a decision.
 
"We want to ensure internet for everybody. We have asked for a report within two weeks."
 
Network neutrality, or open inter-working, means that in accessing the World Wide Web, one is in full control over how to go online, where to go and what to do as long as these are lawful. It advocates that firms that provide internet services should treat all lawful internet content in a neutral manner. 
 
In March, telecom regulator TRAI released a paper inviting comments from users and companies on how over-the-top services should be regulated in the country. It has asked stakeholders to send suggestions by April 24 and counter-arguments need to be submitted by May 8.
 
A committee on net neutrality was also set up by the Department of Telecommunications (DoT), which will submit its report by the second week of May to help the government make a comprehensive decision on the contentious issue.

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COMMENTS

MOHAN

2 years ago

"Politics is everywhere, it's in your shirt, it's in your pants" - RaGa

SEBI restrains Ganesh Stocks and Shares from accessing the securities market
Sri Ganesh Stocks, C Venkatesan and Vijaya Bharathi had acted as unregistered stock broker, sub-broker and also indulged in portfolio management services without obtaining registration from SEBI, according to a SEBI Order
 
SEBI in its order against Sri Ganesh Stocks and Shares, C Venkatesan  and Vijaya Bharathi under section 11(1), 11(4), 11B and 11D of the SEBI Act 1992, directed the following: 
 
i. restrain the three entities from accessing the securities market and further prohibit them from buying and selling;
 
ii. direct the three entities to cease and desist from undertaking the portfolio management activities in the securities market;
 
iii. direct the three entities to immediately withdraw and remove all advertisements, representations, literatures, brochures, materials, publications, documents, websites, etc. in relation to the portfolio management activities in the securities market;
 
iv. prohibit the three entities from mobilising funds from its clients or other general investors or offering any PMS-related activities.
 
The entities had acted as unregistered stock broker, sub-broker and also indulged in portfolio management services without obtaining registration from SEBI.      
 
SEBI had received a report from National Stock Exchange of India Limited (NSE) in respect of Sri Ganesh Stocks and Shares (Ganesh Stocks) alleging that:
 
(a)  In advertisements issued in some newspapers (viz. “Nanganallur Talk”) by Venkatesan Chandran (Venkatesan), he was inviting general public to make investments and get assured monthly returns.
 
(b)  He  has  claimed  himself  to  be  a  sub-broker  and  affiliated  to  Saravana  Stocks  P.  Ltd. 
(Saravana), a Trading Member of NSE to the officials of NSE who had visited his office for enquiry on advertisement.
 
(c)  In these advertisements, Venkatesan has used the trade name “Sri Ganesh Stocks and Shares", and invited the general public to make investments and get assured monthly returns.
 
(d)  Venkatesan is acting as business partner of Sarvana and a business partner agreement has been entered into between them. 
 
(e)  Venkatesan informed officials of NSE who had visited his office for enquiry about the 
advertisement  that  there  were  2  ways  in  which  the  amount  can  be  invested  in  the  stock market:
(i)  become a direct client of Saravana; or
(ii)  the clients can deposit the money with Ganesh Stocks who in turn will invest the same in the stock market on their behalf.
 
(f)  The investors desirous of opening the account with Ganesh Stocks were required to enter into a private agreement with Venkatesan.
 
(g)  As per the arrangement between Venkatesan and the investors, the return on investments was directly transferred to the bank account of the individual investors and in few cases, it was paid in cash.
 
(h) Venkatesan has informed that out of Rs4.36 crore collected from his clients with whom he had entered into private agreement, he had invested only around Rs85 lakh through the two trading accounts maintained with Nirmal Bang on behalf of other investors. The remaining fund was used to settle the financial commitment of the investors with whom the assured returns were promised through the private agreement that were entered into with them.
 
(i)  Venkatesan has claimed to have repaid Rs3.71 crore (which includes principal amount and returns) to some of its investors.  However, he did not provide any proof for repayment to NSE.
 
