Citizens' Issues
Speak Asia can withdraw surveys anytime, says its legal advisor

Senior lawyer Ashok Saraogi has said that since Speak Asia is offering reward points for filling up surveys as an additional benefit, it can withdraw these if its contracts with its clients ends. Notably, not a single official from Speak Asia was present during the press conference called by its legal advisor in Mumbai

Speak Asia (SpeakAsiaonline.com) may stop sending surveys and thus paying money through reward points to its panellists anytime and whenever it feels so.

Mumbai-based senior advocate and Speak Asia's legal advisor Ashok Saraogi, said, "The company is not selling any surveys to panellists but e-zines to its subscribers. Surveys are offered as additional benefit and can be withdrawn anytime if the company's contract with clients comes to an end."

Speaking at a press conference today in Mumbai, Adv Saraogi claimed that Speak Asia is selling its magazine over the Internet, which is allowed under the existing law in India and the company is in the publication business. For the survey business, the company caters to around 50-60 clients, he claimed, without giving out any names. Although Adv Saraogi said that he is a legal advisor for Speak Asia, not a single official from the company was present at the press conference.

There are some news reports about the ownership of Speak Asia which claim that the company is owned by Podium Ring International, a Virgin Islands registered entity and not by Harinder Kaur aka Haren as she is known to all the panellists. Denying the media report, Adv Saraogi said, "Mr Haren and his wife own majority stake in Speak Asia. Its chief executive for India, Manoj Kumar, also holds some stake in the company."

When asked about the bankers of Speak Asia or the lenders used by the company for banking, Adv Saraogi said the company has accounts with ICICI Bank and ING Vysya Bank. However, he could not tell under which names the accounts are opened. Since Speak Asia is not registered nor has any know your customer (KYC) compliance; no bank would open an account using the company's name.

According to Moneylife's investigations, Speak India Network Marketing P Ltd, a registered entity in Mumbai, with Indian directors and Speak India Online, are collecting money from survey panellists and have accounts in ICICI Bank, ING Vysya Bank, State Bank of India and a dozen others. (Read more: The Speak Asia money trail ).

All the people who have enrolled with Speak Asia believe and have been claiming that they are getting money for filing out surveys. Some even said that they have not even heard about the e-zine, for which the company collects Rs11,000. Even the website of the company, the only place where it exists besides Singapore, says it is Asia's largest online survey company.

Adv Saraogi, however, says that the company's main product is the e-zine and survey and other activities are "side-products." Asked why then the company's site shows only the survey as the product, Adv Saraogi said, "Jismein jyaada paisa milta hai wohi dikhate hain (We display the products which gives us more money). Any company would like to show its best selling product and hence Speak Asia site shows surveys."

At present, Speak Asia does not offer any refund in case of cancellation of subscription, but Adv Saraogi said he would tell Speak Asia within a week, to allow discontinuation of subscription.

We learn from our investigations and this has been confirmed by Speak Asia officials, that the company is not registered in India and does not have any establishment or office in the country.

This makes it difficult to start proceedings against it, in case somebody wants to file a case. It becomes difficult to file a case in any police station as the company does not have any address in India and hence the police might refuse to lodge a complaint. According to Adv Saraogi, in such cases, one can file a case from whatever location he or she is present and has accessed the website. Police can register a complaint based on the IP address location, he said.

Adv Saraogi added that he would suggest to Mr Haren and his wife, the majority owners of Speak Asia Online Pte Ltd, to set up a permanent establishment in India.

Speak Asia, which claims to sell subscriptions for an e-zine called 'Surveys Today', issues electronic payment receipts. Adv Saraogi said that the receipts should be issued in the parent company's name. However, when pointed out that Speak Asia has been issuing payment receipts under different names, like Online Surveys Today, Haren Ventures Pte Ltd (HVP), the legal advisor said, people use names of subordinates or subsidiaries to lower tax burdens.

He even cited an example saying that he may ask his client to issue payment in his
subordinate's name, in case he owes some dues to his junior to lessen his own tax burden.   

