Regulations
SEBI bars Unickon Securities, directors from markets
SEBI said funds raised by Unickon (Unicon) Securities by pledging the securities of its clients/ investors illegally were purportedly diverted to its other businesses
 
Market regulator Securities and Exchange Board of India (SEBI) has barred Noida-based Unickon Securities Pvt Ltd (formerly known as Unicon Securities) and its directors from markets for violating various stock broker norms.
 
In an interim order, SEBI said it restrained Unickon Securities and its directors Gajendra Nagpal and Ram Mohan Gupta from accessing the securities “either directly or indirectly or being associated with the securities market in any manner whatsoever, with immediate effect, till further direction.”
 
Last month, Moneylife raised the issue of the broker's non-functioning trading platform. The broker was neither honouring payout requests from its investor customers not its customer services and offices were reachable. (Read: Has Unicon Securities shut shop?)
 
SEBI received a large number of complaints from the clients of Unickon Securities for non-receipt/ delay in payment of funds and accordingly advised the company to resolve complaints expeditiously.
 
The regulator undertook an inquiry into the matter and conducted an on-site inspection of the stock broking and depository participant operations of the company in March this year with a focus on investor grievance redressal mechanism.
 
SEBI also advised National Stock Exchange (NSE), BSE and securities depository Central Depository Services (India) Ltd (CDSL) to conduct an inspection of Unickon Securities.
 
SEBI found that Unickon Securities have violated various norms including non-redressal of investor grievances pertaining to “non-receipt of funds/ securities by clients”.
 
The regulator said funds raised by Unickon Securities by pledging the securities of its clients/ investors illegally were purportedly diverted to its other businesses.
 
Also, Unickon Securities did not have any system for internal audit and failed to submit the internal audit report for the half year ending September 2013 onwards to NSE and BSE.
 
“Unickon did not furnish the complete material information to SEBI as was sought by it during the inspection and the limited information furnished to SEBI in respect of its bank accounts and the status of unresolved complaints pending against it,” SEBI noted.
 
”...the conduct of Unickon Securities and its promoters/directors is not in the interest of investors in the securities market,” it added.

User

COMMENTS

rajesh kumar gupta

3 years ago

i am rajesh kumar gupta from kanpur (UP). i have good amount of shares in unicon account. i also want my money back.. please help, how can i get my money back???

H A Madhu

3 years ago

Dear Mr.Ajay Sharma

Please log a complaint against unicon securities with all details through http://www.score.gov.in.

don't worry you will get back the holding to CDSL DP

Thanks & Regards

H A Madhu

Ph:7899088952

REPLY

Ajay Sharma

In Reply to H A Madhu 3 years ago

Thank you Madhu for responding. I had filed complaints long time back but status only shows that they has sent intrim notice to unicon. Not sure when we will get the shares back. Has anyone got any update from anywhere ?

Ajay Sharma

3 years ago

I have a good amount of shares holding into unicon account which is still in pool account. Could anyone help how to take money back ?? If there are multiple people like me please form a group and let us go to office for a protest to get the money back..Please mail me at : kapil.ajay@gmail.com
i am reachable at 9540333033

REPLY

rajesh kumar gupta

In Reply to Ajay Sharma 3 years ago

i am rajesh kumar gupta from kanpur (UP). i have good amount of shares in unicon account. i also want my money back.. please help, how can i get my money back???

Hiren

In Reply to Ajay Sharma 3 years ago

i am from mumbai and many a times i had tried visiting stock exchanges and depository participan CDSL offices but even the regularities also dont have any answers with them. I feel that all the investors should come together and file a PIL against SEBi and stock exchanges since they are responsible in delaying consumer greviances. Moreover a police complaint should be filed against RAM Gupta one of the director of unicon sec pvt ltd.

Reach me @ hirenfuriya@gmail.com

sanjay

In Reply to Hiren 3 years ago

but how can unicon hold the shres belonging to clients ? where is the exchange fund which protects cliens from fraud . Each client is entitled to Rs. 10 lakhs from the investor protection fund

sail

In Reply to sanjay 3 years ago

Seriously, Sebi needs to take some stern action against unicon director though i think our money is save as nse protects the investor upto 15 lakh and they will payout from nse investor protection fund but at the same time i think this process will take very long time to complete ...

sanjay

3 years ago

Is Unicon closed ? what happens to all clients ?

Hrishikesh Sharma

3 years ago

SEBI order bars the directors from dealing in securities but what about the money of investors embezzled by Unicon?...Why is SEBI order silent on how investors will get their money back?.....Request moenylife team to take up this matter with SEBI who seems only interested in pursuing big cases like Sahara

Ravi Kumar Singhal

3 years ago

The company shut down its office at Ghaziabad without information to anyone. Now, I have approach to its Noida Office. No share is given to me (withheld by the company in Pool Account). After, the company given me two cheques with postdated. One cheque was deposited into bank on due date, but this cheque was bounced. Second cheque is post dated for the next month. What i have to do now?

REPLY

sanjay

In Reply to Ravi Kumar Singhal 3 years ago

are cheques being issued by Unicon bouncing ?

