Sensex, Nifty may rally again: Thursday closing report

Nifty should rise above 6,115 gaining some strength

Thursday’s fall on the Indian bourses wiped off most of the gains of the past two days and brought a halt to the four-day winning streak. The fall followed from the weakness in the Asian indices and weak closing of the US market. Asian stocks declined Thursday as a private survey showed a faster-than-estimated drop in China's manufacturing in February. US indices were pulled down after the minutes from the Federal Reserve's policy setting meeting revealed little consensus about when short-term rates would begin to rise.


The BSE 30-share Sensex opened at 20,661 while the NSE Nifty opened at 6,127. The indices moved in a narrow range. The Sensex moved between 20,522 and 20,663 and closed at 20,537 (down 186 points or 0.90%), while Nifty moved in the range of 6,086 and 6,129 and closed at 6,091 (down 61 points or 1%). NSE recorded a volume of 50.51 crore shares.


The International Monetary Fund, in a staff report prepared for central bankers and finance ministers from the Group of 20, said on Wednesday that significant downside risks remain for the world economy.


US indices closed lower. Federal Reserve policy makers backed away from their year-old commitment to consider raising interest rates when unemployment falls below 6.5%. Minutes of their January meeting showed that several policy makers also said that in "the absence of an appreciable change in the economic outlook, there should be a clear presumption in favour" of continuing to trim the Fed's bond purchases by $10 billion at each meeting.


Atlanta Federal Reserve President Dennis Lockhart said he expects a mid-2015 interest-rate hike.


A larger-than-expected drop in home construction in January also weighed on sentiment. Construction on new US homes tumbled 16% in January to a seasonally adjusted annual rate of 880,000, with drops for single-family homes and apartments, according to Commerce Department.


Except for Jakarta Composite (up 0.12%) all the other Asian indices closed in the red. Nikkei 225 was the top loser (2.15%).


A Chinese manufacturing index fell to the lowest level in seven months in February, adding to challenges for Communist Party officials grappling with risks to the financial system from trust defaults and soured loans. The preliminary February reading of 48.3 for a Purchasing Managers' Index released by HSBC Holdings Plc and Markit Economics compared with January's final figure of 49.5.


Japan's trade deficit widened to a record in January on the back of surging import costs. The 2.79 trillion yen ($27.3 billion) shortfall reported by the Ministry of Finance in Tokyo today. Imports rose 25% from a year earlier and outbound shipments gained 9.5%.


Singapore's economy expanded last quarter after a pick-up in manufacturing at the year end, with the government predicting an improvement in overseas demand in 2014 amid a global recovery. Gross domestic product rose an annualized 6.1% in the three months through December from the previous quarter, when it climbed a revised 0.3%, the trade ministry said in a statement today.


European indices were trading in the red while US Futures were trading marginally lower.


QNet fallout? Pushpam Appalanaidu, MD of QuestNet India, arrested

Pushpam Appalanaidu, MD of QuestNet India was arrested at Chennai International Airport following a look out notice from the Andhra Pradesh CID. Appalanaidu, a Malaysian, faces 21 criminal cases of cheating for duping investors for Rs160 crore

Immigration authorities at the Chennai International Airport has arrested Malaysian Pushpam Appalanaidu, who is wanted by the Andhra Pradesh police in several cases of cheating investors for around Rs160 crore through multi-level marketing (MLM) schemes. Appalanaidu was known as managing director of QuestNet India, the previous avatar of QNet in the country.


According to a report from The Hindu, the 50-year-old accused, Pushpam Appalanaidu, a Malaysian, faces 21 criminal cases of cheating and the Prize Chits Money Circulation Schemes (Banning) Act 1978 too was invoked against her.


"Criminal Investigation Department (CID) officials had issued a look-out to Immigration officials in Delhi, which was sent to all international and domestic airports in the country. The woman was caught by authorities at the Chennai airport as she was about to board a flight for Malaysia," the report says.


Appalanaidu along with four other accused had floated a MLM company and indulged in alleged illegal company activities by collecting deposits from investors in Andhra Pradesh by promising high returns, CID official told PTI.


Following police action, both QuestNet and GoldQuest, the multi-level marketing (MLM) companies run by QI group of Malaysia shut shop in 2009. They now call themselves QNet, which is also under the lens and the economic offenses wing (EOW) of Mumbai Police as well as Enforcement Directorate are probing the operations of the company.


