Russia looking at India, Asia to beat Western sanctions: CII
The Russian government and the industry are looking at tie-ups with Indian and other Asian companies, according to a top industry representative.
According to Chandrajit Banerjee, director general of Confederation of Indian Industry (CII), with the US and Europe imposing sanctions on Russia because of the conflict in Ukraine, the companies at St Petersburg International Economic Forum (SPIEF 2015) have shown keen interest in doing business in India.
“I have had a lot of queries coming my way on the ‘Make in India’ plans, and Russian companies have indicated that they would be interested in manufacturing in India,” Banerjee told IANS after a few rounds of discussions with companies here.
He said the major interests shown are in the areas of energy, power and infrastructure. 
Banerjee said many top business leaders told him that they are keen to set up some kind of base in some of the Indian states which have been in the forefront of inviting investments.
A Russian company is in the final stages of negotiating an engineering manufacturing venture in Haryana, he added.
Banerjee said that a large deal is being worked out in the energy sector between two leading companies from Russia and India, but he did not name them.
The Indian company would possibly be Essar, which is being represented by its joint chairmen Shashi Ruia and Prashant Ruia here. 
The CII chief said details would be available once the companies are able to finalise the deal.
He said the defence sector in Russia is now keen on collaborating with Indian companies as the area is now open for private sector investments in India.
CII is leading a 30-member delegation to the SPIEF this year and it has participated in the event for the last nine years. 
Banerjee said he also saw keen interest being shown by companies from Malaysia, Indonesia, South Korea and Singapore, in the absence of any major representation from Western nations. The large Indian delegation to the forum, he said, has convinced the Russians that Indian companies are interested in doing business.
He said the Russians have also shown interest in looking for financing from other sources, including India, as the Western lending possibilities appear to be drying up because of the sanctions. He said the Exim bank of India representatives have had a round of fruitful talks with the Russian companies.
According to Banerjee, in the last one year, India has been able to put behind its “policy of ad hocism” and a fundamental change in the economic architecture is being put in place.
“We are on the right track and the systems are getting in place,” he said, adding that it may take some time for all the results to show. “Not everything is a quick fix.”
He said the Indian government has taken advantage of the “benign external environment” and is putting in place the policy changes required. “One serious challenge remains though - on the interest rate front. We would have liked changes to come in bold strokes, rather than the tinkering we have seen,” Banerjee said.
He was of the opinion that although demand was improving and the investment by companies would pick up, a lower interest rate regime would have triggered major flow of money into every sector. The Reserve Bank of India, which indirectly manages the broad interest rates, has taken steps in three tranches this year, resulting in a cut of about three-fourths of a percent in a key rate.
Banerjee said that on the taxation front the government has taken a “pragmatic approach” and the era of administrative harassment seems to be coming to an end. Even on the retrospective taxation, the government is not taking steps it could have. Corruption at top level is absent but that needs to reflect at the lower level.
He said that growth is not only the responsibility of the government, the industry too needs to respond by investment, adding he was sure that it would do so.


No data of Jio Chat travels outside India: Reliance Jio
Reliance Jio Infocomm on Friday said all Jio Chat data is hosted physically in its data centres in India and does travels outside the country.
"All Jio Chat data and associated servers are hosted physically in Reliance Jio data centres in India. No data travels outside of India from Jio Chat servers," a company statement said here.
"We have seen various comments online by anonymous users and other aliases that question the integrity and security of the Jio Chat app. As a rule, we prefer not to respond to gossip and innuendo; however, we want to assure our users that Jio Chat takes privacy and security very seriously," the statement added.
Regarding the concern raised in references to Chinese map application program interface (API), the statement said: "Jio Chat is a global application. It is well known that China does not support Google Maps. Thus, for location based services within China, a Chinese-based mapping service is required."
"This is a common practice for any app wishing to provide location based services within China. However, when used globally, JioChat (outside of China) always uses Google Maps," it added.
"We fanatically respect and adhere to the privacy, security, and confidentiality of our users' information," the company said.
It also clarified that Jio Chat is developed by developers across the world, including India.


Blowing the Whistle on Manipulation in NSE
We are crowd-sourcing investigation on a whistleblower account detailing how NSE’s system has been exploited. Please use the comment section to share your information
High-frequency trading using colocation that give traders advantages by a few milliseconds have come to occupy the centerstage of equity markets all over the world. Such automated trading, which executes pre-programmed instructions, generating thousands to millions of trades every trading day come out of black boxes designed by whiz kids in the secret corners of trading firms. If deployed unfairly, a tiny unfair advantage can translate into crores of rupees of illegal profit. 
Moneylife has repeatedly argued that India has no system of monitoring complex automated systems, leave along trading transaction. Consequently, organisations that operate such technology have become a law unto themselves, supervised by nobody. Even when there is a major glitch or a fat finger trade, no report is put into the public domain. 
So, if HFT trades are done illegally, they fly below radar and very few people about them. Fortunately, we have in our possession a detailed document that blows the whistle on what’s possibly going on in NSE. The document below was came by snail mail from Singapore and addressed to Mr B K Gupta, DGM Securities and Exchange Board of India (SEBI). It is dated 14th January 2015 with a copy to Sucheta Dalal. It is not clear what SEBI has done with it in all these months.
Moneylife has written to the SEBI Chairman, the chairman of National Stock Exchange, Ravi Narain, and managing director of NSE, Ms. Chitra Ramakrishnan, asking whether they have acted on this document. Our letters and text messages have been met with complete silence. In trying to get to the bottom of this over the last two months, we have shared this document with the exchanges, regulators, government agencies and key traders. We realised that the only people who can throw light on it are actual HFT players who understand how this game is played.
Hence we are putting out this long document to crowd source informed opinion and facts on this. Hopefully, your information will stir the investigative agencies into looking deeper into it. After reading this document, post your facts and information below. You need not use your actual identify. Your data is secure with us. If you want to write with specifics, please write to [email protected] or [email protected]



