Regulations
SEBI to set up single platform for reporting in XBRL format

Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) said it will set up a single platform to help companies report and disseminate mandatory regulatory filings, including financial statements, in the new XBRL-based format, reports PTI.

XBRL is a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.

"SEBI is in the process of setting up a SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D), which will be a XBRL (eXtensible Business Reporting Language) technology based platform for reporting by listed companies, mutual funds and other SEBI registered intermediaries" it said in a statement.

It added that a tender process has already been initiated in order to set up the SUPER-D.

XBRL technology enables the computers read and divide the information provided in the filings under various heads and thus makes it easy to find any relevant details and to identify any irregularities.

The new system, called SUPER-D (SEBI Unified Platform for Electronic Reporting - Dissemination), is being developed in such a way that it is capable to manage simultaneous filing of 500 documents on normal days and have peak-period capacity to handle 15,000 simultaneous filings.

Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries.

SEBI further said it has asked mutual funds to volunteer for XBRL filings.

"These XBRL filings will be in addition to the filings under the current system," it said.

Mutual funds and assets management companies can file reports like monthly cumulative report, percentage of assets under management from city clusters, ageing analysis of assets by AUM, number of branches of the AMCs, half yearly portfolio disclosures, deployment of funds in equity and debt schemes, and balance in load account.

"Till date, ten Mutual funds have joined in this pilot project of SEBI and have started XBRL filing of the specified reports with SEBI on voluntary basis," it said.

At present, BSE and NSE have a XBRL-based financial reporting platform for listed companies for all their filings and the system helps the investors get real-time access.

User

COMMENTS

Bodhi Dharma

4 years ago

I will donate if and only I have hands on dealings with the concerned people. I will donate when and where I want. I do not subscribe to "secular" TV shows under any circumstances.
So, get real, please!

Tira T

4 years ago

With due respects to the great author, a show for which the presenter charges a few crores per episode doe NOT really inspire people to give. Moreover, in India, the multi-national NGOs employing highly paid, sophisticate, well-connected, Public School-elite College-IIM-educated young people with direct access to big business as well as highly placed and influential bureaucrats alone are the proven fund-raisers. The genuine charutable and social organisations work in penury for the marginalised and surplus humans in the remote, poverty-stricken areas in silence by literally begging from the benevolent lower middle-class people only. They cannot even pay for any handbill printing or media coverage or for getting various govt approvals and sanctions to raise tax free donations, the privileges reserved only from the class to which the eminent and humanitarian successful stars belong. Baba Amte had long been working in a remote area in total silence, with only a few villagers and genuine philanthropists being aware of what was going on. Then, in seventies, a popular weekly published a cover story and the country came to know of him and his activities. These are the days of media coverage, which all "social activists"crave for and are even prepared to spend for! The real and truly dedicated NGOs are indeed carrying on their battles against social injustices, inequality, police-govt. atrocities, poverty, lack of education/shelter/drinking water/unsanitary and sub-human living conditions without ever being cared for the media or high profile "presenters". E&OE.

REPLY

varadhachari

In Reply to Tira T 4 years ago

Gravest danger for democracy comes from gap between professed virtues and true motive of neta. Nothing natural about hands that are efficient wanting only to feed own mouth Selflessness is smokescreen for astronmical loot. If you are still trusting these politicos this is because you have solid bone between ears

sandeep

In Reply to Tira T 4 years ago

this is a load of garbage and simple excuse for not giving. the NGOs that are mentioned do work hard and are not loaded.
So dont SMS, but dont make excuses either!

Caroline

4 years ago

Someone rightly said that " as most of the donations are not known where it was utilised by NGOs" people are hesitant to donate inspite of earning well as compared to some years back!

As for the SJ's donation, it is a pity because I wished that maximum Indians donated so that Reliance have to contribute the exact amount!

I dislike the fact that Reliance head is the World's richest man but he never ever try to take care of people from the North-East India. His wife Nita could set up a school with nominal fees in the states of North-East India. The North-East has been left out all the time in the rich-list of charities as well as that of celebrities endorsements.

People are willing to contribute in matters that are closer home - for example, there is a good NGO funded school in Manipur, then the rich of that state or NE will also pitch in as it is within their region and helping the people threin.

I request all the Corporates also to start looking east!