According to media reports, the Ministry of Corporate Affairs (MCA) has started an investigation into Speak Asia and is working together with the RBI and the Securities and Exchange Board of India (SEBI). Similarly, Bharatiya Janata Party's national secretary, Kirit Somaiyaa, has filed a case against Speak Asia with the Economics Offences Wing (EoW), in Mumbai.

However, Adv Saraogi claimed that as per his knowledge, there is no case registered against Speak Asia anywhere in the country and they have not received any intimation either from EoW or any other authorities.

Mumbai-based Adv Saraogi is a senior lawyer famous for handling mostly criminal cases. He had defended extradited gangster Abu Salem in the 1993 serial blasts trial a few years ago. After the 26/11 attacks in Mumbai, he had even shown his willingness to defend one of the terrorists, Amir Ajmal Qasab, but later dropped the plan after agitations by the Shiv Sena. Last year, he had won a case against Sanjay Dutt over a financial row with producer Shakeel Noorani, which resulted in the attachment of the film star's house and office in Bandra.

In other case, Adv Saraogi also helped yesteryear's film star Manoj Kumar to remove a scene from 'Om Shanti Om' which the thespian had objected to. Shah Rukh Khan, producer of the film, complied.

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User

COMMENTS

pradeep

5 years ago

CONCAT NO PLEASE

pradeep

5 years ago

when it is going to start,please reaply sir

pradeep

5 years ago

please amount add to my account.myspeak asia id:preaddep84asia

pradeep

5 years ago

please amount added

parthiban

5 years ago

when withdrawal

Vadiraja K

5 years ago

Hello Sir,

when it is going to start please reply Sir soon.

Thank You,

sudhang

5 years ago

Is SAOL a fraud company or not ?Why can't any Govt Agency come forward to clear the mess, they themselves had created? What is the Truth?

arvind rawat

5 years ago

want to know?

nayeem

6 years ago

hello:
when it is going to start plz reply soon.

thank you

devendra

6 years ago

hello:
when it is going to start plz reply soon.

thank u

nayeem

6 years ago

hello ,sir
when speakasia start again for give money.

Jheeru

6 years ago

I have invested money in Speak Asia now daily morning i am seeing News on Speak Asia

vinay kumar

6 years ago

Why are you working like a duff and dumb? I cant understand why you are propagating against only SPEAKASIA and paid you for this malicious propaganda against one company. You know very well about dozens of other companies are running their businesses on the same pattern. Are you acting as their paid agents and silent against them. This is not true jounalism. I name few other companies such as Umart.com, Marketviewonline.com, Admatrix.com, Ram survey, Channel One Global Net, Ozone Networking, Pro On Line Marketing Pvt. Ltd, Ram Survey and Event Pvt. Ltd. and one more survey company of UK is working here in India. Go and hire some MBA,s to evaluate the business model of these companies and compare it with SAOL. Because journalists had no sense and ability to understand the even simple business. So speak about something against other companies stated above.

REPLY

ekta agaarwal

In Reply to vinay kumar 6 years ago

well said;me nd my all frenzzzzzz r with u .......... keep it up.........

GOVINDAN

6 years ago

Who is this Dr. Maddineni of NANO EXCEL MLM.

Is he a doctor?

Any idea about this man?

chandan salgotra

6 years ago

investigate speakasia if they are genuine give them green signal to work and if they are not take a strict action on them and make a regulatory for these companies

Shares prices struggling to rally: Friday Closing Report

The fall will resume if Nifty closes below 5,450. Above that, the resistance is at 5,580

Yesterday we had suggested that if Nifty closes above 5,450, there could be a rally. The Nifty traded above 5,450 throughout the say and closed above it. If Nifty stays above 5,450, there is a chance the rally may extend to 5,510 and further to 5,580. If the market goes down, the first support is at 5,300. However, the bias is negative.

The Sensex and Nifty opened at 18,200 and 5,451, respectively. A fall in food inflation for the week ended 7th May and a decline in global crude prices supported the gains. Capital goods, auto and banking sectors were in demand in early trade.

The market hit the intra-day low at the start of the day itself, after which it was inching higher except for a small dip following reports that the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8% for FY10-11. The intra-day low was at 18,161 and 5,433.

