SEBI allows exit of Hyderabad Securities as a stock exchange

Hyderabad Securities and Enterprises may continue to function as any other corporate entity or any other normal broking entity but would not use the expression “stock exchange” or any variant in its name or in its subsidiary’s name


Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) has allowed Hyderabad Securities and Enterprises (HSEL) to exit as a stock exchange, reports PTI.


“I am of the view that it is a fit case for allowing exit HSEL (erstwhile Hyderabad Stock Exchange),” SEBI whole-time member Rajeev Kumar Agarwal said in its order dated 25th January.


“HSEL or its subsidiaries (if any) may continue to function as any other corporate entity or any other normal broking entity. Further, HSEL shall not use the expression ‘stock exchange’ or any variant in its name or in its subsidiary’s name so as to avoid any representation of present or past affiliation with the stock exchange,” he added.


According to the order, the company complied with SEBI’s exit guidelines and paid the necessary dues to the regulator, including 10% of the listing fee and the annual regulatory fee.


HSEL has shifted the companies listed exclusively on it to the dissemination board of BSE, said SEBI.


SEBI added that the company has set aside funds in order to provide for an ongoing arbitration case.


Besides, the exchange has paid an amount of Rs1 crore to it for resolving investor complaints if any, that may arise in future.


Further, HSEL has transferred Rs3.09 crore available in its “Investor Protection Fund” and “Investor Services Fund” and 1% security deposit amounting to Rs82.76 lakh available with it to the SEBI's Investor Protection And Education Fund (IPEF)


Earlier in August 2007, SEBI had de-recognised Hyderabad Stock Exchange as a bourse for failing to dilute 51% stake to non-brokers as mandated by law. About 700 stocks were listed on the HSE, but daily trading is of insignificant value.


SEBI noted that there are currently 25 stock exchanges across the country most of which are non-operational and only five have trading on their platform which includes NSE, BSE and MCX.


RBI highlights the downward rigidity in inflation and the twin deficits

Nomura expects 50 basis points repo rate cuts in 2013 (including a 25 bps today) from the RBI. Consensus expectations are 75-100 bps

RBI’s Macroeconomic and Monetary Developments (MMD) report suggests that its forward guidance will be hawkish with the central bank highlighting the downward rigidity in inflation and the twin deficits as limiting the scope for aggressive policy easing, and therefore maintaining its calibrated stance. This is according to Nomura Fixed Income Research in its Asia Insights. 
The recent fall in core WPI inflation readings has given rise to expectations of a 25 basis points (bps) repo rate cut today.
The RBI sees three key risks at the current juncture. 

a)  Inflation: While headline and core inflation have eased and the RBI expects inflation to moderate further in Q1 (January-March) 2013, suppressed inflation, pressure from food prices and elevated inflation expectations suggest that inflation in FY14 (year ending March 2014) could face downward rigidity. 


b)  The current account deficit (CAD) has emerged as a big concern. While financing has not been an issue so far, the widening CAD is unsustainable and “remains a constraint on monetary easing.” 


 c)  Reforms have reduced immediate risks, but sustainability of recent reforms remains to be seen. Fiscal risks have moderated in FY13, but a “sustained commitment to fiscal consolidation is needed to generate monetary space.”   

According to Nomura analysts, RBI believes that growth has bottomed out, but “an enduring recovery hinges on global headwinds.” In India, a modest recovery is likely from Q1 (January-March) 2013, but sustaining this into the next fiscal year requires addressing the impediments to business activity. 
Further, Nomura points out that the scope for policy easing remains constrained. According to the RBI, the backdrop of sticky inflation, twin deficits and risks on reform sustainability suggest that “while growth can be supported by monetary policy if inflation risks recede, credible fiscal correction with improved execution in infrastructure space to boost investment would be needed for a sustained revival.” Therefore, the balance of macro-economic risks suggests a continuation of the calibrated stance while increasingly focussing on growth risks.” 
Nomura maintains the view that there will be a 25 bps repo rate cut and no change in the cash reserve ratio today, in line with consensus. It also expects the RBI to lower its projections for GDP growth (to 5.5% y-o-y in FY13 from 5.8% earlier) and WPI inflation (to 7% y-o-y by March 2013 from 7.5% earlier).


Delhi gang-rape case: Sixth accused declared minor by Juvenile Justice Board

The accused, who was described as the most brutal of the six accused by the Delhi Police in its charge-sheet, was declared as 17 years and six months and 24 days-old (as of today) by the JJB

New Delhi: The sixth accused in the case of 16th December gang-rape and murder of a 23-year-old paramedical student was on Monday declared by the Juvenile Justice Board (JJB) as a ‘minor’, which would enable him to walk free by 4th June, this year when he attains the age of 18 years, reports PTI.

The accused, who was described as the most brutal of the six accused by the Delhi Police in its charge-sheet, was declared as 17 years and six months and 24 days-old (as of today) by the JJB, which relied on his birth certificate and school documents produced before it.

Section 15 (g) of the Juvenile Justice (Care and Protection of Children) Act mandates that a juvenile aged between 16-18 years if convicted of any offence can be sentenced to be sent to a special home for a period of three years at the maximum, and, thereafter, be released on probation.

However, Section 16 of the Act also provides that a juvenile can only be kept at the special home till he attains 18 years of age and he cannot be sent to jail thereafter, which in effect will result in his release.

The JJB also rejected the police’s plea for bone ossification test of the sixth accused for determining his age.

Lawyers appearing for the prosecution said they will appeal against the JJB order in a higher court.

Earlier on 15th January, the principal of the school, from where the juvenile had dropped out, had submitted before the JJB that as per the school records he is 17 years and six months-old.

The present and the former headmasters of the school in Bhawanipur at Badaun in Uttar Pradesh, where the juvenile had studied till Class III, had appeared before the Board and said they cannot identify the boy but know that he took admission in the school in 2002.

The former principal said that during the time of admission, the boy’s father had come to admit him and mentioned his date of birth as 4 June 1995.

The five other accused—Ram Singh, his brother Mukesh and their accomplices Pawan Gupta, Vinay Sharma and Akshay Thakur—have been charged with the offences of murder, gang-rape, attempt to murder, kidnapping, unnatural offences, dacoity, hurting while committing robbery, destruction of evidence, criminal conspiracy and common intention under the IPC.

The 23-year-old paramedical student was brutally raped and assaulted in a moving bus on 16th December and she died on 29th December in a Singapore hospital.

The juvenile is the eldest son of a mentally challenged father and his mother relied on farming to raise his two brothers and two sisters in a small hamlet at Badaun.

The investigators had said that around five to six years ago, he fled from his home and came to Delhi where he did small jobs till he met Ram Singh, who was driver of the bus.

The police sources had said that on the fateful night, all the accused had partied and had then gone on a joy ride in bus and to “pick some girl for sexual pleasure”.

They had first robbed Ramadhar Singh, who they had picked up from RK Puram Sector 4 and then dumped him near IIT gate.

And from Munirka, they had picked up the gang-rape victim and her male friend and dumped them on the road assuming they were dead, according to the sources.



Shadi Katyal

4 years ago

It is a shame to read that justice for the criminal being underage is more important than the rights of the raped and killed girl.
This Law which is on the books when British rules and times have changed and todays juvnile are more sophisticated.
This is not justice but an insult to the nation who is crying for justice.
Where is the deternace of scuh murder and case.
Let people come out on the roads agains and ask for justice of hanging such juvnile so it can be a lesson otherwise we just opened a pandora box

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