SEBI has written to the Government seeking a well-defined framework for regulating money raising schemes like multi-level marketing schemes, timeshare schemes, emu farming, gold purchase schemes, goat farming and deposit collection for real estate development
New Delhi: Market regulator Securities and Exchange Board of India (SEBI) has approached the union government seeking a "well-defined" framework for regulating various money raising schemes such as multilevel marketing (MLM) and goat farming, reports PTI.
"SEBI has written to the Government seeking a well- defined framework for regulating money raising schemes like multi-level marketing schemes, timeshare schemes, emu farming, gold purchase schemes, goat farming and deposit collection for real estate development," Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.
The Minister said the proposal sent by SEBI "requires extensive consultations with different Departments/Ministries in the Government of India and no time-frame can be estimated for concluding the decisions that may emerge from this process".
Recently, a company promising returns on investments made for rearing goats had come under the scanner of SEBI. Claiming to have large goat-rearing farms in northern parts of the country, Beetal Livestock & Farm (P) Ltd had solicited investments from the public with a promise of 2% monthly returns, and doubling of money in 3-4 years.
Meanwhile, Corporate Affairs Minister Sachin Pilot informed the Lok Sabha that plan to publish the names of multi-level marketing (MLM) companies that have come to adverse notice of the Ministry, is under consideration.
"Decision to publish names of multi-level marketing companies which come to adverse notice of this Ministry is under consideration of this Ministry," Pilot said in a written reply.
Public can view the names of the companies registered under the Companies Act, 1956, and documents filed by any company on MCA-21 portal by paying a nominal fee of Rs50, the Minister noted.
During past four years, 98 private universities have been established in the country taking the total number of private universities to 145 in India
New Delhi: The University Grants Commission has inspected over a third of the 145 private universities in the country and found only five of them in order, the Rajya Sabha was informed on Friday, reports PTI.
"UGC has completed inspection of 53 private universities. It found five in order...," Human Resource Development Minister MM Pallam Raju said during Question Hour.
He, however, did not specify whether irregularities or shortcomings were found in the others.
Raju said 98 private universities have been established in the last four years.
Explaining the procedure, he said UGC gives time to universities to rectify any deficiency. If norms or guidelines are not followed, "UGC can order closure of courses but it has no power to close the universities."
Private universities can be established either by the Central government by an Act of Parliament or by state governments by an Act of state legislature.
"All private universities existing in the country have been set up by the Acts of State Legislature and the norms and parameters to establish private universities are decided by state governments concerned," he said.
Though UGC sets norms for standards of teaching and examinations, neither "UGC nor the HRD Ministry has any power to approve or disapprove a private university duly set up by a state through a state Act," he said.
The government, he said, can deal with malpractices and take action against universities and institutions after passage of the Prohibition of Unfair Practices Bill and the Regulatory Authority Bill.
"These Bills will strengthen cause of quality education," he said, adding UGC will expedite investigation of malpractices.
Vegetables prices decreased by 1.19% in November however, prices of potato, wheat, cereals, rice, pulses, edible oil and sugar went up
New Delhi: Inflation declined to 7.24% in November mainly on account of lower prices of some vegetables, giving a cue to the Reserve Bank of India (RBI) to consider interest rate cut next week to promote sagging growth, reports PTI.
Vegetables prices decreased by 1.19% in November this year as compared to surge of 10.68% in same month a year ago.
Inflation, as measured by the Wholesale Price Index (WPI), came down to 7.24% in November from 9.46% in the same month a year ago.
However, prices of some food items like potato, wheat, cereals, rice, pulses, edible oil and sugar went up during the period.
Inflation, as measured by the WPI, stood at 7.45% in the previous month.
"It is a welcome trend if inflation rate has come down... We should work towards more comfortable level of inflation which is 5-6%," Prime Minister's Economic Advisory Council Chairman C Rangarajan said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia termed moderation in inflation as a "very good signal".
"The time has come to recognise that inflation is clearly softening and growth is weak and I am sure that RBI knows what to do", he added.
Yesterday RBI Deputy Governor K C Chakrabarty said cutting the repo rate (at which RBI lends to banks) will be possible only when inflation comes down. However, he expected inflation to come down in about two-three months.
Meanwhile, retail inflation in November moved up to 9.9%, mainly on account of higher prices of sugar, vegetables, edible oil and clothing.