SP member stuns Lok Sabha, snatches copy of quota bill from minister

Shocked by Yashveer Singh's action, which caused commotion in the House, some Congress members led by Sonia Gandhi immediately came to the Well to stop him, which created a near scuffle like situation

New Delhi: In a shocking incident, a Samajwadi Party (SP) member stunned the Lok Sabha on Wednesday afternoon snatching the copy of the quota in promotion bill from Minister V Narayanasamy and was sought to be thwarted by Congress President Sonia Gandhi, reports PTI.


The sudden action of member from Nagina, Yashveer Singh came when Minister of State for Personnel Narayanasamy was moving the bill for consideration from the second row and Gandhi, who is also the UPA Chairperson, was occupying her usual front seat.


Singh had, meanwhile, passed on the bill to his party colleague Neeraj Shekhar which fell down.


Shocked by Singh's action, which caused commotion in the House, some Congress members led by Gandhi immediately came to the Well to stop Singh, which created a near scuffle like situation. The Congress members included K Bapiraju and Vilas Muttemwar.


This was because the SP members were already in the Well in strength vociferously protesting against taking up the measure.


The situation led to a verbal spat between the Congress and SP members.


Speaker Meira Kumar was so shocked by the incident that she abruptly adjourned the House for the day. .


Amid the melee, several Congress members rushed to the Well and surrounded Gandhi in an apparent bid to protect the leader who was being questioned by SP members for thwarting Singh.


Although the Speaker left the House, the commotion persisted.


In order to calm the tempers in the surcharged House, Parliamentary Affairs Minister Kamal Nath walked up to SP supremo Mulayam Singh Yadav who was surrounded by his party colleagues including Singh.


Congress members also sought to reach out to the BJP in the wake of incident but not to much success.


Samajwadi Party has been isolated on its opposition to the Bill which will ensure quota in promotion in government jobs for SC/ST employees.


BSP supremo Mayawati, an arch detractor of Samajwadi Party in Uttar Pradesh politics, has been seeking to take credit for the passage of the bill in the Rajya Sabha.


Terming the incident as "very deplorable and extremely unfortunate", Kamal Nath later told reporters, "We will urge the Speaker to condemn it and take action against the member."


"The Bill will be taken up tomorrow when the House meets," he said, maintaining that such an act "frustrates parliamentary democracy."


Nath said since Gandhi was closest to the spot where the snatching incident occurred, she asked the member to return the papers he had snatched.


"In democracy, if you are against something, you vote against it. But you can't do this. I condemn it. If they show such an attitude, there is no need for democracy or Parliament or the media," the Minister said.


Standard micro-insurance products to hit market soon

IndiaFirst Life Insurance said it expects IRDA approval in a month and then will introduce standard products in the market that can be sold off-the-shelf even through kirana stores

Kolkata: The proposed standard product on micro insurance for the insurance industry is expected to get the regulator's nod in a month's time and such off-the-shelf products would be available by March 2013, reports PTI.


"We hope that the standard product on micro-insurance for the insurance industry will get Insurance Regulatory and Development Authority (IRDA)'s approval in a month's time," IndiaFirst Life Insurance managing director & CEO P Nandagopal said on the sidelines of an insurance meet.


"We are waiting IRDA approval and soon after, we will introduce the standard product in the market that can be sold off-the-shelf even through kirana stores," he said.


The products will be in place within March, Nandagopal said.


Sector regulator IRDA had earlier said it was planning to develop 10 standard products in consultation with industry bodies which could be launched by the insurance companies without seeking regulatory nod.


Standard micro-insurance policy, or one of such products, is aimed to provide a comprehensive package of insurance cover relevant to persons belonging to the economically weaker sections in rural and urban areas.


Both life and non-life companies will offer a composite product with options of additional cover from both life and non-life, Nandagopal said.


Moreover, such standard product could be sold by both life and non-life companies.


IRDA would allow cooperative banks, regional rural banks, primary agricultural co-operative societies and individuals (shopkeepers, medical store owners, petrol pump owners, public telephone operators) to act as micro insurance agents.


Credibility of primary markets at stake: SEBI chief

SEBI chief Sinha said credibility of primary markets is at stake as retail investors on many occasions are left clueless about their returns as scores of stocks are trading way below listing price

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Wednesday cautioned the credibility of primary markets is at stake as retail investors on many occasions are left clueless about their returns as scores of stocks are trading way below listing price, reports PTI.


It also said investment bankers need to introspect their role on the price discovery mechanism for these markets.


"The credibility of our markets is at stake. The i-bankers need to introspect whether their behaviour challenges the entire merit-based versus price discovery mechanism or not. We need some amount of sanity in pricing and IPO disclosures," SEBI Chairman UK Sinha told a summit of i-bankers here in west India.


Stating that many of the newly-listed stocks are trading below listing price, Sinha said: "There is something wrong if two-thirds of the issues between 2009 and 2012 are trading below market decline levels. Call auction data show that volatility on opening day have reduced considerably.


"SEBI has noticed in some IPOs that due diligence wasn't done properly. Assets mentioned were missing or weren't even mentioned," he said.




4 years ago

That is the nature of the beast. . .

There is no free lunch. Those who apply in IPOs need to do with their eyes WIDE open.

Nobody questions the credentials of a third grade company if the price keeps going up after listing.

The odds of making money on listing are not very different from the odds of making money in a casino. The 'players' have to walk in with their eyes open . . . or just walk away.

Remember FaceBook IPO and its aftermath? -

Vaibhav Dhoka

4 years ago

Very few investor invest after reading the details as they are illiterate in terms of financial language.And this lacunae is used to grab in primary market.They go only on sentiments and mouth publicity,and finally looses money.Unless SEBI takes harsh steps small investors are bound to remain away from market.Then there is investor grievance mechanism which disastrously failure on part of SEBI. The same is mutual fund investment,when in IPO market value is low the same is reflected in low NAV of scheme,the issuer may boast of over subscription but ultimate looser is SMALL INVESTOR.

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