The fall was soon arrested and the indices once again started on their upmove boosted by the key European bourses opening higher. The post-noon session saw the market meeting its intra-day high, which happened to be a three-day high, at 18,429 and 5,518. The market settled with decent gain for the second day in a row. The Sensex rose 185 points to close at 18,326 while Nifty rose 58 points to close at 5,486. The advance-decline ratio on the National Stock Exchange was a positive 799:593.

Among the broader indices, the BSE Mid-cap index closed 0.61% higher and the BSE Small-cap index gained 0.49%.

BSE Capital Goods (up 2.31%, BSE Auto (up 1.37%), BSE Healthcare (up 1.34%), BSE Power (up 1.32%) and BSE Realty (up 1.31%) were the major sectoral gainers. On the other hand, BSE Fast Moving Consumer Goods (down 0.85%) and BSE PSU (down 0.01%) were the losers in the sectoral space.

Larsen & Toubro (up 3.57%) continued to hog the limelight, emerging as the top Sensex stock for the second day. Other main gainers were Cipla (up 3.22%), Bajaj Auto (up 3.05%), Tata Steel (up 2.76%) and Reliance Infrastructure (up 2.73%). The losers were led by ITC (down 1.82%), ONGC (down 1.17%) and State Bank of India (down 0.24%).

In a move that may spook Oil and Natural Gas Corporation's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8% for 2010-11 fiscal.

Of the Rs78,159 crore revenue that retailers lost on selling diesel, domestic LPG and kerosene below cost in the 2010-11 fiscal, upstream firms ONGC, Oil India and GAIL India have been ordered to contribute Rs30,296.7 crore, or 38.8%, sources in the know of the development said. ONGC has been ordered to chip in Rs24,892.43 crore, while OIL will provide Rs3,293 crore and GAIL Rs2,111.24 crore.

Markets in Asia settled mixed on the last trading day of the week as Japanese investors were worried about the recovery of the disaster-stricken economy. Stocks in Seoul gained after a steep fall in the previous session. On the other hand, uncertainty over China's economic outlook remained an overhang for the market.

Meanwhile, Tokyo Electric, commonly known as Tepco, posted a net loss of 1.25 trillion yen for the year ended in March, compared with a profit of 133.8 billion yen a year earlier. The loss, the biggest in Tepco's 60-year history, reflects costs to scrap damaged nuclear reactors at Fukushima Daiichi and a write-off of deferred tax assets with compensation payouts likely to depress profits for many years.

The Shanghai Composite shed 0.04%, the KLSE Composite lost 0.19%, the Nikkei 225 declined 0.14%, the Straits Times fell by 0.13% and the Taiwan Weighted was down 0.63%. On the other hand, the Hang Seng gained 0.16%, the Jakarta Composite rose 0.34% and the Seoul Composite advanced 0.76%.

Back home, foreign institutional investors were net sellers of stocks worth Rs34.41 crore on Thursday. On the other hand, domestic institutional investors were net buyers of equities worth Rs132.34 crore.

User

Websites providing ‘stock-options tips’: By all looks, another huge scam in the making

A number of websites have cropped up, trying to lure investors with dubious claims of more than 100% returns—why are the regulators silent?

Speak Asia is not the only company luring thousands of people with dubious claims and the promise of extraordinary returns. The legitimate options & futures trading market of the National Stock Exchange (NSE) is a happy hunting ground for shoddy online tip-sheets, luring the gullible.

The Internet is flooded with websites claiming accurate tips, as high as 99% in trading in Nifty Futures & Options, etc. These portals are luring people to subscribe to their various planswhich is nothing but virtual gambling.

Most of the trades are usually in the Nifty and individual stock options where average trading volumes on the NSE are about Rs1,00,000 crore per day. Of these, index options account for 65% of total volume.

A Google search throws up dozens of websites promising huge returns through their tip-sheets, but market regulators seem to be unaware of these portals.

The modus operandi of all these tip-sheet portals is similar. They claim 99% accuracy, provide various stock options plans on (weekly or yearly) subscription. On an average, two-three 'tips' are delivered via mobile text messages. A few punters deliver tips using online chat rooms.
 

