Regulations
SEBI warns investors on fraudulent fund collections; issues list of 233 companies
Some unlisted companies are luring retail investors by issuing securities including NPS, NCDs in the garb of private placement, warns SEBI while issuing a list of 233 such entities
  
Market regulator Securities and Exchange Board of India (SEBI), while warning investors about investing money in dubious investment schemes has issued a list of 233 companies, including Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd that are fraudulently raising money from public.
 
In a release, SEBI said it has taken action against 233 such entities for issuance of securities in the form of non-convertible and convertible preference shares (NPS-CPS), non-convertible and convertible debentures (NCDs-CDs) and equity shares to public, without complying with the prescribed provisions of law. As on 15 March 2016, SEBI said it has taken action against 233 companies in such cases.
 
Majority of the companies against whom SEBI has taken action are from West Bengal, followed by Odisha and Delhi. 
 
The companies against which action has been taken include Kunnamkulam Paper Mills Ltd, SGI Research & Analysis Ltd, Prayag Infotech Hi-Rise Ltd, Vibgyor Allied Infrastructure Ltd, Kolkata Weir Industries Ltd, Ramel Industries Ltd, Regenix Drugs Ltd, Real Tulip India Ltd, Micro Leasing and Funding Ltd, Swarnabhumi Developers Ltd, SLB Invest (India) Ltd, Basil International Ltd, Greater Kolkata Infrastructure Ltd and Sukhchain Hire Purchase Ltd. 
 
Moneylife has been constantly warning investors about not investing in such fraudulent companies. Some of the companies on which Moneylife wrote include, Pailan Agro India Ltd, StockGuru India-SGI Research & Analysis Ltd, and Ramel Industries Ltd. 
 
Here is the list of companies, which have violated SEBI regulations…
 

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COMMENTS

Dr N Balasubramanian

1 year ago

What is it in West Bengal that attracts such a vast majority of breaching companies to violate regulatory norms as this SEBI list suggests? Seems to be an interesting project to study the antecedents of the promoters and directors to ascertain if there is a recognisable trend that encourages this large scale non-compliance!
Prof Bala
Dr N Balasubramanian

CBI issues non-bailable warrant against senior UP IAS officer
Lucknow : A CBI special court has issued a non-bailable warrant (NBW) against senior Uttar Pradesh IAS officer Rajeev Kumar over a plot allotment scam, an official said on Thursday.
 
Special Central Bureau of Investigation Judge G. Sridevi issued the warrant against Kumar for his role in the scam in Noida. 
 
He was sentenced to three years on November 20, 2012.
 
Kumar, who was appointed secretary in the state, was indicted by special CBI judge S. Lal in 2012, along with former chief secretary Neera Yadav. 
 
He had approached the Allahabad High Court against the order.
 
The court, however, dismissed his petition for relief after which the state government was forced to remove him from his post. 
 
Yadav surrendered in the Ghaziabad court on March 14. 
 
She is being held in the Dasna jail in Ghaziabad district. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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US Federal Reserve keeps interest rates unchanged
Washington : The US Federal Reserve kept its benchmark short-term interest rates unchanged amid potential risks to the US economy, signalling the central bank will slow the pace of future interest rate hikes this year.
 
In a statement released on Wednesday after a two-day policy meeting, the Fed said US "economic activity has been expanding at a moderate pace despite global economic and financial developments in recent months," but these developments continue to pose risks, Xinhua news agency reported.
 
In December, the Fed raised its target range for the federal funds rate by 25 basis points to 0.25-0.5 percent, the first rate hike in nearly a decade, marking the end of an era of extraordinary easing monetary policy.
 
But the turmoil in financial markets and a slowdown in global economy since the start of the year has raised increasing concerns about the strength of the US economy, forcing Fed policymakers to hold off on any further rate hikes since then.
 
In its January policy statement, the Fed declined to make a judgement about the balance of risks to the US economy, an indication of the uncertainty about the impact of global economic and financial turbulence on the world's largest economy.
 
The changes in the statement on risks signaled that Fed officials are inclined to wait for more time to assess the US economic outlook before raising interest rates again.
 
"We should not take the strength in the US labor market and consumption for granted," Fed governor Lael Brainard said in a speech earlier this month. "From a risk-management perspective, this argues for patience as the outlook becomes clearer."
 
The Fed's updated projections released on Wednesday showed that policymakers expected the federal funds rate to rise to around 0.9 percent at the end of 2016, implying two quarter-percentage-point rate increases this year, down from four estimated in December.
 
"Most participants do continue to envision that if economic developments unfold as they expect that further increases in the federal funds rate will prove appropriate over time," Fed Chair Janet Yellen said on Wednesday at a press conference after the policy meeting, indicating the central bank is still on track to raise interest rates later this year.
 
As the US economy approaches full employment, wage pressures are expected to start rising and pushing up inflation towards the central bank's 2 percent target, according to Fed officials. This gives the central bank reasons to consider raising interest rates to prevent the economy from overheating.
 
The US unemployment rate held steady at 4.9 percent in February, near the level many Fed officials believe represents full employment.
 
The economy added 242,000 new jobs last month, more than twice the minimum amount of monthly job growth needed to stabilize the unemployment rate, according to the Labor Department.
 
The so-called core PCE (personal consumption expenditures) price index, a Fed's preferred measure of core inflation excluding food and energy, increased 1.7 percent in January from a year ago, the biggest year-on-year gain since the end of 2012.
 
Stanley Fischer, vice chairman of the Fed, said earlier this month that the US may be seeing "the first stirrings of an increase in the inflation rate", suggesting he may be willing to raise interest rates in coming months.
 
"They need to find employment growth to start slowing down, because if it doesn't start slowing down, they're going to be behind the curve," Joseph Gagnon, a former Fed economist and a senior fellow at the Peterson Institute for International Economics, told Xinhua.
 
"That (the employment growth) has been strong. That's why they have to raise interest rates," Gagnon said, predicting that the central bank could hike interest rates as soon as its next policy meeting in April.
 
But about 76 percent of the business and academic economists polled by the Wall Street Journal this month estimated that the Fed would wait until June to raise interest rates.
 
The central bank's baseline expectations for US economic activity, the labor market and inflation "have not changed much since December," Yellen said, adding that "economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate." 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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