SAT allows SEBI Member to hear Adventz Finance case after apology
The Securities Appellate Tribunal (SAT), following unconditional apology and review application from Securities and Exchange Board of India (SEBI), has allowed the Whole Time Member (WTM) of SEBI to pass an appropriate order within a week in the Adventz Finance Pvt Ltd case. The Tribunal also agreed not to levy a penalty of Rs1 lakh, it has imposed on the market regulator, for the WTMs apathy and giving a run around to the appellant.
The SAT in its latest order says, "Along with the Review Application, SEBI has filed an affidavit of the Chief General Manager and affidavit of the WTM of SEBI, wherein unconditional apology is tendered and it is inter alia requested that the WTM of SEBI who had heard the matter on 21 June 2016 be permitted to pass an order within such time as this Tribunal deems fit and that the costs awarded be waived." 
"In view of the assurance given to the effect that appropriate orders would be passed in accordance with law, we modify our order dated 15 July 2016 and permit the WTM of SEBI, who had heard the appellant on 21 June 2016, to pass an appropriate order in accordance with law within one week after giving an opportunity of hearing to the appellant," the SAT Bench headed by Justice JP Devadhar said.
Although the SAT order does not mention the WTM's name, it is clear that the order was that of Rajeev Kumar Agarwal. He is one of the two WTMs at SEBI. "This appeal reveals the shoddy manner in which the directions of this Tribunal are dealt with by the WTM of SEBI," the Bench had said in its previous order.
In its order on 15 July 2016, the Bench had said, “If for any administrative constraints it was not possible to pass an order within the stipulated time, then the WTM of SEBI ought to have sought extension of time, which the WTM of SEBI has failed to do. Instead, the WTM of SEBI resorted to a totally impermissible mode of representing that an order has been passed when in fact no order was passed by him. In such a case, informing the party that an order disposing of the representation is already passed, without actually passing an order, is nothing but an attempt to mislead in the matter. We strongly condemn the irresponsible approach adopted in the matter”. 
Kolkata-based Adventz Finance had filed a fresh appeal before the SAT, after being made to run around by SEBI and for not following directions from the Tribunal. 
During the hearing on 15th July, the counsel for the market regulator submitted an affidavit filed by the Chief General Manager (CGM) of SEBI. In the affidavit, the CGM stated, "...the WTM had instructed that a note be prepared and accordingly, a note was prepared and put up for approval of WTM on 23 June 2016. Along with the said note, draft letters to be sent out to the appellant were also placed before the WTM of SEBI. The note, as also draft letters, was approved by the WTM on 27 June 2016 and, accordingly, letter dated 8 July 2016 was issued to the appellant, thereby communicating the decision of the WTM of SEBI disposing off the representation of the appellant."
When asked by the SAT, the counsel for SEBI admitted that there was no order passed by the WTM in this matter. The Bench said, "Thus, it is evident that the WTM of SEBI permitted the Chief General Manager to issue a letter to the appellant that the representation made by the appellant has already been disposed off by the WTM of SEBI, when in fact no order was passed by the WTM of SEBI. Since the WTM of SEBI has not passed any order, we would have directed the WTM of SEBI who had heard the appellant on 21 June 2016 to pass an order immediately.  However, we are informed that the said WTM of SEBI is travelling."
"In these circumstances, we quash the letter issued by the CGM on 8 July 2016 and direct SEBI to assign the matter to any other responsible WTM of SEBI who shall pass an order on the representation of the appellant within two weeks from today after giving an opportunity of hearing to the appellant. It would be open for such WTM of SEBI to hear the representation of the appellant as also the representation made by the Respondent No2 (Jai Annanya Investments Pvt Ltd) together and pass appropriate order," the SAT says.    
The Tribunal further said, "Since we are distressed with the manner in which the WTM of SEBI has discharged his quasi-judicial duties which is highly detrimental to the interests of the securities market, we direct the registry to forward a copy of this order to the Finance Minister and also to the Chairman of SEBI for information."



Vaibhav Dhoka

11 months ago

How apologies suffices by government officials in judiciary and quasi judicial bodies why punishment is not given for officers defying and arrogance is question in public mind.

Set It and Forget It: How Default Settings Rule the World

We've seen how design can keep us away from harm and save our lives. But there is a more subtle way that design influences our daily decisions and behavior – whether we know it or not. It's not sexy or trendy or flashy in any way. I'm talking about defaults.


Defaults are the settings that come out of the box, the selections you make on your computer by hitting enter, the assumptions that people make unless you object, the options easily available to you because you haven't changed them.


They might not seem like much, but defaults (and their designers) hold immense power – they make decisions for us that we're not even aware of making. Consider the fact that most people never change the factory settings on their computer, the default ringtone on their phones, or the default temperature in their fridge. Someone, somewhere, decided what those defaults should be – and it probably wasn't you.