The SEBI Member based on his investigation after receiving the NSE report says, “As such, it is evident that Venkatesan, while dealing in securities have functioned in his capacity as an unregistered sub-broker by dealing with ultimate clients, had entered into separate private agreements with clients for dealing in securities on their behalf without appropriate registration from SEBI. I also find from the contents mentioned in the advertisements issued by Venkatesan as  stated  in the pre paragraphs and also from the  various covenants of the private agreements that  were  entered  into  with  the  investors  by  Venkatesan  that  the  investors  were  promised unrealistic and assured monthly returns.  The private agreement which Venkatesan had apparently entered into with investors had enabling clauses whereby the investors were assured about the management  of  their  investments  and  also  the  fact  that  they  would  not  interfere  with  the investment  strategies  employed  by  Venkatesan,  etc.  These ingredients contained in the private agreement are typical of a discretionary portfolio management activity undertaken by Venkatesan on behalf of the investors. I, therefore, prima facie find that Venkatesan has not only functioned in his  capacity  as  an  unregistered  sub  broker  in  the  securities  market  but  have  also  indulged  in unregistered  portfolio  management  activities.  The entire act of Venkatesan is, therefore fraudulent, illegal and unauthorised.”
 
On the activities of Vijaya Bharathi, wife of Venkatesan, the SEBI Order infers, “A  perusal  of the  documents  furnished  by  NSE  along  with  their  report  indicated  that  Vijaya Bharathi  had  been  indulging  in  direct  clientele  dealing  by  executing  trades  through  her  own  account  and settling the transactions  by receipt and payment of funds,  which is not permitted for  a  licensed  authorised  person  as  stated  above.  The same  is  amply  corroborated  from  the observations made in the pre-paragraphs regarding deposit of money both in cash and by way of cheque receipts from various investors and deposit of the same into her bank account.”
 
“Vijaya Bharathi has clearly  aided  and  abetted  Venkatesan  and  have  indulged  in unauthorised  sub  broking  activities under  the  guise  of  a  private  agreement  which Venkatesan  had  entered  into  with  the  gullible investors,” points out the SEBI Member.
Hence, the SEBI Order finds Vijaya Bharathi and Ganesh Stocks to be at the same level in working with investors as Venkatesan himself and says, “I  find  that  the  schemes devised/offered  and  operated  by  Venkatesan  through  his connected/related  entities, namely, Ganesh Stocks  and  Vijaya  Bharathi  were with  their  complete knowledge and as such they were not only responsible for misleading the clients of  Ganesh Stocks and  other  general investors  from  the  public  but  also  for  collecting  funds  from  them  and promising  unrealistic returns  and  for  other  contraventions.”
 
Hence, the SEBI Order has gone to the extent of restraining the three entities from accessing the securities market.
 
The SEBI Order concludes by saying, “the directions are without prejudice to the right of SEBI to take any other action that may be initiated against Ganesh Stocks and Shares, C Venkatesan and Vijaya Bharathi in accordance with law.”

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COMMENTS

mm sundram

2 years ago

it is very poor> while the NSE have taken such kind of investigations why the same, the largest and tech savvy exchange allowed their member broker religare securities limited to misuse and misappropriated the PAYOUTS and Purchased shares, worth of several crores to the two different account without any kind of authorisations from the client. the RELIGARE, nse member conveniently declaring the Client REGISTRATION form was lost. When it is reported to SEBI and NSE. Why it is not properly investigated and why it is not order by the SEBI members. all are very very serious but the sEBi chairman and all WTMS are mysteriously keeping the matters suspense. but the matter have been taken up with the Finance Minister and PMO

Search warrant for defence minister's house in Delhi
A Goa trial court on Wednesday issued a search warrant for Defence Minister Manohar Parrikar's official residence in Delhi for former archives and archaeology minister Francisco Pacheco, who has been reported missing for a fortnight.
 
The trial court was conducting proceedings related to the formal arrest of Pacheco, whose conviction for an assault was upheld by the Supreme Court earlier this month. Pacheco has been missing for over two weeks now.
 
The search warrant directs the police to search Parrikar's official residence in Delhi, to trace Pacheco, after the petitioner, a lawyer-activist Aires Rodrigues, told the trial court that Pacheco was seen in the vicinity of 10, Akbar Road in New Delhi.
 
Pacheco, who faces six months' imprisonment and a fine of Rs.1,500 for assaulting a junior engineer of the state electricity department in 2006, has been 'missing' ever since the Supreme Court upheld his conviction earlier this month.
 
The search warrant for 10, Akbar Road, New Delhi, along with a fresh arrest warrant to be served on Pacheco, was issued by Judicial Magistrate First Class Bosco Roberts in Margao, located 35 km from here.

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