Ravi Kumar Singhal

In Reply to sanjay 3 years ago

Yes, cheques are issued by Unikcon Securities Pvt. Ltd.

sumaaent

3 years ago

what will happen to shares and cash lying of clients

Will appointing an RTI consultant improve transparency?
Leading RTI crusader Subhash Agrawal is certainly the best choice for the job of an RTI consultant to Delhi government, but how would he ensure better responses of public authorities?
 
Even after nine years of the Right to Information (RTI) Act, its implementation by public authorities is abysmal particularly when it comes to the suo motu disclosure of information under Section 4 of the Act. It is not rocket science for any Public Authority to understand the nature of information that must be uploaded regularly under Section 4 and the information to be disseminated to any applicant under Section 6 of the RTI Act. However, information is not easily passed on to the applicant as it should under this transparency law. This apparently was the reason for Delhi's Lt. Governor  Najeeb Jung to appoint Subhash Chandra Agrawal, a leading RTI crusader as a consultant to the Delhi government. Mr Agrawal has has filed over 6,000 petitions under the Act and the information he procured, in several cases, was instrumental in improving transparency. Making personal assets of the judiciary public is one of the many examples.
 
Moneylife spoke to Agrawal on his new designation, which has been specially created by the Delhi government to improve responses of public authorities to RTI queries by the public...
 
Vinita Deshmukh (ML):  How did you get appointed as the RTI consultant for the Delhi Government?
 
Subhash Chandra Agrawal (SCA):  Earlier this year, I had made a decision to stop filing RTI applications as I was being overburdened with this work. It was like a one man Army furiously filing petitions regularly, like a machine. I wanted to be on the other side of the counter, helping and guiding people file RTI applications in a proper manner so that the awareness and knowledge of this law spreads on a larger canvas than it being confined to my space of work. I was already making  contacts en masse' and spreading awareness through invitations for seminars and workshops. This news about my desired change of role was published by a leading newspaper and caught the attention of Lt Gov of Delhi Najeeb Jung. He invited me for a meeting and asked me whether I would accept the responsibility of being an RTI consultant to the Delhi government.
 
ML: What was your response and what exactly is the nature of your responsibility, after your one year appointment that has begun from 5 May 2014?
 
SCA: I was happy with the offer but I asked the Lt Governor whether there would be any binding against filing RTI applications or attending hearings at Central Information Commission (CIC). He assured me that there would be no such restrictions and that the Delhi government would like to use my expertise to conduct workshops, seminars not only for the government officers and staff but also for college students studying in Delhi University. Hence, I agreed for the one year contract and officially joined on 5th May.
 
ML: What are the areas which require your expertise?
 
SCA: I have observed that most of the public authorities have inadequate knowledge of providing appropriate information to tough queries particularly to those relating to Section 6 (3) of the RTI Act. For example, if an RTI query is received by a Public Information Officer (PIO) of the PWD department, he will transfer it to all the 100 odd PIOs of various departments under PWD, thus unnecessarily resulting in wastage of manpower and time of these PIOs. It also results in the RTI applicant caught in between irrelevant replies wherein he or she is informed that his or her application is being forwarded to some other department. 
 
(Section 6 (3) relates to:
Where an application is made to a public authority requesting for an information,—
(i) which is held by another public authority; or
(ii) the subject matter of which is more closely connected with the functions of another public authority,
the public authority, to which such application is made, shall transfer the application or such part of it as may be appropriate to that other public authority and inform the applicant immediately about such transfer)
 
I have also requested the Delhi government to cut down on expenses by sending responses of RTI queries in A4 size paper and not the legal size paper as it becomes difficult for the applicant to print it. Most printers are A4 size friendly. 
 
I would be also organising RTI workshops for PIOs, Appellate Authorities and Public Authority heads for practical lessons, which would help them efficiently and appropriately deal with RTI queries of any nature and thereby help in correct and quick disposal of RTI applications. I would also be creating RTI awareness amongst the faculty and students of the Delhi University. 
 
ML: This again makes you in a one man army. What has changed?
 
SCA: This is just the beginning. Obviously, this cannot be a one man show. I am visiting various public authorities, which invite me for advice and guidance. However, I have been assured by the Delhi government of office, staff and other facilities that would facilitate me to work in a professional and organizational manner and help me to reach out to people, besides the officers. After I get an office space, I am planning to have an RTI Clinic for one full day in a week, every week. I would guide people to help file RTI petitions and answer their doubts. This is one of my dreams but I would be able realise them with the help of office infrastructure and manpower.
 
ML: Is there any other dream that you have?
 
SCA: Yes, non-implementation of Section 4 of the RTI Act is a big worry for me. I would like to ensure that every public authority in the Delhi government implements Section 4 information in true spirit.
 
Section 26 of the RTI Act clearly states that the public authority must create public awareness through educational programmes. 
 
(Section 26 of the RTI Act states:
 
26
(1) The appropriate Government may, to the extent of availability of financial and other resources,
   
(a) develop and organise educational programmes to advance the understanding of the public, in particular of disadvantaged communities as to how to exercise the rights contemplated under this Act;
(b) encourage public authorities to participate in the development and organisation of programmes referred to in clause (a) and to undertake such programmes themselves;
(c) promote timely and effective dissemination of accurate information by public authorities about their activities; and
(d) train Central Public Information Officers or State Public Information Officers, as the case may be, of public authorities and produce relevant training materials for use by the public authorities themselves.)
 