REPLY

NDey

In Reply to Caroline 4 years ago

Most of the high-profile NGOs with fashionable websites, healing camps by godmen, assured huge govt. funding and corporate support, are floated by influential and rich families as personal profit-making ventures. The amount of money spent by the authorities of these NGOs, apart from their high cost life styles, on frequent foreign trips, etc. is in itself an indicator of the amount of moneys siphoned off for personal/family expenses!@ It is a different question why income tax people keep quiet and for what "consideration".

Caroline

In Reply to NDey 4 years ago

Even a simple person like me knows that most of the influential people right from the Tatas to the Birlas to the Reddys to the Ambanis are just showing the world that they care by setting up high-profile NGOs which are actually a front for their unaccounted for money!


Otherwise, how else will you explain, the so called charity ladies posed in glossy magazines with lots of facts and figures but the true fact is that, the money they managed to launder from other HNIs are used by them for the vain lifestyle like flying out of the city during the rains to better climes in Europe or the Carribeans!! They just don't bother that the money that others donated to their charity was given for the underprivilege, not their vainful ventures!!!

Indians rich has the perpetual mentality of a Feudal Lord and it is not going to change in the next generation also, or may be more!

They can feed an entire village of malnourished children for 100 years but they prefer to jet-off to foreign locales or buy that expensive jewellery!

I don't know how they managed to sleep - Arundhati Roy was so right in calling the Capitalist of India the real monsters!

See what they did? They strip the tribals areas of their G-d's given nature for their pertual un-ending greed and see, how many tribals ever become atleast a lakhpati??? NONE.

It is very much like the British looting the Indians of their wealth year after year! The Capitalist strip us of our natural resources and source of livelihood. And now they DARE to claim they CARE and set up FOUNDATIONS to HELP the POOR!

It's all CRAP of the lowest kind!

DrSharmila Rao PN

4 years ago

Donations are made when people empathize with the cause, maybe people don't empathize with the humanity trust. I recommend you have a look too and see i this is what you would like to endorse. http://www.humanitytrust.com

REPLY

mld

In Reply to DrSharmila Rao PN 4 years ago

This is false garbage that is being circulated to sabotage the show. The money does not got to the Humanity Trust. If you dont watch the show, why dont you at least read the article? The 7 NGOs mentioned are doing exceptionally good work. And the money goes to them.
Another fact that people deliberately ignore - the show repeatedly says that the SMS is only one rupee - it is not the Indian Idol or KBC type of expensive SMS, which people do not seem to mind sending at all.
Maam you are a Dr... dont you think you should read and research before sending such vile stuff?

Shivkumar

4 years ago

It is amazing the kind of reactions some of the readers have given. Why should anybody taken it as personal. Only those who try to render genuine public service on a regular basis know how difficult it is to get adequate funds. Let us leave out the few rich NGOs.

In general, many Indians have a trader mentality where nothing is given for free, there has to be a trade off, "Mera Kya Fayda" is the underlying principle. This does not meant that there are no genuine donors, but they are very small in number. So let us take the observation in the right spirit and learn to accept our shortcomings.

venkatesh

4 years ago

If This is true then it shows some underlying economic problems
1,GDP figures of the Country is not the scale to measure the purchasing and donating power of the people.Every one knows we are having a jobless GDP growth.
2,SMJ is viewed maximum by the middle class and the Rural Population who at present are the ones going through a tough economic situation.How can one expect people to donate whole heartily.
3,People should know max donation for SMJ is done through SMS which cost Rs1 for each SMS,Collections are through this which is quiet a big size.

Sucheta Dalal

4 years ago

Murali

Our list of donors is available at http://foundation.moneylife.in/

Our activities at http://foundation.moneylife.in/promotion...

Our research and other work at : http://foundation.moneylife.in/topbar/85...

Our accounts are available with the income tax dept and charity commissioner. our donors dont want us to reveal quantum of donation and we have to respect their privacy. But nothing is hidden from the authorities.

REPLY

Murali

In Reply to Sucheta Dalal 4 years ago

Thanks, maam. Keep up the great work.
I am yet to hear from the other highly charitable Indians below :)

Murali

4 years ago

I see lot of self-praises about how charitable Indians are.
I also see a lot of praises for Sucheta & Moneylife Foundation which does honest work and also seeks donation. May I know:
1. From those who are praising Moneylife: how many of you have donated to Moneylife Foundation
2. From SuchetaL how much money have you collected as donations in the past six months?

Mallika Patlolla

4 years ago

Sucheta, being a finance person it is surprising that you make untenable presumption. Which is, Indian people are not charitable because they did not donate to AK charities. We donate to charities we know are doing good work, not to some charity sponsored by a Bollywood celebrity.

