Shilpa Shetty's new venture, Satyug Gold enables customers to accumulate physical gold in small quantities on a monthly basis for a minimum investment of Rs50 per day
Satyug Gold, a firm promoted by actress Shilpa Shetty and her husband Raj Kundra, has launched a gold systematic accumulation plan ‘Satyug Mera Gold’, wherein customers can buy gold for Rs50 a day.
"Gold has always been an important part of our culture and a safety haven when markets become turmoil. We have seen Gold give good returns in the past years and above all is a very liquid asset, said Shilpa Shetty Kundra, who is also the chairman of Satyug Gold.
According to a statement released by the company, Satyug Mera Gold Plan (SMGP) enables customers to accumulate physical gold in small quantities on a monthly basis through the benefit of 'Monthly Rupee Average Pricing'. Customers can enrol through the company’s website or visit any of the 450 Karvy branches located in 400 locations across the country. Gold coins of 24k with 999-purity of one gram, 2 grams, 5 grams, 10 grams, 20 grams and 50 grams are available for sale. The monthly instalment can range from one to five years.
Raj Kundra, chief executive of Satyug Gold, said the company would offer gold at a price lower than the top five leading jewellers and banks, as it sources gold directly from miners in South Africa, Peru and Ghana. The bullion is processed at the company’s refinery at Navi Mumbai. “We do not charge any processing charges or making charges, except for the tax levied by the Government,” he added.
The company has tied up with IDBI Trusteeship Services, a joint venture promoted by IDBI Bank, LIC, GIC and Karvy Computershare for processing investor applications. Brinks India would provide the logistics and vault services.
SEBI said Jayesh C Shah and Jaiprakash Jain executed synchronised trades in shares of Hit Kit Global Solutions creating artificial volumes and were aided by Galaxy Broking and Shree Hari Hira Stock Broking
Market regulator Securities and Exchange Board of India (SEBI) has ordered attachment of bank and demat accounts of four entities to recover dues worth about Rs30.66 lakh in a case related to fraudulent trading in shares of Hit Kit Global Solutions.
SEBI has to recover Rs11.38 lakh from Jayesh C Shah, Rs8.55 lakh from one Jaiprakash Jain, Rs7.17 lakh from Galaxy Broking and Rs3.54 lakh from Shree Hari Hira Stock Broking.
The dues include penalties imposed on the entities for violating norms related to prohibition of fraudulent trading activities in the capital market.
It was found by SEBI that Shah and Jain had executed synchronised trades in shares of Hit Kit Global Solutions that had created artificial volume in the scrip of the company as well as had manipulated its share-price.
Besides, Galaxy Broking and Shree Hari Hira Stock Broking had aided and abetted their clients in the manipulative activity thereby violating prohibition of fraudulent trading norms as well as stock brokers rules.
In four separate attachment orders dated 7th July, SEBI has asked banks to attach all accounts including lockers held by the entities.
Similarly, the regulator has directed depositories - NSDL and CDSL - to attach all demat accounts of the defaulters.
SEBI informed the banks and the depositories that there was “sufficient reason” to believe that defaulters may dispose of the amounts in the accounts and “realisation of amount due under the certificate would in consequence be delayed or obstructed”.
The regulator has also asked banks to attach the lockers held by the entities as well as “all other amount/proceeds due or may become due to the defaulters or any other money held or may subsequently hold for or on account of defaulter”.
It has further ordered the banks and depositories that with immediate effect no debit would be made in these accounts until further directions from the market regulator. However, the credits, if any into the account maybe allowed, SEBI said.
The watchdog has also asked for various details of the accounts held by the entities including account statements.