In India, it was registered as GoldQuest International India Pvt Ltd in 2001. Elsewhere QuestNet Enterprises was registered in November 2004 in Chennai. Between them, they had offices at Bangalore, Mumbai and Hyderabad.


Although QuestNet’s claims about its legitimacy was an important part of its sales pitch, government agencies too were uncomfortable about its operations and at that time the Intelligence Bureau (IB) sent out a report questioning its activities to several government agencies.


Both GoldQuest and QuestNet used to sell a pair of limited edition, numismatic medallions for around Rs30,000 that were made in Germany. These had images of Indian deities, the ka’abah, Bhagwan Mahavir, the Pope and Mother Theresa; it also had coins for major world sporting events-in fact, it had coins for every interest group. The coins were sold through closed-group presentations led by influential people - doctors, lawyers, sports stars - and the products were pitched at those who can cough up Rs30,000 for a pair of medallions of doubtful value (limited edition coins don’t necessarily appreciate in value). The emphasis at these meetings was on establishing the apparent legitimacy of the scheme by displaying documents about its tax filing, apparent government permissions and its ISO 9001:2000 certification.


However, the selling point was not the value of the coins or their potential appreciation. Each buyer of coins, who puts down 30 grand, was supposed to persuade two others to join the scheme and purchase coins. When that happens, the originator gets back a part of his money in line with a detailed matrix, which is spelt out on its website without indicating the exact returns earned.


Coming back to Appalanaidu, during August 2009, JR Mayer, the managing director of QI Group sent an invite to Moneylife's managing editor Sucheta Dalal. Mayer, in the letter, said, "Due to the legal challenges that both the companies have been facing, in India for over a year now it has unfortunately led to both companies being forced to halt their operations and temporarily close down their offices. However the companies are by no means non-existent. Thus the MD of QuestNet India, Ms Pushpam Appalanaidu has not been in any position to make media statements or invite the media to an open forum to answer questions about the two entities."


QI group units were actually banned in 2009 while operating under the names of Goldquest International Pvt Ltd and Questnet Enterprises India Pvt Ltd. In fact, the Ministry of Corporate Affairs in its report for 2010-11 has specifically shown both these companies as being under investigation by Serious Frauds Investigation Office (SFIO).


The EOW of Mumbai Police, which is also probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have also been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, similar to Appalanaidu.


You may also want to read…

QNet, the MLM has resurfaced in India; will people be duped again?



QNet: EOW freezes Rs45 crore in two bank accounts of the MLM



QNet, the MLM company, has no answers to Moneylife’s simple questions



QNet: EOW summons Michael Ferreira, the former billiards champion



QNet: Bombay HC rejects Transview plea to defreeze bank accounts




jitu moni

4 months ago
The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
Too much baggage
Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

Active player
Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.

Andrea Mascarenhas

8 months ago

I have purchased 5 of these QuestNet medals to total value o0f 1.5 Lakh.
I was introduced to this scheme by Bento residing in Mahim Mumbai.
Please keep me updated on your future meetings on my mobile 9029907304 by calling or sms. I want to know how to dispose of these purchases and recover the 1.5lakh and interest. I also have details of other contacts in a similar position.
Presently I am out of Mumbai but will be back next week.
Looking forward to hearing from you.


jitu moni

In Reply to Andrea Mascarenhas 4 months ago

Msg Fb page Qnet Scam


10 months ago


Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

1 year ago

Bluru QNet agent who earned 50L a yr as commission held
Mumbai: The Economic Offences Wing (EOW) has arrested Ram Singh, an accused in the Rs 1,000 crore QNet case, for earning Rs 50 lakh or more as commission each year from proceeds of the crime.

Singh, a Bengaluru resident, was arrested last week after the imigration authorities at Bangalore airport detained him over a look out circular notice (LOC) issued by the Mumbai police. "We are going through all his bank account details and trying to ascertain the source of money to his account," said DCP Pravin Padwal of the EOW.

Singh's name had cropped up during the initial investigation in 2013 but the police could not locate him then. In January 2015, a police team visited his Bengaluru residence but did not find him there. The house was locked. He is the 19th accused to be arrested in this case so far.