Charity has to be local, decentralized to be effective or else only the poverty peddlers do well not the needy people. Helping local poor kids/orphanages makes a big difference in these kids lives. organizing health checkups for maids and their children in your complex makes difference in these poor women's lives. Actually these are far more effective.

I and many others donate to charities like (i) Ekal Vidyala
(ii) Shankara Eye Foundation (iii) LV Prasad eye institute. All these organizations do yeoman service and their costs of administering aid are quite low. However I guarantee that these will not be showcased by this Bollywood celebrity.

REPLY

Sucheta Dalal

In Reply to Mallika Patlolla 4 years ago

You are completely wrong. The charities that you mention have been televised, show cased and depicted on films by some of the most well funded groups around the world.

In any case, it is not about the NGOs, just because Aamir Khan and SJM decided to help them does not mean they are celebrity- connected. In fact these are genuine organisations doing great work. Surely CHILDLINE does not look for an Aamir Khan certificate -- yet, the amount generated is miniscule!

Mallika Patlolla

In Reply to Sucheta Dalal 4 years ago

I never said Shankara eye foundation, Ekal Vidyalaya are not depicted in films. I said "guarantee that these will not be showcased by this Bollywood celebrity(AK)".

I meant to say that funding received by charities profiled by AK show is no metric to judge charitable nature of Indians.

Satya Sai trust provided drinking water to drought hit Anantapur dist in AP entirely through donations from devotees(Hindus). Which successive govts in AP did not do. Akshyapatra also does stellar work again with donations. So, there are enough people who care. I am not rich/affluent by any means, I however donate a percentage of my pre tax income. And I never donated to AK profiled charities. That does not make me a 'non giving Indian'.

b.t.w I did not watch the show beyond the first episode.

dinesh

In Reply to Mallika Patlolla 4 years ago

This article was about the specific programme which went out of its way to encourage ordinary people to give in a simple manner. It didnt work. That's a fact. You can can draw any conclusion you like

ok

In Reply to dinesh 4 years ago

i think sucheta should change the title of this article. that would be fair. she should stop trying to defend her position and forcing her opinion on ALL INDIANS as to which NGO Charity she thinks is right and people MUST donate to those charities which she recommends. come on, get a life. As rightly said above by someone, always donate to local charity where you can see for yourself how the money is being utilized. That's the correct way to donate. India is full of conmen everywhere, dont throw your money down the drain, donate it where it matters and can be tracked to the end beneficiary. peace.

Prakash

4 years ago

As per the article, the SJ show is the only benchmark for the entire nation's giving ability or the intention to give. This premise and assumption is wrong.

There are many people who donate on their own and they don't need to wake up only after seeing SJ or display that they have woken up only by donating to the NGOs that SJ chooses.

I don't think it is right to condemn people of India on such a platform on the sheer assumption based on the number of donors to the show sponsored NGOs.

I myself donate to many trusts, hospitals, NGOs, etc. but it is based on my own research and let me tell you that the first thing I read in a Moneylife magazine is the last page of it to check if a worthwhile NGO is there where I can donate and have donated to some NGOs featured in Moneylife which have impressed me.

As rightly said in one of the earlier comments below, people have lost faith in NGOs as a small donor we do not have access and data to know wht that NGO is really doing with our funds and in many cases it does not reach the needy.

I strongly feel that making a statement 'INDIANS WANT TO GAWK AND NOT GIVE' is most unfair to we Indians as the author has based this very insulting statement only on the statistics and response to a TV show SJ.

This rather should have given fodder to the topic on this platform, that why NGOs have lost the trust of Indians that such a popular show also could not attract significant donations. Such discussion and research should have been intitiated on this platform which is known for catching the wrong doers rather than condemning the masses based on just one TV show.

I have tremendous respect for the author, the trustees, the organisation, their values, their body of work, and hence I feel let down.