ML: Do you think every state government/Union Territory should appoint an RTI consultant for such mass campaign?
 
SCA: If the RTI consultants are dedicated RTI crusaders or scholars, then it is fine for the government to hire them. Otherwise, we will end up having a bunch of lawyers, fighting RTI petitions for the PIOs.
 
(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.) 

User

COMMENTS

Vishram Dixit

3 years ago

It certainly untrue. The transperant working is not ensured by an RTI consultant appointed. It is a habit of straight through working including strong will, defined processes, ensuring quality and finally 100% financial deal without under deals.

How to electrify the country using free and renewable energy!
The Modi government can consider increasing subsidy on solar installations to 40% to make it more popular. Such a move will also reduce the over dependence on imported fuel, and our domestic production can be diverted to other areas such as industries
 
On assuming office as the minister of state for power, coal and new and renewable energy, Piyush Goyal plans to visit Gujarat, with his team, to have first hand information and draw lessons from the State's experience in renewable energy.  It is true that, among the states, Gujarat has an edge in solar power generation.
 
India's middle class, whom you can no longer call as aam aadmi is actually growing by the hour! Everyone is adding an appliance or two almost on a regular basis, all of which consume electric power. If the food is getting cold, it is not a big problem, as one can always have it suitably reheated, thanks to the handy microwave at home.  Yes, it is hot in summer, but with a large fridge, chilled water is at hand.  Most houses do boast of more than one TV set and many have at least two airconditioners in use, practically the whole day!
 
Our power generation is not able to keep with this growing demand. Coal, which is the main source of fuel supply, is falling short and unable to meet the production needs, resulting in imports, though, India sits on the world's third largest reserves, and Coal India is the largest miner in the globe! Other power sources, such as oil and gas are also in short supply and our imports of these are substantial.
 
Unfortunately, the abundant and uninterrupted supply of solar power, during the day, has remained unutilized.  In fact, electric power generated through solar cells forms less than one percent of electricity generated in India. A number of companies offer solar power by installing these solar cells on roof tops.  A list of contractors who can make this service available is detailed in http://mnre.gov.in/.
 
It may be noted that the Ministry of New and Renewable Energy provides a 30% capital subsidy on project cost, which means, the consumer who has these installed at his/her roof top pays 70% and the contractor obtains the balance of 30% from the government.  We have to assume that Piyush Goyal is automatically in charge of this Ministry.  Or, we should presume that the above ministry has become part of the Ministry, headed by Goyal.
 
Generation of solar power becomes cheaper once the installation has been done and maintenance becomes easy.  This is necessary particularly in areas, which experiences severe cold conditions in winter, most in the north of India and in all the hilly places.
 
How can the government go about propagating the the use of solar panels to generate power?  Here are a few recommendations for consideration and comments by our readers:
 
a) make it obligatory for all new buildings to install solar heater (in cold areas) and solar panels to meet the occupants needs
 
b) all existing buildings must follow suite, as mentioned above, within six months and State power ministry officials will monitor the progress in compliance
 
c) the Ministry will revise and renew the list of contractors every six months and any major changes in the interim period
 
d) all public works department, in charge of road lighting, will have to employ conversion technique to switch over to solar panel/battery operated street lights
 
e) all the contractors executing national highways have to similarly switchover to solar lighting by conversion of these lamp posts; this must apply to completed contracts and new ones under construction
 
f) modified equipments be made available to farmers, who use diesel generating sets to pump out water, by providing solar cell operated equipments
 
g) if an applicant to get solar panels installed on his/her roof top is unable to meet the 70% cost of the eq uipments, his banker be authorized to provide the funds at reduced rate of interest and EMI may be arranged over a period of 5/7 years
 
h) all builders and contractors of housing colonies need to ensure arrangements are made for use of solar panels to meet the common requirements for internal street lighting, and other similar needs
 
i)  all forms of public transport systems - railways, wagons, buses must be encouraged to get Research and Development done so that these Solar Panels are on the roof top of their moving parts! Research can ensure that the power generated thus can be stored in suitable batteries attached to them.
 
j)  over a period of time, individual house owners, who have installed solar panels, are encouraged to form a power grid in their locality, and excess power can be  marketed to others, including supply back to the electricity boards
 
At the moment, it appears that solar panels are expensive and this prevents even the middle class to think before going in for installing such equipments. A subsidy of 30% is a good start, but, perhaps, the government can consider making it more to 40% so that there is popular support to the scheme.  Such a move will also reduce the over dependence on imported fuel, and our domestic production can be diverted to other areas such as industries. Ultimately, the mass production of these solar panels will reduce the unit cost of  power generation to make it viable for everyone to buy these.     
 
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)

User

COMMENTS

J Thomas

3 years ago

The cost of solar installations has come down while grid power is becoming increasingly expensive. Solar is now close to grid parity. It will take off even without subsidy.

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)