Regulations
SEBI revokes capital market ban on Trendline and its founder

A preliminary probe by the regulator found that Trendline and Kale were offering the portfolio management services-PMS to investors without necessary registration from SEBI

 

Market regulator Securities and Exchange Board of India (SEBI) has revoked its ban on Trendline Traders Academy and its founder Sunil Laxman Kale for offering unauthorised portfolio management services (PMS) and mobilising funds from investors with a promise of high returns.

On 18th November, SEBI had barred Trendline and its founder-director Kale, from capital markets and had asked them "to cease and desist" from undertaking portfolio management activities. Kale is a registered sub broker and is affiliated with India Infoline.

In its latest order dated 31st December, SEBI has said that while Trendline and Kale's debarment from securities market need not continue, they would have to cease and desist from undertaking any unregistered activity including portfolio management services.

SEBI had come across an advertisement by Trendline in April claiming to double the money invested by an investor through it in a year's time.

A preliminary probe by the regulator found that Trendline and Kale were offering the PMS to investors without necessary registration from SEBI.

Accordingly, SEBI had prohibited them from dealing in the capital markets.

However, in its latest order SEBI has noted that Kale and Trendline had not raised any money from the investors and that the advertisement and the representations on the website with respect to portfolio management activities were "solitary instances".

The regulator also took into account the background of Kale and the fact that "no injury has been caused to investors by his actions".

As per the order, Kale is a small trader in the market, he is also a patient of 'Cerebral Ataxia' and has difficulties in speaking, walking and writing, among others.
 

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Why Kejriwal govt in Delhi should abandon biometric Aadhaar?—Part 21

Wherever direct cash transfer scheme based on Aadhaar was launched in the states that went for elections, Congress lost. Promises based on biometric Aadhaar are rooted in a make believe world to which Indian voters are allergic to, shows the recent assembly elections

It is noteworthy that in the four states where assembly elections took place, the biometric Aadhaar based direct benefits transfer (DBT) was being implemented in 154 assembly seats of Delhi, Chhattisgarh, Madhya Pradesh and Rajasthan, Indian National Congress, the champion of DBT could win only 17 seats. In Delhi where DBT scheme was taken up in 63 assembly constituencies with Rs103 crore in cash transfers, the party won only eight seats. The Bharatiya Janata Party (BJP) won 31 seats and the Aam Admi Party (AAP) got 28 seats. The verdict is starkly against Aadhaar-based DBT. A report from DNA dated 16 December 2013 has underlined this. Instead of biometric Aadhaar-based DBT being a game changer for the Congress it has emerged as a regime changer.

 

The electoral verdict is evidence against the diagnosis and remedy of World Bank Group and its Indian votaries. The verdict indicates that political parties that support Aadhaar are bound to pay heavy electoral cost for their involvement and complicity in putting citizens to inconvenience through tried, tested and failed identification technologies of transnational companies.
 

In view of the order dated 26 November 2013, the new government in Delhi will have to file its affidavit in the Supreme Court in Writ Petition (Civil) No(s) 494 of 2012 because notices have been “issued to all the States and Union Territories through standing counsel.” In its interim order dated 23 September 2013, the court has directed, “In the meanwhile, no person should suffer for not getting the Aadhaar card in spite of the fact that an authority had issued a circular making it mandatory and when any person applies to get the Aadhaar card voluntarily…”

 

When Ministry of Petroleum sought the modification of this order, this order was reiterated on 26th November wherein the court said, “Interim order to continue, in the meantime.” The next date of hearing is on 28 January 2014.
 

An editorial in The Financial Express (December 30, 2013) sounds worried as to ‘Where has the DBT gone?’ It argues that since between June and December 2013, about 1.84 crore customers in 184 districts have been given Rs1,700 crore of LPG subsidy transfers using Aadhaar as platform it is disturbing that Rahul Gandhi is talking about reviving and modernising Food Corporation of India (FCI) and shops under the public distribution system (PDS). It is unconvincingly argued in the editorial that if instead of cash transfer modernisation of existing infrastructure is undertaken, it will not plug annual leakages in the social security expenditure to the tune of Rs3 lakh crore.
 

Despite the ongoing electoral debacle being faced by Congress, it has failed to see the writing on the wall. If Rahul Gandhi is talking about modernisation of existing infrastructures in place of evidently failed initiatives like Aadhaar and DBT, it seems to imply that his trust in the prescriptions of Nandan Nilekani is beginning to erode. Notwithstanding this, the recent advertisements of the Ministry of Petroleum reveals that unless he bulldozes his opinion down their throat, the government is not likely to give it a burial but by then it will is going to be too late.      

 

In such a backdrop, AAP govt should introduce a resolution in the Delhi Assembly for abandoning 12 digit biometric Unique Identification (UID)/Aadhaar number in Delhi.

 

The new government in Delhi must scrap UID/Aadhaar related regressive legacy of Congress-led regime which made right to have citizens’ rights dependent on being biometrically profiled and not on constitutional guarantees and Universal Declaration of Human Rights. This has taken citizens to pre-Magna Carta days (1215 AD) or even earlier, to the days prior to the declaration of Cyrus, the Persian King (539 BC) that willed freedom for slaves. Should it not be resisted?