"We are working to arrest all the culprits in this case. A special investigation team has been formed to nab the othe accused invovled," said Dhananjay Kamalakar, joint police commissioner, EOW. Singh, said police sources, has been sending money to his daughter who is studying in Canada. "We have to know his source of income. He has sent a major chunk of money to Canada. We suspect this money was gained from QNet. Moreover, he was looking after the QNet business in Dubai and has been shuttling between Dubai and India. We got his passport number late. Soon after getting it, we issued an LOC notice and he was detained," said an officer.

A special MPIDA court in February this year rejected the anticipatory bail plea of Michael Ferreira (77) winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others, Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt Ltd and Suresh Themiri, director Transview Enterprises. They all have approached the high court now in the QNet case.

"They posed as a marketing firm which would sell bio-discs, watches, herbal products, holiday packages, etc. They even claimed that by using the bio-disc, one can cure cancer and brain diseases," cops said. Some money has been transferred to Malayasia, Singapore and Hong Kong, too, cops added.

jitu moni

1 year ago
Mumbai: The city's economic offences wing (EOW) is now looking into allegations that several Bollywood celebrities campaigned for the cheat firm, QNet, through advetisements or by promoting the schemes of the self-proclaimed marketing firm.

Gurupreet Singh Anand, complainant in the Rs 1,000-crore QNet cheating case, on Wednesday said at least four Bollywood actors promoted the Ponzi schemes at different times in the QNet's promotional programs in United Kingdom and Malaysia. He has submitted a 23-page letter wherein he has attached the celebrities' pictures promoting the programs.

"I have submitted letter and all the relevant information to the EOW on May 12. I am hoping some action soon," Anand told TOI. He alleged that the money was laundered from India to Hong Kong and Malaysia.

Anand was speaking at a press conference where suddenly a group of QNet sympathisers appeared with "I trust QNet" placards.. They were later asked to leave the conference room.

jitu moni

1 year ago

Hello Everyone

The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

Hope we all teach them a lesson and save other fellow Indians.

Jai Hind

jitu moni

1 year ago

Mumbai police seeks Zee business help in probe of QNet

jitu moni

1 year ago
A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

"We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

jitu moni

1 year ago
The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

jitu moni

1 year ago

The fight against the Qnet scam wheré more than 7000 crores of rupees has been laundered out to foreign shores from India has just got bigger.

The Saradha Scam which started mainly in Bengal looks relatively smaller compared to the Qnet scam which had defrauded people across various cities like Mumbai,Delhi,Bangalore,Hyderabad etc for over a period of 10 years.

To unite and protest against this MLM scam plaguing India, all victims,activists, are requested that they gather outside Holy Family church,Hill Road,Bandra West at 10.30 A.M. tomorrow 24th April,2016.

Various press and media agencies will be present to cover the event meet and address grievances to authorities.

The current government has taken note of the Qnet scam and matter will be taken up at upcoming Parliament session.

All Indians are cordially invited to support the cause and join in the protest. We need to end the scam by spreading awareness and recover the money taken away by the scamsters.

A request to all to please forward this message on Facebook, twitter and WhatsApp groups... Jai Hind


1 year ago

Six persons have been arrested for allegedly running a marketing scam through the company Qnet.

According to the police, the company is engaged in a ‘chain link multilevel marketing’ scam. Persons were encouraged to pay Rs. 2,500 and join as ‘members’ with the promise of high commissions for getting more members into the organisation, said the police who received ‘numerous’ complaints. Over 100 people were ‘duped’ into joining, says a police release.

Members could offer ‘packages’ that cost between Rs. 40,000 and Rs. 3.75 lakh, and would get commissions up to 30 per cent for enticing others to avail these packages.

The Central Crime Branch, fraud and misappropriation squad, raided the company’s office at Byappanahalli on March 13 and arrested six persons. A release said Amit Soni (34), Ashok Sharma (33), Rakesh M. (33) – all from Mumbai – Nikunj Kumar (29), Avinash Shah (32) and Ankit Kandel (34) – all from Kolkata – were arrested.

However, a company spokespersons said the charges are ‘baseless’ and the operations – which includes networking – had been ‘misconstrued’ as a Ponzi scheme.

