Citizens' Issues
Railway Minister's quick response on Samir Zaveri's complaint

Suresh Prabhu asked senior officials to conduct an enquiry and take action against an erring official who rented out the Mulund ground owned by Railways to outsiders and collected and deposited the rent in a separate bank account instead of the Railway Treasury

 

Railway Minister Suresh Prabhu has asked senior officials from Central Railway to conduct an enquiry and take action against Railway Protection Force (RPF) officials who rented out the Railway Ground at Mulund for private functions and collected rent. Railway and Right to Information (RTI) activist Samir Zaveri has been pursuing the matter with the Railways. The Railway Minister ordered enquiry on Samir’s email.
 
Samir sent an email to the Railway Minister at 1.04am on 4 January 2015. Although it was a Sunday, within few hours, (at 11.30am on same day) Prabhu replied to the email. He also directed Anil Swarup, Executive Director, Public Grievances for the Railway Minister, and AK Singh, the Chief Security Commissioner (CR RPF) to conduct an enquiry into the episode and take action against the erring officials.
 
According to information procured by Samir using the RTI, the ground at Mulund was rented out to non-Railway parties for various functions on daily rent basis. Following an order from RPF head office, the officer at Mulund collected all the rent and deposited it in a separate bank account under the name of ASC, RPF. The money deposited in this account was Rs10.39 lakh during 2010 to 2014.
 
Samir said, "Who authorised the Central Railway RPF head office to rent out and collect the rent for the Mulund ground? Under which provision did the RPF officials opened a separate bank account and whether this is merged with the Railway Treasury? If the account is opened under RPF Rules 1987, Rule no262, then whether there was any yearly audit conducted?"
 
The die-hard railway activist under whose name Moneylife Foundation runs the Samir Zaveri Railway Helpline, has been raising the issue of illegal renting out of the Railway ground at Mulund. Following several letters from Zaveri, the Chief Security Commissioner of CR RPF directed the local authorities to stop giving out the Mulund ground on rent.
 
They also started the procedure to transfer the money deposited in ASC, RPF bank account back to the Railway Treasury. "Under which provision, the authorities have started the money transfer? Who are the RPF officers, responsible for these irregularities of giving out the Railway ground on rent to third parties and collecting and depositing the rent in a separate bank account?" Samir asked.
 
Let's hope the probe would reveal all the details and irregularities, if any, and punish the officials responsible for this misconduct.

User

COMMENTS

Narendra Doshi

2 years ago

Shri Prabhu's promptness.
End actions are awaited & may please be reported by ML team.

Baliram Jogadankar

2 years ago

समीर झवेरिजी समाज सेवा तथा भ्रस्टाचार के खिलाफ खास कर रेलवे मे तथा RPF मे और यात्रियों की लोकल से होने वाले दुर्घटनाओं को रोकने के लिये वह दिन रात प्रयास किया है और कर रहे है येसे कम ही समाज सेवी मुम्बई मे होंगे ईसी लिये उन्हे 2014 मे मुम्बई के हीरो का सम्मान मुख्यमंत्री द्वारा दिया गया है उनके द्वारा रात मे 01.00बजे के बाद रेल मंत्री को उनके ई मेल आइडी पर RTI के दस्तावेजी साक्ष के सात भेजा गया शिकायत बिल कुल सही ही होगा जाँच को निष्पक्ष तौर पर करने की आवश्कता है " सत्यमेव जयते "

Stock Tips Continue Despite New SEBI Rules

A stock that will return 200% in 12 months? Stocks tips continue unabated despite SEBI’s rules to curb them. The rule will end up harassing genuine analysts it seems.

 

An email sent from an anonymous email ID suggests that the receiver buy “Prozone Intu Properties” or PIP. The email tries to lure the reader by saying, “the stock is trading at a market-cap of Rs250 crore and is a screaming buy for the target of Rs60 in next 12 months.” Priced at around Rs20 (when we received the email last week), the email suggests that the stock can go up by three times or 200% in 12 months. This is just one such email. There are many such emails, phone messages, etc. that do the rounds. They make misrepresentations, unrealistic claims, and peddle false tips as fact. Stock tips continue unabated despite the market regulator—the Securities and Exchange Board of India (SEBI), coming out with rules and regulations to curb the same, such as the recent Investment Advisors Regulation.

 

While honest advisors are burdened to comply with the rules set by SEBI, those who offer such anonymous stock tips are able to go scot free without severe punishment. The thought of being barred from the capital market will not worry them, as they would still be able to continue their business of trade or offering advice through different identities or using several benami accounts.

 

Take this recent case for example. In August 2013, SEBI cracked the whip on certain entities who were offering trading tips through SMS and WhatsApp. According to SEBI, the entities were prima facie acting as investment advisors without necessary regulatory approvals and it ordered that they be barred from “dealing in the securities market, either directly or indirectly”. The persons involved were Imtiyaz Hanif Khanda and Vali Mamad Habib.

 

In less than a year, on 5 June 2014, a similar case came to light, involving stock trading tips being offered through SMS and WhatsApp. Here the persons involved seemed related to those above—Mansoor Rafiq Khanda and Firoz Rafiq Khanda. While the regulator notes that “the modus operandi as well as names of the operators in the instant case are similar,” it may spend another few months in investigations “to find out a connection, if any, between the entities.”

 

Instead of taking strict action or levying a hefty fine against the persons involved, SEBI let them off by just barring them from the capital market and asking them to cease and desist from acting as an investment advisors and withdraw all advertisements, representations, etc. in relation to their investment advisory and portfolio management activities. This may not be enough.

 

The investors were being promised 200% assured returns on deposit payments of Rs25,000, along with promises of trading tips. The messages also promised monthly gains of Rs25-50 lakh. What happens to the money of those investors who put in their hard-earned money seeking higher returns? SEBI has chosen to keep mum. However, at the end of the order the market regulator does “take this opportunity to caution investors to take their informed investment decisions without being influenced by such messages and advices and to deal with only intermediaries registered with SEBI.” Is the regulator indirectly saying that they are powerless in curbing such malpractices?

 

The exchanges too have begun cautioning investors. Below is a message published on the BSE website cautioning investors against SMS tips.

 

But investors have to be cautious anyhow, what is the use of new regulations? From October 2013, only those who had registered under the regulation with SEBI would be able to offer investment advisory services. However, we can see that this has had no effect.

 

Moneylife had earlier pointed out, that with the new Regulations from SEBI, the tribe of honest investment advisors will hardly grow in India, as there is too much of responsibility with limited freedom. (Read— Investment advisors to become rare species, thanks to SEBI Regulation) The cost is a big de-motivating factor and compliance requirements are onerous. In short, dishonest SMS or email stock tips to continue, while investors will have fewer avenues to receive good and honest advice, thanks to “regulations” that precisely hope to achieve the opposite.

User

COMMENTS

webkitendfullscreen

2 years ago

A dumbo article.
It already touched 37, people made money, who is right?

Indian market trends

The Sensex ended flat and the Nifty rose 1% during the fortnight ended 1st January. ML Mid-cap Index and ML Mega-cap Index rose 4% and 3%, respectively. ML Small-cap Index and ML Large-cap Index advanced 5% each.

 

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