 

The democratic mandate in the assembly election is against UID/Aadhaar, which was made compulsory and caused hardship to residents of Delhi. Unmindful of the fact that people’s right to energy and to cooking fuel funded by government is being snatched away by linking it with Aadhaar. The right to life and livelihood is under tremendous threat because significantly large number of Indians has been moved away from fire wood and coal based cooking. Delhi, for instance, claims to be a 100% LPG state. That means right to life and livelihood can be snatched away with its link with Aadhaar. Thus, the threat of exclusion in absence of Aadhaar based on decrees and sanctions unleashes violence on the people. It made Aadhaar a pre-condition for every right of Delhi residents including right to marriage. This is unconstitutional and must be undone.

 

All parties must rigorously examine the ramifications of biometric information based identification of residents of India in the light of global experiences. UK, China, Australia, US and France have scrapped similar initiatives. US Supreme Court, Philippines’ Supreme Court and European Court of Human Rights have ruled against the indiscriminate biometric profiling of citizens without warrant.

 

AAP ought to take note of the fact that endorsing Supreme Court’s order dated 23 September 2013 against Aadhaar, even Parliamentary Standing Committee (PSC) on Finance in its most recent report dated 18 October 2013 has asked Government of India to issue instructions to state governments and to all other authorities that 12-digit biometric Unique Identification (UID)/Aadhaar number should not be made mandatory for any purpose. The Seventy Seventh Report of the 31-member Parliamentary Standing Committee (PSC) on Finance reads, “Considering that in the absence of legislation, Unique Identification Authority of India (UIDAI) is functioning without any legal basis, the Committee insisted the Government to address the various shortcomings/issues pointed out in their earlier report on 'National Identification Authority of India Bill 2010' and bring forth a fresh legislation.”

 

If AAP introduces this resolution, it will further establish its claim to represent the common man.
 

In the meanwhile, a resolution was passed by West Bengal Assembly on 2 December 2013 against biometric Aadhaar-related programs. AAP govt should introduce a resolution in the Delhi Assembly seeking scrapping of biometric Aadhaar, asking all the parties to support the resolution. It is evident... that from the resolution against the Aadhaar that all the parties other than Congress are opposed to the implementation of Aadhaar-based programs.

 

Notably, wherever DBT scheme based on Aadhaar was launched in the states that went for elections recently, Congress lost. Rahul Gandhi had turned Aadhaar as his key promise in UP and Amethi, but he and his party lost miserably in Uttar Pradesh election too. Promises based on biometric Aadhaar are like India Shining campaign of BJP-led government which is rooted in a make believe world to which Indian voters are allergic. Even Sanjay Gandhi faced the adverse consequences of forcing planning on human body. Aadhaar-linked programs make Indian citizens subjects of Big Data companies. It is akin to Sanjay Gandhi's forced family planning programs.

 

The abandonment of biometric Aadhaar number by AAP will demonstrate that its government will end the culture of spying on its citizens and children in myriad disguises. This will help citizens stand up against illegitimate advances of the state.
 

You may also want to read…

 

Why biometric identification of citizens must be resisted? Part I
 

Biometric identification is modern day enslavement -Part II
 

Biometric profiling, including DNA, is dehumanising -Part III
 

Marketing and advertising blitzkrieg of biometric techies and supporters -Part IV
 

History of technologies reveals it is their owners who are true beneficiaries -Part V
 

UID's promise of service delivery to poor hides IT, biometrics industry profits –Part VI
 

Technologies and technology companies are beyond regulation? -Part VII
 

Surveillance through biometrics-based Aadhaar –Part VIII
 

Narendra Modi biometrically profiled. What about Congress leaders?-Part IX
 

Aadhaar: Why opposition ruled states are playing partner for biometric UID? -Part X

 

Is Nandan Nilekani acting as an agent of non-state actors? –Part XI

 

Aadhaar and UPA govt's obsession for private sector benefits–Part XII

 

Are Indians being used as guinea pigs of biometric technology companies? -Part XIV
 

Aadhaar: Is the biometric data of human body immortal and ageless? Part XV
 

Aadhaar: The propaganda of transnational vested interests –Part XVI

 

Aadhaar: Pakistan handed over, India giving database on a platter– Part XVII
 

Engineered row in US-India relations, an attention diversion tactics of big brothers?—Part XVIII

 

Aadhaar: UIDAI and the ‘fifth column’ of Napoleon—Part XIX
 

Aadhaar: Turning citizens into subjects through social control technology companies –PartXX

 

(Gopal Krishna is member of Citizens Forum for Civil Liberties (CFCL), which is campaigning against surveillance technologies since 2010)