  • For instance, a website CallOptionPutOption provides such trading tips ranging from stock options to Nifty Futures tips and Nifty Options tips. It claims 200%-500% profit per month on its stock options tips. For this 'plan', capital of Rs15,000 is required and tips are provided with one target price and one stop-loss. Subscription to this scheme ranges from Rs2,500 (monthly) to Rs20,000 (yearly basis). For another plan, 'Nifty Future Tips', it claims that up to 85%-90% tips are "profitable". 
  • Similarly, DayGains claims more than 92% accuracy with profit of Rs2.07 lakh per month in equity and profit of Rs3.70 lakh per month in commodities. It suggests intraday trading 'tips' and provides complete follow-ups for both stop-loss and targets till a position is closed. 
  • Another website, SuperNSetips, claims to teach the "best day trading techniques" along with "money management". It actually provides tips to generate the desired volume in a market at a single point and time. It says, "We give Full LIVE Yahoo support during market hours to our Paid clients. We can give you 99% accurate live market calls according to your plans." (Reproduced verbatim).
  • A portal called CapitalVia provides stock tips, stock futures tips, Nifty tips, 'Premium Stock Tips', option calls & put tips, claiming 85%-90% accuracy. It also claims that it will provide complete support via Web messaging and also provides a mobile number. One such plan is called 'Viva Pick' where the portal suggests one call for Rs6,000 promising 4%-5% returns on every call within one-three trading sessions!
  • Here's another one: Indian-Share-Tips. It claims "guaranteed returns" on 'Jackpot' tips, day trading tips, etc., for subscription ranging from Rs2,000 to Rs32,000, on a weekly to monthly basis, depending on the plan. Interestingly, it has a "Recovery of Money Plan", which is a 30-day money-back guarantee. The site claims, "We even provide a 30 days money-back guarantee for the said plan. Moreover, within this duration of 6 months; one will graduate to higher level of trading as a trader as this plan is personally monitored by Analyst himself and one will be able to make money with each executed trade." (Again reproduced verbatim, not corrected for grammar).
  • BestStockAnalysis claims to charge only on positive calls and not on negative calls. It charges Rs10,000 monthly as advance fee, deducting Rs500 for every positive call. On each segment it provides one-two 'ideas', claiming an average of more than 80% success ratio in its suggested calls.
  • DailyStockTips claims accuracy of above 87% and even promises that one can earn Rs50,000 in a single day from intraday share tips! Here's what the website says, "Even in this Volatile Market, We have given excellent share tips to our clients. Let the Market be Bearish or Bullish, Our Clients have always benefited from our Share tips. We invite you to become our Member and get benefit from our Share tips." 
  • Optiontips says, "Get one Nifty Options intraday sure shot tips services (with) 98-99% accuracy." Its 'Nifty Option Golden Jackpot' claims to have maintained 93% (and above) accuracy all the time with low investment and huge 20%-50% returns on a daily basis. On this plan, it also guarantees minimum 400%-500% monthly returns. Its monthly subscription is Rs5,000 per month. For its options 'sure-shot' plans, it claims 98% accuracy with minimum 900-1,200% monthly returns! 
  • NiftyfutureNiftyoption claims to offer positional and intraday tips on futures, options, 'Jackpot Calls', etc., with 80%-90% success rate in futures trading. It says, "Profits in Index Futures and Options services comes to 30-70 points on consistent basis irrespective of market." It claims to offer minimum 25% return per month on Nifty Futures and Options.

There are many more websites making such claimsHere are a few:

Obviously, if generating such high market returns was so easy, investors all across India-and around the globe-will be flocking to Mumbai. The blatant dubiousness of these claims is obvious even with a cursory glance at these sites. But a few might just bite the bait. The moot point is, while a Google search can throw up so many sites, why are the regulators silent?