REPLY

varadhachari

In Reply to Prakash 4 years ago

Dont fall for this lawyer battalion trick of countering anti graft crusader with prerequisites red herrings ANYBODYgood enough to fight graft Supersacrutiny of character by vested interests beneficieries of loot unacceptable

Sucheta Dalal

In Reply to Prakash 4 years ago

Mr Prakash. I thank you for your email and the kind words about us.
i think you mis understood the premise. Every NGO that wants to do good work, is struggling to raise resources. In our case, our programmes and donations are transparently displayed. Sure, not everyone does it and many spend on conferences and travel, which we dont.
Having said that, a programme of this size, scope and resources, was the biggest thing to happen in the social space in the past 30 years.
Also technology made the process of giving ( just an SMS and just Rs 1) so easy, that one expected it to be transformational.
When this fails, you wonder what will work. It will be a pity if NGOs end up doing deals with dubious funders, or simply close down for lack of resources.
Respect is certainly earned and tough to maintain - but one needs resources to make a difference! And ideally, the resources must come from people who BENEFIT from the help they have received. Only that will ensure we have truly INDEPENDENT NGOS that are not beholden to government for funding or corporate groups / multilateral institutions.
Think about it. Most NGOs will tell you that you cannot survive without government funds. But then can you be independent? And dont the people who benefit feel the need to give voluntarily? Or will they too remain perpetually suspicious?
best

SP

In Reply to Sucheta Dalal 4 years ago

With due respect to you Sucheta, I feel Prakash is right.
I have worked with Charitable institute and dealt with Charity commissioners office and the Income Tax dept.
The trustees can be termed as politicians
Therefore I am now more discreet and choose to be charitable to the society within my immediate reach.

Prakash

In Reply to Sucheta Dalal 4 years ago

Dear Ms. Dalal,

Trust me, you hold a very special place in my list of honourable and honest people.

Coming to the point of discussion, I must tell you that your reply is slightly deviated from the main topic. It seems when I mentioned NGOs in general, you are talking about your own NGO (which by far is an ideal model and doing a commendable job) which is why you mentioned 'resources must come from people who BENEFIT', but we are not referring nor discussing of donations to 'Moneylife' at this point of time. I think you have interwoven NGOs of SJ and general with your NGO.

As far as SMS and Rs. 1 is concerned, many people of India are aware that the real money for sponsors lie in receiving SMSs from audience from the experience and stories of SMSs in KBC.

I do not feel that just because people did not donate or respond by SMS means people of India do not donate. Agreed that the philanthropy fever may not have caught as much with our corporates as other parts of the world, but India surely donates when the need arises and unfortunately even that time the resources do not reach the needy.

If Moneylife suggests that SJ should focus an episode on Lawyers because of corruption and malpractices involved in the profession, then I also suggest SJ should focus an espisode on the dubious workings of many of the NGOs and expose them.

anonymous

In Reply to Sucheta Dalal 4 years ago

brilliant comment by Mr Prakash. rather than running NGOs with scarce resources and beg for govt money, one should get a proper job and using his money and time and effort and contribute to social work at local area. get rid of this stupid useless NGO model. we DONT need it. we need community driven society and more power to local communtities. these days u see ads for NGOs everywhere; where do they get the money for all such showoff and ads ? surely moneylife doesnt do it but most others do. they hire MBAs and marketing ppl to gather fat donations (by hook or crook) which they use for what ? who knows ? just search naukri.com for NGO jobs and you will see the reality for yourself. yours, moneylife, is an exception, not the norm. NGOs are mostly used these days for vested interests by corporate groups and politicians for getting govt funds, no other purpose. NGO concept has lost its purpose, so should be dissolved.

indian

4 years ago

99% people in india (incl the rich) NEVER donate, they GIVE AND TAKE. they give to godmen so they get all their stupid wishes fulfilled, thats why 1000s of nirmal babas thriving all across India. religious books say that we should DONATE 10% of our income to charity + social causes + religious places maintenance. but how many Indian ppl actually do that ? they give excuses like we pay taxes so why donate and blah blah blah. esp the current 60+ age generation is very misery and selfish and corrupt and non-changing and adamant and superstitious and fearful always. its upto the young ppl to get rid of this old style mentality.

REPLY

merabharatmahan

In Reply to indian 4 years ago

Truly spoken. Even their dealings with God are transactional - if you help me pass, if I get a rank, if I get a house, if i get a baby boy, if my daughter finds a husband etc, I will donate a golden chhatri, a shawl , feed people , cash, chains and so on...
Nobody pauses to think about it - its called Mannat!! And it cuts across all religions. Mount Mary, Sai baba, Mahim Church, Ajmer Sharif, Tirupati and Siddhi Vinayak all bear testimony!

AM

4 years ago

Well, after all you are expecting that part of the population that is behind most of social evils to give.