Sucheta Dalal

1 year ago

Whistleblowers would be more valuable if they were in touch ...
Watching from a distance, jumping to conclusions about "self-imposed gags" and remaining silent when writers to battle is disappointing!!

Technology allows many ways of ensuring confidential communication.

A techie should know that!


Anbalagan Veerappan

In Reply to Sucheta Dalal 1 month ago

Sent an email in detail adding more inputs to this.

V ganesan

1 year ago

shoots up suddenly with heavy volume with in minutes. The next day also uptrend continues.On friday evening 14th august news about banking reforms out after market hours. THIS CLEARLY SHOWS INSIDER TRADING SOME PEOPLE KNOWS ABOUT THIS ONE DAY PRIOR TO THE ANNOIUNCEMENT.SEBI SHOULD INVESTIGATE THE PEOPLE WHO BOUGHT SHARES IN EQUITY AND F AND O SECTION AND BLOCK THE MONEY THEY MADE BY WAY OF PROFIT


1 year ago

Pls watch related documentry. Its happening everywhere and no one is able to stop it :-


Veeresh Malik

1 year ago

I guess an update is called for?

""NSE cannot use defamation to gag the press: Bombay HC
A single bench of the high court said this while hearing a Rs 100-crore defamation case filed by NSE against Moneylife magazine.""

Low Latency Trader

1 year ago

It is an open secret within the industry that OP Gupta had connections within the NSE (via Jagdish Joshi) to get the faster tick-by-tick feeds.

Any other algo player looking to get into the space was at a severe disadvantage.


1 year ago

You also need to investigate the dividend stripping that the mutual funds facilitate for large corporates in connivance with big institutional distributors.
Just look at all the mutual funds which have declared dividend in March end and the corresponding spike in AUM three months prior.
Best of the so called ethical fund houses indulge in these activities every year. Just by stopping bonus option AMFI has tried to prevent bonus stripping but what about dividend stripping which has resulted in loss of revenue to govt and unfair advantage to select few.

Sunil Krishnan

1 year ago

Will SEBI pursue the matter seriously to prove / disprove the details offered and beyond? Will authorities at NSE be held accountable if the account given in the letter is proved? What was the extent of profiteering from such trades? What has NSE done after it hushed up the case to make its systems foolproof? Will all those who were a part of this be pursued for financial crimes? Do our trading systems really offer a level playing field to market participants? Sunil Sivaramakrishnan


1 year ago

Kudos Sucheta, only you can expose the nefarious activities of a "reputed body" like the NSE.

More strength to your Pen.

Ashok Visvanathan

1 year ago

Once you login first to a server , you stay first in the list till the end of day. The nse can every 10 minutes or so rotate the priority list at each server, so that any advantage a person has will be only for 10 minutes and they wont know when their 10 minutes is coming.


1 year ago

Trics to profit r BUZZ word / GAME played to attract lay investors is a conman practice in all the INDIAN markets.

Deepak vohra

1 year ago

Yes, this may be going on. I am a trader from last 17 years, many times it seems that there is manipulations in rates with help of technology. Even many times there are bulk of buyers N sellers stand for long time but ur trade will not happen and interestingly heavy volume generation is going on. The last experience was fortis when stock hit for freeze and our screen showing rates 3 to 4% down. And next day we come to know Mr. Jhunjhunwala bought big quantity, that was 11 feb may be...

Suketu Shah

1 year ago

Great article.Once again if it was not for moneylife we would never know.Well done.

Sairam Sriram

1 year ago

Quite a bunch of garbage here. Looks like some one from outside of HFT firm has written this article as well as pdf.

There is literally no way to implement what is being said unless someone has done this via programming code. TCP or Multicast, as far as I know, variation has always been in NSE and all other exchanges.

Looks like the HFT firm was a beginner in doing low latency stuff - couldn't crack basic low latency TCP. I also recommend reading Richard Stevens.


1 year ago

Five months have been passed since this complaint is made & no action taken , i doubt the intentions of sebi.

Bosco Menezes

1 year ago

Gripping read ! Thanks for making the letter public.

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