Another example: In the U.S. when you register for your driver's license, you're asked whether or not you'd like to be an organ donor. We operate on an opt-in basis: that is, the default is that you are not an organ donor. If you want to donate your organs, you need to actively check a box on the DMV questionnaire. Only about 40 percent of the population is signed up to be an organ donor.


In other countries such as Spain, Portugal and Austria, the default is that you're an organ donor unless you explicitly choose not to be. And in many of those countries over 99 percent of the population is registered. A recent study found that countries with opt-out or "presumed consent" policies don't just have more people who sign up to be donors, they also have consistently higher numbers of transplants.


Of course, there are plenty of other factors that influence the success of organ donation systems, but the opt-in versus opt-out choice seems to have a real effect on our collective behavior. An effect that could potentially make the difference between someone getting a life-saving transplant or not.


Behavioral economist Richard Thaler and legal scholar Cass Sunstein pretty much wrote the book on the implications of defaults on human behavior. Nudge: Improving Decisions About Health, Wealth, and Happiness is full of ways in which default options can steer human choices, even if we have no idea it's happening. Besides organ donation, the list of potential "nudges" include everything from changing the order of menu items to encourage people to pick certain dishes to changing the default temperature of office thermostats to save on energy.


But my favorite has to do with getting kids to eat their vegetables.


What if I told you there was one simple change you could make in a school cafeteria to get children to eat more salad? It doesn't cost anything, force anyone to eat anything they don't want, and it takes only a few minutes to fix. And it happened in real life: a middle school in New York moved their salad bar away from its default location against a wall and put it smack in the middle of the room (and prominently in front of the two cash registers, as seen in the diagram below). Salad sales more than tripled.


You see the same effect when you change the placement of fruit in a lunchroom, or healthy snacks at the checkout counter.


Another example is from the realm of personal finance. Most Americans are pretty bad at saving money for the future, especially for that ambiguously defined golden yonder called "retirement." And the current defaults don't make it any easier. Many companies' retirement plans, like 401(k)'s, are opt-in: You have to hike over to HR and get enrolled, and sometimes you have to understand a bit about investing. But an alternative strategy has seen massive success: automatic enrollment. This means that employees are enrolled by default, unless they decide not to contribute. Research shows that under these circumstances, participation in 401(k)'s skyrockets and the retirement savings don't appear to cut savings in other accounts.


As an added bonus, unlike tax subsidies for contributing to your retirement savings, automatic enrollment programs cost the government nothing.


It's true that the same mechanism that gets so many people enrolled in the first place (it's the default), keeps them stuck at the low default contribution rate (often 3 percent). That's not much to be contributing year after year.


To combat the problem, many employers now implement automatic escalation, which means you agree upfront to raise your contribution by 1 or 2 percent every year. One variation of automatic escalation called "Save More Tomorrow" ties the increased contribution to your next pay raise, so you don't "miss" the money so much. In a 2013 paper in Science, economist Thaler estimates that automatic escalation programs have boosted annual savings by $7.4 billion. Little defaults can add up to a lot of cash.


Defaults could also help get out the vote. Automatic voter registration would automatically sign up eligible citizens to vote when they interact with government agencies (say, to get their driver's licenses). Instead of our current cumbersome and error-prone system that says you can't vote unless you register, this modern reform would default to registration unless you opt out. Five states have already approved automatic voter registration measures and 24 more are considering legislation.


While some defaults might only come up once a year or on Election Day, others seep into our most mundane daily activities. Take, for example, the default font of your favorite word processing program. For many, that's Times New Roman. It was not only the default font of Microsoft Word for many years, but since its early days as a newspaper typeface it has managed to infiltrate books, magazines, legal documents, high school essays, and almost every personal computer around the world. Times New Roman has permeated every crevice of textual society – so much so that Matthew Butterick, author of Typography for Lawyers, calls it the "default font of every­thing." He goes on to say:


When Times New Roman appears in a book, document, or advertisement, it connotes apathy. It says, "I submitted to the font of least resistance." Times New Roman is not a font choice so much as the absence of a font choice, like the blackness of deep space is not a color2026 If you have a choice about using Times New Roman, please stop.


Of course, it didn't help that early web browsers also defaulted to rendering text in Times New Roman. The results left us with the canonical "early 90's web" that is so familiar today:


Times New Roman is not the only notoriously hated default. Much to the chagrin of designers everywhere, Adobe Illustrator's default font is Myriad Pro.


And don't even get chart makers on the subject of Excel default chart styles. More than one extensive blog post has been written about how to convert Excel's defaults to passable looking graphics.