Varadhachari

4 years ago

Indians are tired of giving under compulsion to criminals in power A nation of billion votes in criminals to power-never criminals jaiked or loot recovered-So you cant compare free world honestly governed people to loot weary Indians Instead of endless manipulated CBI INVESTIGATIONS GRILLING show some results You will get flood of donations

REPLY

ok

In Reply to Varadhachari 4 years ago

yes, agree. anna ji and ramdev ji get crores in donations because they are fighting for the ppl, not for some fake NGOs. 99% NGOs are bad and politically motivated. ppl have lost faith in the entire system, thats why all the hesitance while donating.

varadhachari

In Reply to ok 4 years ago

Rare2find suport4his cause as astronomical loot enables criminalUPApurchase press every channel whatever priceSo u find extraordinary BALANCEof views-balance that equates Godse with Gandhiji

varadhachari

In Reply to ok 4 years ago

Missing elephant4ant-Politicos swindle money extracted from you under penalty jail term if u dont pay-is worst These conning by ""SOME"" NGOs of VOLUNTARY DONATIONS received hardly can match it.

varadhachari

In Reply to ok 4 years ago

When politicos worship looted money amass astronomical wealth Press stigmatize voluntarty donations-calls it SAINT SEEKING MONEYCriminalMedia trumpets this crooked argument-

Anand Halve

4 years ago

Before we start getting all het up about the un-charitable-ness of Indians because they didn't support charities on the SJ show, look at the money collected for charity by the Mumbai Marathon. 9.16 cr in 2010, 12.16 cr in 2011, 16.07 cr in 2012. So maybe the problem is not with Indians but with the specific viewers of SJ?!

REPLY

shanti kumaran

In Reply to Anand Halve 4 years ago

Or maybe the runners personally push and we give when we cant say no? Many of those who run are hugely influential people , celebrities and finance sector bosses / doctors. Check the profile. I dont think there is a comparison.
The SJM show is the best yardstick for whether one voluntarily donates ... but yes, I think instead of the silly song at the end and showcasing Reliance Foundation, Aamir Khan must show case the work of the NGOs a little more -- other than specific examples depicted in the show!

aseem bajpai

4 years ago

its simply shameful on the part of us....
even more shameful for those who did not support the cause just because they got misguided by the emails that the donations were for muslims only....

so what? a jeopardy has no religion so should be the helping hand's

REPLY

varadhachari

In Reply to aseem bajpai 4 years ago

It is insane to be deliriously GOODWILLed when one only wants to exploit your mental deficiency Goodwill unreciprocated is called slavery virtue out of compulsion For some blood is thicker than water-you seem to have gangajal for blood

Pramerica Power Sip: A new approach, but beware of the pitfalls

Pramerica’s variation of the traditional SIP may seem like a good strategy but investors should know that portfolio performance depends far more on selection, price paid and weightage of stocks in the portfolio

Under a Systematic Investment Plan (SIP), an investor invests a fixed amount of money every month. This has been touted as a great investment strategy but as our cover story (now on the stands) makes it clear, SIP cannot be used mindlessly. There are occasions when SIP can even lead to a capital loss.
Fund companies have SIPs of varying kinds to get over the performance problem of plain vanilla SIPs. Pramerica has now come out with what it calls "Power Sip". It is an investment plan under which the amount you invest each month is determined by the Sensex trailing P/E. This approach is based on the principle of mean reversion, which means, prices and returns eventually move back towards the mean or average. By popular belief, P/E ratio can be used to predict the future movement of stock prices.  Such arguments are based on the belief that P/E ratios are mean-reverting.

In theory, by comparing the P/E of the Sensex at the time of investing with the historical mean of the Sensex P/E, one can tell whether the Sensex is cheap or expensive depending whether it is below or above the mean. Thus if the PE of the Sensex is below the mean, it would be an opportune time to invest as prices may go up. But does this methodology work? It would if you are investing only in Sensex stocks.

Using the Sensex PE may be an error

Pramerica uses the Sensex PE as it is the general market indicator. Is that correct? We see several problems with this:

  • It is not Sensex but S&P Nifty which is the benchmark for the equity scheme. So why not use Nifty?
     
  • Better still the fund should have used the PE of the stocks in the scheme portfolio.
     
  • The PE of the Sensex is determined by 30 stocks some of which may or may not be in the portfolio of the equity scheme.

In sum, the actual PE of the stocks in the portfolio may be different. Whether the Sensex is cheap or undervalued, may not necessarily mean that the stocks in the portfolio have the same valuation level. Using Sensex PE was simpler but not quite the best option.

How does the Power SIP work?

