Regulations
SEBI bans 900 entities for tax evasion from capital markets
"We have given all the details to the CBDT (Central Board of Direct Taxes) and we have told them that they should probe them," SEBI Chairman UK Sinha told reporters
 
Market regulator SEBI (Securities and Exchange Board of India) has clamped down on a large number of organised syndicates who had set up 'shops' to convert black money into legitimate-looking funds through the stock market platform. This is a tax evasion racked aggregating to Rs5,000-6,000crore.
 
While more than 900 entities have been banned from capital markets by the SEBI, it has also referred these cases to the Income Tax Department for further investigations.
 
"We have banned more than 900 entities and my guess is that the tax avoidance that has happened in these cases is more than Rs5,000-6,000 crore," SEBI Chairman U K Sinha said.
Giving a "complete picture" on this menace, the SEBI chief said, "In any country or in any market, there are always people who are trying to find loopholes and take advantage. These are the people who have criminal intent. They are not here to help in the growth of the country. They work with a desire to corner money with criminal intentions."
 
"We have given all the details to the CBDT (Central Board of Direct Taxes) and we have told them that they should probe them," Sinha told reporters.

User

COMMENTS

manhar kothari

1 year ago

SUCH PROACTIVE ACTION BY SEBI IS WELCOME.

States should monitor chit fund firms, says SEBI
Market regulator Securities and Exchange Board of India (SEBI) on Thursday said the state governments need to play a pivotal role to control and monitor the spread of chit fund and ponzi firms.
 
"This is a matter which cannot be controlled by one central agency - there is a three-tier approach required. The first level has to be state government. It is not possible for RBI or SEBI or any other agency," SEBI chairman U.K. Sinha told media persons here.
 
He was speaking on the sidelines of an event organised by Bharat Chamber of Commerce.
 
He said the state governments in various parts of the country have passed their own legislations on depositor protection to safeguard their interest and prevent any malicious acts from any chit fund firms.
 
"In that act, they have given wide powers to the district magistrate and the superintendent of police," he said.
 
Sinha referred to the recently amended act in Odisha, which has made it compulsory for the firms to get registered with the district magistrates before raising any money.
 
"If you are defaulting, then the district magistrate can impound all the assets, they can even issue arrest warrants and things like that," he said.
 
Sinha said a total of 20 states have enacted such laws to contain and monitor chit fund firms.
 
He said collections or fund raising exceeding Rs.100 crore from these firms needs to be monitored by the SEBI while collections less than Rs.100 crore need monitoring by the state governments.
 
"It is not possible for RBI or SEBI or any other agency. SEBI has got 700 employees and how can we work in close to 700 districts of the country?" he said.
 
Sinha also said there has to be coordination between the central agencies like the Reserve Bank of India or SEBI and the state government.

User

Anil Ambani Group in pact with Singapore company for airships
The Reliance Group, led by industrialist Anil Ambani, on Thursday said it has signed a pact with Augur Overseas Operation of Singapore to manufacture aerostats and airships in India for both the domestic and export markets.
 
"Under the agreement, the two companies will form a joint venture company with Reliance having a 51-percent stake, consistent with the current government regulations," the Reliance Group said in a statement.
 
"The joint venture will be involved in development, production, sales, modification and life support for different sizes of aerostats, airships and lighter-than-air systems. This venture will address the requirements of domestic market and also addressable regional/global markets."
 
Aerostats -- also called lighter-than-air aircraft -- comprise balloons to stay afloat and the airship to ferry passengers, cargo or payload. They get their lift from a body of gas, usually helium or hydrogen. Airships are asrostats equipped with propulsion to move on its own.
 
The pact announced on Thursday is an extension of earlier one between Augur Aeronautical Centre with Pipavav Defence, a company that was acquired some months ago by the Reliance Group. Augur Aeronautical Centre is a leading Aerostat and Airship designer, builder and supplier globally.
 
In fact, the first medium size aerostat envelope was delivered recently and acceptance tests were performed at the Pipavav facility. The tests included integration and simulated mooring, as also verification and functioning of Aerostat envelope together with pressurization system.
 
"In the present changing security scenario in the Indian context, the borders require constant monitoring as the country has a 7,000-km coast line with almost 14,000-km-long international border with various countries," the Reliance Group statement said.
 
"Aerostat radars are a force multiplier as they are deployed extensively in the surveillance, reconnaissance and communication roles by the armed forces. These are also useful in detecting low-flying fighter aircraft," the statement added.
 
As per industry estimates, the market for aerostats is projected to rise from Rs.25,000 crore (approx $4 billion) 2014 to Rs.65,000 crore by 2020, at an estimated compounded annual growth of 17 percent.
 
The present requirement by the armed Forces, including the paramilitary forces, is pegged at some 40 systems over the next five years with an estimated expenditure in excess of Rs.12,000 crore to meet its operational roles.
 
In natural disasters and other situations where infrastructure is non-existent, aerostats can be used to bring in emergency supplies such as food, water, blankets. Recently, aerostats have also seen a sharp rise in the tourism industry, which is expected to be around Rs.6,000 crore.
 
Major players in this field include TCOM-LP and Lockheed Martin, along with AAC.
 
With the indigenous aerostat program fully operational, as part of the "Make in India" initiative, India would join a select group of nations having developed such capabilities, including the US, Germany and France.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)