User

COMMENTS

Stephy Wilson

2 years ago

Very Good blog and awesome writing too , and great thanks to the writer

http://supernsetips.com/best-niftyoption..." >Nifty Options Tips

Stephy Wilson

2 years ago

Very Good blog and awesome writing too , and great thanks to the writer

http://supernsetips.com/best-niftyoption..." >Nifty Options Tips

BIGPROFITBUZZ

4 years ago

Bigprofitbuzz is a well known advisory of indian share marekt.We always believe in profit no matter whatever the market bear or bull.Our clients always make profit.we provide intraday equity,future,option,nifty & commodity calls with high accuracy.wehttp://www.bigprofitbuzz.com" title="Share market"> STOCK MARKET NSE BSE TRADING TIPStry to give less call but more accurate so that you can earn some money without tension.We also give jackpot calls on a daily basis according to the market condition.You can make high profit in this by taking huge position.But always consider our levels to taking the entry in the call.We are not GOD of share market But we try to gain you high return Because only your satisfaction can only make us satisfy.
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Anand

5 years ago

If any one knows the secret of making money trading in options - why should'nt he /she do it himself or herself.
No one can make money in Options - sometimes you make to lose the very next time or at a latter date

sharetipsinfo

5 years ago

Wondering from where you can get best Nifty option trading tips for trading? Read on and find the way to find the right source

maryam

6 years ago

Excillent work by moneylife team. i receieve a regular sms from one such tips proivder comapny called BSA (BestStockAnalysis) claiming that their so and so called made a profit of rs.xxxx, on 50thousand investment. absolutely stupid on their part, as that 50thousand investment according to them will be either for margin or fno segment (both being highly risky), further company gives 4-5calls per day, but sends sms only for positive call, practically speaking the remaining 3-4calls will give losses several times more than the profit of their profit making call. Absolutely cheating. i wonder despite these service providers are running their web porbals for over years now, why isnt SEBI or NSE/BSE initating any time of action against them, as they violate all basic guidlines by SEBI, either these service providers are smart to manage SEBI or SEBI will wake up after any of the innocent investors takes law into their own hands agains these fraud web protals

nifty

6 years ago

Housing dreams of many middle class families is likely to be snapped, thanks to the Reserve Bank of India’s (RBI)’s announcement to hike interest rates by 50 basis points nifty ”nifty. All loans, incluing auto, home, personal and other corporate borrowings, are expected to cost more following the apex bank’s decision.

nifty

6 years ago

Housing dreams of many middle class families is likely to be snapped, thanks to the Reserve Bank of India’s (RBI)’s announcement to hike interest rates by 50 basis points ”nifty. All loans, incluing auto, home, personal and other corporate borrowings, are expected to cost more following the apex bank’s decision.

BEST STOCK TIPS INDIA

6 years ago

u r very true in that thing

option tips

6 years ago

good information

nserich

6 years ago

Your team is Bang on target
Some are advertising returns of 200-300 percent per month

this means that trader can convert Rs 1 lakh into 5314 crore in one year

This is just absurd
ref:http://nse2rich.com/98-accurate-intraday-sure-shot-nifty-tips-get-free-trial-of-stock-tips-are-they-real/

Deepa

6 years ago

Another website offering paid calls is vfmdirect.com. The advt is right on the first page. Whether they are registered with SEBI is also doubtful. The owner is one Kamlesh Langote who claims to be a technical analyst.

Policy

6 years ago

It's not the fault of the website owner, it's the fault of the person who wants double and triple returns in short period. If it is so simple, then why the so called nifty expert take money from bank on loan and double it themself.

REPLY

Gaurav

In Reply to Policy 6 years ago

Exactly... Thats my point as well.

If the guy is so good, why not earn from the market itself.

And if he/she is so good, share the calls for free (since money would already have been made from the markets

Hope, the foolish followers understand this point

Gaurav

6 years ago

Great Expose moneylife team!

Probably 100s of such websites

Another one I know of is http://www.moneymunch.com/our-service/

is Income Tax department keeping a tab of these websites and the earnings? The account numbers where deposits have to be made are openly available

rajabhat

6 years ago

list of fake market advisers.
http://www.tradersjudgement.com/stockadv...

REPLY

Sachin

In Reply to rajabhat 6 years ago

That is just a list of sites related to stock markets.

The list includes sites of NSE, BSE, moneycontrol, rediff etc.

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