Agyat Vyakti

1 year ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover

jitu moni

1 year ago
The special court has rejected anticipatory bail applications of two directors of Vihaan, Suresh Thimiri of Transview as well as Malcolm Desai and Michael Ferreira, the stakeholders of Vihaan that handles QNet's MLM operations in India

The special Maharashtra Protection of Interest of Depositors (MPID) Court on Tuesday rejected anticipatory bail applications of five accused in the multi-crore QNet scam. This includes, Srinivas Rao Vanka and Magaral Veervalli Balaji, both directors of Vihaan Direct selling (India) Pvt Ltd, Suresh Thimiri, director of Transview Enterprises India Pvt Ltd, Malcolm Nozer Desai, who is 20% stakeholder in Vihaan and Michael Joseph Ferreira, former world champion of billiards and 80% stakeholder in Vihaan.
The Economic Offences Wing (EOW) of Mumbai Police, which is probing the case, had invoked the stringent MPID Act against controversial multi-level marketing (MLM) company QNet, which has denied any wrongdoing on its part.

Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Thimiri's company Transview.

The EOW had booked several accused including the former world champion of billiards and five companies related with QNet, under the MPID Act. This means all the cases against QNet, Vihaan and all those involved in the MLM scam would be heard before the special MPID Court. Until now, the accused were being investigated for cheating and forgery under the Prize, Chits and Money Circulation Schemes (Banning) Act 1978, and for money laundering by the Enforcement Directorate (ED).

In February 2014, the ED registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”

jitu moni

2 years ago
MUMBAI: Investors who lost their money in major scams and multi-level marketing's cheating cases can heave a sigh of relief now. The state government has appointed 49 new competent authorities (CAs) to take decision in as many as 101 cases regisered under the strinent law, The Maharashtra Protection of Interest of Depositors (MPID) Act. This will help to dispose of as much as Rs 10,000 crore of investors that is stuck in over a hundred cheating cases' legal battle.

Earlier, the city economic offences wing (EOW) had only two competent authorities. "CAs will proceed with the procedure of disposal of properties and realisation of money for repayment to the investors. It will expedite the process of recovery and will help the victims who have been cheated to get their money back," said Dhananajay Kamalamakr, joint commissioner of police and EOW chief.

The big cases where these CAs will focus first include the cheating cases incluidng National Spot Exchange Limited (NSEL), QNet, SpeakAsia, fixed deposit scam led by Sheesha lounge owner Mohammed Fasih and the Mumbai District Cooperative Bank. SpeakAsia alone has over 24 lakh investors. The money lost in this case is over Rs 2,276 crore while investors' over Rs 6,000 crore is stuck in the NSEL case.
TOI had on October 11, 2015 reported about that as many as 62 cases under the MPID act were pending in a city court due to non-appointment of a competent authority. While seized properties of the accused in all the above cases await disbursement among the victims, the city police has sent a proposal to the state for several amendments including the appointment of CA for a speedy return of public money, said police sources. More than Rs 10,000 crore public money is stuck in MPID cases in the city alone, they said.

"Earlier, non-appointment of competent authority defeated the objective of the enactment of the MPID Act," said an EOW officer. While an investigating officer probes the criminal part of a case, the civil aspects such as the attachment of properties, sale-realization of properties, and disbursement of sale proceeds to the victims are exclusively in the domain of the competent authority who is a revenue officer of deputy collector rank.

"It is observed that competent authority has been appointed in 23 cases in the city MPID cases earlier, notification of the properties in the official gazette is yet to be published. Hence, it would be better to have CAs with independent portfolio for MPID cases," said a senior IPS officer.

Major cases where the appointment of competent authority will give relief to investors:

· NSEL Rs 6,000 crore
· SpeakAsia Rs 2,276 crore
· QNet Rs 425 crore
· FD scam Rs 325 crore
· Mumbai District Cooperative Bank Rs 119 crore

jitu moni

2 years ago

In a setback to voiceover artist Tarun Ratnani, the Bombay high court turned down his application seeking waiving of trial court order asking him to furnish a bank guarantee of Rs 35 lakh failing which the investigating officer would sell his BMW car and deposit the amount with bank registry as security in the Rs 800 crore QNet scam.

The prosecution’s case is that Ratnani is one of the main accused in the scam and during the course of investigation, it was revealed to the investigation agency that the appellant has purchased the said vehicle by using the proceeds from the aforesaid crime.