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COMMENTS

sonia

3 years ago

In this context, let’s examine an excerpt from Kuldip Nayar’s autobiography, ‘Beyond the Lines’:
‘I recalled that Kamal Nath had during the Emergency given me the manuscript of a book arguing along the same lines (as Sanjay Gandhi) and detailing the machinery such a government would establish to rule with the help of police and some selected bureaucrats.
In the scheme of Sanjay’s (authoritarian) rule, there was no Congress leader of eminence and experience. Anyone who wanted to be part of the form of governance he was contemplating had to believe in a state completely devoid of fundamental rights, freedom of speech and expression. The judiciary would have to function accordingly.’
Sanjay Gandhi may be dead but his huge army of friends, relatives, fans, sponsors, advisors and workers, however, are not. They hold today the most influential of positions. Had those responsible for 1975 been brought to book, there would have been no 1984. Had all those responsible for 1984 been brought to book, there would have been no 2002, nor the many, many other massacres we have been, and still are, witness to of innocent people and of democratic institutions. This hitlerian agenda needs to be exposed and stopped. And all the guilty punished. How can we allow such people to put all the citizens of India under their 24 hour scrutiny – down to the tiniest details such as our movements, our iris and fingerprints? Suicidal! Simply suicidal!

MOHAN

3 years ago



In Kerala Aadhar lnked LPG connection will definitely be a big election issue and the Congress will bite dust solely on its flawed policy on Aadhar. They will lose all the 20 Lok Sabha seats from Kerala.

Sharad V

3 years ago

Dear Mr. Krishna,

1. Very high on rhetoric...felt like some political spokesperson making tall claims in a TV studio....
2. Did Delhi electorate or others vote only for (or against) this idea? No. Congress got routed because corruption was driving choices in this election...
3. You were repetitive..on many counts.
4. Such 'Agenda' driven stuff must not veer from rational and logical route....to have any impact....else!

Mukesh kamath

3 years ago

Kejriwal supports aadhaar as he is an IIT graduate and knows which birds name is technology unlike commerce graduates writing this article.

REPLY

mediavigil

In Reply to Mukesh kamath 3 years ago

should aadhhar be supported simply to underline the nepotism of IITians...like the nepotism of Stephanisns witnessed in the current Congress govt...Goa CM is an IITian...Kerala's leader of opposition, one of the senior most politicians in the country has called for its scrapping of aadhaar...if someone is a student of technology or commerce or another subject, is it rational to allow the subject consider those students hostage of their disciplines...isn't this opposite of what's called out of box thinking....will anyone share case studies of success of identification technologies if it has not failed...has it succeed it Pakistan?

Jain Thomas

3 years ago

who told you its a failure? Did you do any studies regarding the aadhaar project? The people against this programme really worried about their current corrupt practises. They can't continue their corruption if the aadhaar implemented in governance.

Mutual fund assets up 11% to Rs8.78 lakh crore in 2013

Of the 44 fund houses in India, 26 saw their AUMs rise while 17 witnessed a decline during 2013

During 2013, the assets managed by mutual funds jumped nearly Rs85,000 crore or about 11% to Rs8.78 lakh crore with HDFC MF retaining its top position.

 

According to the latest data available the Association of Mutual Funds in India (AMFI), the country's 44 fund houses together had an average asset under management (AUM) of Rs7.93 lakh crore at the end of 2012, which increased to Rs8.78 lakh crore in 2013.

 

Fund houses are upbeat about an even better performance in 2014 on account of various measures initiated by market regulator Securities and Exchange Board of India (SEBI) as well as plans of individual players to expand the distribution network across the country, particularly to smaller cities.

 

The total AUM includes about Rs5,777 crore managed through domestic funds. Of the 44 fund houses, 26 saw their AUMs rise during the period, while 17 witnessed a decline. The registration of Daiwa MF has been cancelled by SEBI following the transfer of its schemes to SBI MF.

 

Among the large funds, ICICI Prudential MF was the biggest gainer followed by Reliance MF, while HDFC MF saw the smallest growth.

 

In terms of total funds, HDFC MF managed to retain the top slot, followed by Reliance MF and ICICI Prudential. HDFC MF had an average AUM of about Rs1.09 lakh crore at the end of 2013, a 7.5% rise from the preceding year.

 

ICICI Prudential's AUM rose by an impressive over 19% to Rs97,200 crore, while Reliance MF's AUM climbed by 13% to Rs1.02 lakh crore. Besides, Reliance MF has surpassed Rs1 lakh crore mark after a gap of two quarters.

 

Among the gainers mutual funds included - UTI, SBI, Axis, Baroda Pioneer, Birla Sun Life and Franklin Templeton.

 

However, Canara Robeco, Goldman Sachs, Edelweiss, IDBI, Indiabulls Mutual and Tata Mutual Fund, among others witnessed a decline in their AUMs from the levels seen in 2012.

 

Interestingly, 57% of industry growth has been contributed by top five mutual fund houses, while Reliance MF and ICICI Prudential together provided 31% of this increase.

 

In 2013, overall AUM increased on strong inflows in categories such as bonds and liquid funds, industry estimates show.

 

This was the second consecutive yearly rise in the MF industry AUM, after a drop in the assets base for two preceding years.

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COMMENTS

Nilesh KAMERKAR

3 years ago

A one year fixed deposit too would have generated similar growth in the calendar year gone by.

Marked to market gains on capital invested at the beginning of the year, would be roughly equal to Growth in assets (or AUM).


Therefore, where is the real growth?

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