In the Power SIP, your monthly investments would be routed through Pramerica Ultra Short Term Bond Fund, to either Pramerica Equity Fund or Pramerica Dynamic fund. The amount transferred to the equity scheme depends on the "Pramerica Multiplier Value" which is determined by the PE variation of the Sensex. This would range from 0 to 2 based on the level of variation of the Sensex PE from the mean. In the earlier version of the Power SIP launched in December 2011, the multiplier went up to four times. The reduction in the multiplier was done as per market feedback to reduce the frequency of capital calls to investors. According to the model developed by Pramerica if the PE falls 20% below the mean, twice the monthly instalment will be invested and so on, as per the table below.

Calculation of mean

One of the main issues in this approach, and one that has puzzled researchers all over is: How is the mean to be calculated? The mean of the trailing P/E of the Sensex from 2 January 1991 to 15 June 2012 works out to 20.80; the mean for the last 10 years works out to 18.36 and for the last five years works out to 18.82.

Mean reversion may be a good approach to start with but its implementation is not as simple. However, there are studies that show the P/E reverts to its long term average. Pramerica has calculated the mean taking a weighted average of the average PE of BSE Sensex since 1991 and the average PE over the last five years. This calculation has worked for them over different periods compared to the normal SIP strategy.

For the period from 2 January 2000 to 2 February 2012, the Power SIP has given a return of 16.26% compared to a basic SIP which gave an IRR of 15.03% in the same period. Even in one of the worst five-year period for SIP from September 1996 to September 1991, when the basic SIP gave an IRR of -5.29%, Power SIP returned -3.01%.

Should one go for it?

Though this approach has worked in the past, this is based on the return of the Sensex. The actual performance of the scheme depends on the performance of the equity schemes of Pramerica. However, both of the schemes were launched in December 2010 and do not have a sufficient track record. In the one-year period ended 15 June 2012, Pramerica Equity Fund returned -12.12% while its benchmark returned -5.64%, a huge underperformance. The Pramerica Dynamic Fund returned -4.76 in the same period.

In our recent cover story "SIP Smartly" (Issue dated: 28 June 2012) we have explained the facts and myths about SIPs and when it works and when it doesn't. We have mentioned that one should not be committed to an unnecessarily rigid SIP strategy and there should be some approach to timing the market. Pramerica has followed a valuation-based approach to timing, which is good to start with, but the performance of the schemes will finally tell what investors get. And while the performance of a portfolio can be influenced by some amount of broad market-timing, it can be grossly negated by the choice of stocks, price paid, and weights. After all, if you had bought various Reliance stocks in a portfolio three years ago when the Sensex valuation was cheap, your performance would have been dragged down badly.

User

COMMENTS

Ajay

4 years ago

Would it work if the strategy is used to invest in a Sensex based Index Fund ?

REPLY

Jason Monteiro

In Reply to Ajay 4 years ago

The strategy has worked on investing in the Sensex in the past as shown by Pramerica. And as it is based on the PE of the Sensex, an index fund of the same would seem a better option if it successfully tracks the index.

SEBI DGM denied bail in graft case by CBI court

When our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail that will send wrong signals to the society

Ahmedabad: A special court of the Central Bureau of Investigation (CBI) has rejected bail application of Averjeet Singh, the deputy general manager of the Securities and Exchange Board of India (SEBI) and his aide arrested by the agency in a bribery case, reports PTI.

Special CBI judge, KB Gujarati, while refusing to grant bail to Singh and his accomplice Ashok Mehta, observed that CBI has prima facie made out a case against the accused.

"Moreover, when our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail, that will send wrong signals to the society," Judge further observed in his order.

CBI had arrested Averjeet Singh and Ashok Mehta on 2nd June following a complaint by a city-based trader for demanding and accepting bribe of Rs10 lakh to clear his name in a case of market manipulation.

Singh was initially sent for three-day remand by the CBI court. The agency later sought further remand but the court refused.

The investigating agency then approached the High Court elaborating the need for five more days of interrogation in the case. Justice RH Shukla, on 15th June, granted further four days' custodial interrogation of Singh.

User

COMMENTS

Vaidya

4 years ago

I pray to GOD that this should not turn out to be the biggest joke of the year. Good Luck. Apart from auditing parties, IT was always free to investigate the individuals, and can do it now too. Do you need a microscope to see the gold chains, luxury cars, spending in very very costly hotels, multiple properties etc and not to forget the multiple PANs.

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