Considering this, the police had seized the BMW that belonged to Ratnani; however on his appeal, the special MPID judge issued a direction to release the said vehicle subject to the appellant furnishing bank guarantee of Rs 35 lakh and indemnity bond of the same amount within a month, failing which the investigating officer was directed to sell the said vehicle and to deposit the sale proceeds in the name of registrar of sessions court for an initial period of five years pending the trial.

Ratnani, through his lawyer, had requested the court to give back his car on indemnity bond without a bank guarantee of Rs 35 lakh. He had contended that he had sold his old car and used Rs 4 lakh from the profits earned from QNet investments and the remaining was paid through loans so it cannot be said that the car was bought from money earned from QNet and hence the car should be handed over to him on bond. He also assured the court that if investigating agency comes to the conclusion that the car was bought entirely from the proceeds of the alleged crime then he would reimburse that amount.

However, the division bench of acting chief Justice V. K. Tahilramani and Justice A.S. Gadkari rejected his application and held that the trial court has not committed any mistake in passing the impugned order.

Has SEBI stopped updating PMS data on its portal?

On the SEBI website, the portfolio management scheme or PMS data is available only for CY2013 and data from January 2014 onward is not yet updated

Moneylife’s continuous efforts and battle  made Securities Exchange Board of India (SEBI) to put up portfolio managers’ monthly report on its website. However, the market regulator—the SEBI has not updated on its portal, the information on portfolio management services (PMS) after December 2013. SEBI page which shows Portfolio Manager Monthly Report’ have three options; one is to select company name and other two gives options to choose year and month. However, the ‘year’ field provides for just 2013 and it has not been updated to 2014.

Moneylife had fought hard and won a case against SEBI through Right to Information (RTI) application and appeals. The Central Information Commissioner (CIC) had ruled that SEBI has to upload data of PMS schemes on its website. Following the directions, the market regulator started uploading information about the performance of PMS since April 2013. However, the information shared by SEBI on PMS is of no value for retail investors as it provides monthly company-wise consolidated data instead of scheme-wise data.

According to Section 14(iv) of the SEBI (Portfolio Managers) Regulations, 1993, PMS companies should disclose “the performance of the portfolio manager provided that the performance of a discretionary portfolio manager shall be calculated using weighted average method taking each individual category of investments for the immediately preceding three years and in such cases performance indicators shall also be disclosed.”


SEBI mandates PMS provider companies to disclose their performance and assets under management (AUM) for past three years on annual basis (not on monthly basis) and upload it on their respective websites. However, SEBI itself has not updated the same on its website. PMS information, which is uploaded by SEBI, is not enough to provide historical performance data. This means, there’s no way to know how a PMS has performed in long term and throughout past few years of its existence!

We found out (Read: Portfolio Management Schemes: Will Your Portfolio Blow Up? ) that the monthly report uploaded and yet not updated, are in a format, which makes it nearly impossible to download and compare with other PMS schemes, unlike mutual funds. To make matters worse, only one report at a time (i.e. one company and one month) can be viewed (and not downloaded) on a website, which is not user-friendly and extremely slow (despite using leased line for internet access). Hence, it is not easy to compare the patchy data that is available on SEBI website and make an informed decision.


The minimum amount required to invest in PMS schemes is Rs25 lakh. Yet, the patchy data available in public domain about PMS scheme makes it more difficult for retail investors to make an informed decision. Hence, it requires in-depth research and serious homework on not only the investors’ part but also advisors’ too before investing in such PMS schemes. Hence, we also did an analysis on, PMS Performance: The Good, the Average and the Ugly.


You may also like to read…


SEBI’s system of reporting PMS data continues to be frustratingly anti-investor

Portfolio Management Schemes: Our online survey results

SEBI’s warped ideas about PMS data disclosure

PMS Performance: The Good, the Average and the Ugly

Portfolio Management Schemes: Will Your Portfolio Blow Up?

Investors kept in the dark and hard-sold poor PMS schemes, due to bad disclosure practices


Ignoring SEBI rule, PMS companies refuse to disclose data

Arrogant SEBI’s response to RTI is shocking

SEBI still not ready to share PMS data despite CIC order

Power of RTI: CIC directs SEBI to disclose all information related to PMS


SEBI misrepresents public information on PMS as fiduciary; offers mindless response to simple RTI query



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