Defaults can also reflect a legacy of attitudes we're not proud of. The default skin color, in things like "flesh-colored" band-aids and crayons, was long a light tan or peachy color 2014 hardly a reflection of the diversity of human skin tones. More recently, the default images for emoji icons depicting humans had light skin tones, and only recently have other tones been available. The default is a cartoonish yellow (which is still controversial), but some smartphones now at least give people the option to pick their own default from a more diverse selection of colors.


Oftentimes, your default situation is determined by outside forces (the company you work for, the country you live in, Adobe's whims). But not always.


In many cases, you can change the defaults yourself. For example, designer David Kadavy suggests rearranging the icons on the home screen of your smartphone – strategically. The trick is to bring forward the apps you want to use the most, not the ones you already use the most. As Kadavy puts it: "If you design your world to make it hard to do things that are bad for you, and easy to do things that are good for you, your behavior will shape to that design."


You can probably imagine all the ways you could redesign the defaults around you to steer your own behavior. Rearrange the pantry to make junk food harder to reach. Put your running shoes by the bed so you see them first thing in the morning. Bury the Facebook app on your phone. Set up automatic deposits from your paycheck to a savings account so you don't have to remember to transfer money every month. Change the default font to anything but Times New Roman.


So what are you waiting for? Go on and change some defaults.


ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for their newsletter.






Anil Kumar

11 months ago

Great. I had read the book Nudge. The article was a good refresher. Another book that is good on the subject is - Switch - How to Change things when Change is hard - by Chip & Dan Heath.

A first: Himachal breeds mahseer fish in hatchery
The population of the golden mahseer, a popular freshwater sport and food fish, is going to prosper in the rivers of Himachal Pradesh, with the state fisheries department succeeding in breeding it in captivity for the first time.
Besides its rehabilitation and conservation, the breeding technology will turn out to be a major feat in commercial aquaculture too, say experts.
More than 7,000 hatchlings have been recovered from the eggs at a newly set-up Rs 6 crore ($900,000) hatchery at Machhial near Jogindernagar town in Mandi district.
"The first hatchling took place this week and it's a major breakthrough in evolving the breeding technology of the golden mahseer that is otherwise believed to be tough to breed in controlled conditions," fisheries director Gurcharan Singh told IANS.
The breeding took place on July 21 and the hatchlings occurred in the next four to five days.
Singh said in 2012 the department started collecting fries of the golden mahseer from nature. They were later raised to the brooder stage at the farm itself.
"We are expecting to raise more than 20,000 hatchlings this year," a beaming Singh added.
The artificial fertilisation of mahseer eggs in the private sector was carried out for the first time in 1970 at the Tata Power Company's farm at Lonavla in Pune in Maharashtra.
Fish biologist S.N. Ogale, a former Tata biologist, has been assisting the state in developing protocols for the mahseer's artificial propagation and hatchery management.
Being a game fish, the mahseer is also an angler's delight.
Studies conducted by the fisheries department say the population of the golden mahseer is declining in the state for various reasons, including construction of dams, barrages, pollution, indiscriminate fishing of brood and juvenile fish, introduction of exotic species and habitat deterioration.
It has been declared endangered by the Washington-based International Union of Conservation of Natural Resources.
The mahseer, the longest-living freshwater fish, is native to mountain and sub-mountain regions. It belongs to the Tor genus.
The Pong Dam reservoir, around 250 km from state capital Shimla and 190 km from Chandigarh, supports an ample population of the golden mahseer.
It migrates upstream for spawning during the southwest floods. After spawning, it returns to the original feeding grounds. It thrives at altitudes of up to 2,000 metres above sea level and is purely carnivorous.
Fisheries Minister Thakur Singh Bharmouri told IANS that after the captive breeding the next step would be ranching -- the release and recapture of fish -- a milestone in aquaculture.
He said more than 6,000 families in the state are directly depending upon capture fishery.
He said the depleting fish stocks in the rivers would be increased by releasing hatchery-reared juveniles into nature.
Officials said in nature, fish stocks are multiplied to a great extent by releasing hatchery-reared juveniles. They can be harvested when they grow to table size.
Principal Secretary Sangay Gupta said another mahseer hatchery would be set up at Naggar village in the Sunni area of Shimla district this year.
"This hatchery would help stocking mahseer in the newly constructed Kol Dam reservoir," he added.
Himachal Pradesh is aptly termed the storehouse of aquatic biodiversity. The state's water bodies are home to 85 fish species, including rohu, catla and mrigal and trout, both brown and rainbow.
The fisheries department says the overall fish production in the state has increased by 9.2 percent in the last fiscal.
A total of 11,798 tonnes of fish valued at Rs.109.80 crore was harvested from the state's rivers and reservoirs in 2015-16, 1,062 tonnes higher than the previous year.
Of this, trout constituted 417.23 tonnes -- 61.03 tonnes higher than the previous year.
The state aims to set up 106 trout units this fiscal, besides setting up hatcheries for trout and carps and storing seeds in reservoirs for big fish.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.


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