Citizens' Issues
SS Mundra takes charge as Deputy Governor at RBI

Bank of Baroda's CMD Mundra assumed charge as RBI's deputy governor, a position that was lying vacant since April when Dr Chakraborty vacated office


SS Mundra, the chairman & managing director (CMD) of Bank of Baroda (BoB), took over as the new Deputy Governor of Reserve Bank of India (RBI) for a three-year term, on Thursday.


RBI has four deputy governors, but since April when Dr KC Chakraborty demitted office, the position of the fourth deputy governor was vacant.

Following Mr Mundra's appointment, RBI now has four Deputy Governors. Of the four deputy governors, two are selected from outside RBI, while the other two are from within. Of the two outsiders, one is a commercial banker and the other an economist.  Earlier in July, the central bank extended Deputy Governor HR Khan's term by two years. The other two deputy governors are Urjit Patel and R Gandhi.

Mr Mundra took charge as chairman and managing director of BoB in January 2013. Prior to his elevation, he was the executive director of Union Bank of India since 2010.

Born on 18 July 1954, Mr Mundra holds a Masters Degree in Commerce and is a Certified Associate of the Indian Institute of Banking & Finance (CAIIB). He started his career as a probationary officer with Bank of Baroda in 1977 and has more than three decades of experience in the sector.

Mr Mundra has also held key leadership positions such as the zonal head of the Maharashtra & Goa zone. He was also the chief executive of Bank of Baroda’s UK operations for three years.


SEBI-Sahara case becomes 'Lawyers' Graveyard'?

The case has proved to be a tough nut to crack, especially for Sahara  with a number of Senior Advocates like Ram Jethmalani and Aryama Sundaram, withdrawing from the case midway


Senior Advocate Rajeev Dhavan will no longer appear for Subrata Roy in the SEBI-Sahara dispute before the Supreme Court. He has been replaced by Senior Advocate KTS Tulsi, who becomes one in the long list of senior lawyers engaged by the Sahara group.

Dhavan's exit is particularly interesting given the fact that he has been the most vociferous of all the   lawyers engaged by Sahara. Engaging in heated discussion with the Bench almost to the point of telling them off, Dhavan's belligerence had been a subject of debate and controversy in the corridors of Supreme Court.

After Roy was sent to jail, Dhavan had very strongly come down upon Justices KS Radhakrishnan and JS Khehar for their alleged “terribly terribly wrong” order. During one such hearing, Dhavan had gone to the extent of remarking that, “Respect is a matter of court discipline. If I were to meet you outside the court, it might be different.”

During another hearing, Dhavan, while arguing in his inimitable, slow style, was asked to wrap up his arguments and not to repeat what the other lawyers had argued. An infuriated Dhavan had replied that he will argue till he is done and that the judges will have to give him audience.

Things did not end there. Dhavan also made an appearance during the contempt proceedings against the lawyer, who had smeared ink on Subrata Roy's face. When the hearing was over, Dhavan interfered and asked the judges to pass an order in the Habeas Corpus petition urgently on the ground that Roy was finding it difficult to bear the summer heat in jail. The judges were confounded by this act and had left the courtroom without a word.

The Court, on its part, had responded very strongly in its judgement in the Habeas Corpus petition by criticising Dhavan and Jethmalani for their “psychological offensives, mind games, affronts, jibes and consciously planned snubs” against the Bench.

It would seem that the final nail in the coffin was the dialogue, which Dhavan had with Justice Thakur after the Court turned down Roy's request for a forty-day parole. Dhavan could not digest certain remarks by Justice Thakur and had objected to what he perceived as Justice Thakur “making fun of him.” The unprecedented incident had left those present in the courtroom perplexed.

Subsequently, it was learnt that Dhavan had been replaced by Tulsi.

The SEBI-Sahara case has proved to be a tough nut to crack with a number of Senior Advocates withdrawing from the case midway; Ram Jethmalani and Aryama Sundaram are two such examples.

The following lawyers have appeared for Sahara till date:

(1) Ram Jethmalani

(2) Aryama Sundaram

(3) Rajeev Dhavan

(4) S Ganesh

(5) Fali Nariman

(6) Ravi Shankar Prasad

(7) Gopal Subramanium

(8) Rakesh Dwivedi

(9) PH Parekh

(10) Abhishek Manu Singhvi

(11) KTS Tulsi

(12) UU Lalit

SEBI has been represented all along by Senior Advocate Arvind Datar along with Advocate Pratap Venugopal from KJ John & Co.

(Image of Rajeev Dhavan taken from here )





3 years ago

SEBI-Sahara case the culprits are regulatoty bodies including Income Tax should also give company to Roy in TIHAR. Sahara was doing business for over 30 years and never shied away from huge advertisements. Dhavan remarking that, “Respect is a matter of court discipline. If I were to meet you outside the court, it might be different.” us exactly what any law abiding citizen fails when he finds Indian Judiciary is in total mess. Judges and advocates both are responsible as advocates go on seeking adjournments and Judges go on granting. Judgement runs into thousands of pages this only implies countrymen are taken granted as fools. Case runs for decades DA case against Jaya, Babri Masjid demolition against Advani & others, Rajiv Gandhi assassination


Vaibhav Dhoka

In Reply to TIHARwale 3 years ago

True picture of judiciary the looser is litigant public


3 years ago

Since all so-called "learned senior advocates " could not "buy" the judiciary, Sahara kept changing these all highly paid thugs, who considered themselves "master readers of the Constitution". Courts are not the institutions, which could be taken as granted, as in case of S.Roy, who all along has been be-fooling people at large of the country, as also peeving into the way by publishing advertisements IN THE INTEREST OF ( FOOLED ) INVESTORS.

Aarohi Sharma

3 years ago

This issue will remain tough for long if the decision will always be taken in the favor of only one party. Everyone knows that who is right and who is wrong but the pressure made on the court is not allowing them to make the judgement in favor of #subrataroy and #saharaindia


3 years ago

This case seems to be very complicated. What I have analyzed form this case is that the court is not working on facts and hence today the questions have been raised on court too. This is the reason why in our courts many cases are pending since very long. Our Prime Minister should take few steps in order to make this process to get finish fast. This way an individual's life gets spoil and the people associated with him/her also get affected. Do something man otherwise we won't be able to develop our country.

With Trading Advantage Capital, it’s pay to play

The prospect of trading in thousands and keeping the majority of the profits is the focus of, which never tells you how many people who sign up for its costly educational course ever end up being chosen to trade the money and keep profits


The hook is provocative – the chance to trade up to $100,000 of someone else’s money and pocket 60 percent of the profits – but consumers should be wary.

Trading Advantage Capital advertises the opportunity to get major funding as the authorized trader on one of its accounts. To reach that point, however, you must first cough up thousands of dollars for an educational course, a nugget clearly absent in the recording one hears after calling a number mentioned in a radio ad:

I’m Larry Levin, president of Trading Advantage Capital. If you’d like to get my free report, How To Trade Other People’s Money, plus learn about the opportunities to trade up to $100,000 of my money, simply leave me your first name and email address after the beep…

It’s the same $100,000 story on The site promotes “free software for entire training” but nowhere on the site is it clear that you have to pay to play. was able to learn the full story while talking to Gary Sinclair who said he is an attorney for Trading Advantage Capital.

Sinclair said that only after an individual completes an educational course that costs “in the thousands” is the individual eligible to take part in a trading simulation, which in the end determines the amount of cash Trading Advantage Capital puts up, if any.
“You will be funded if you meet the criteria we set up for simulation,” Sinclair said. “If trading is sufficient, we will put money up, no question about it. It’s not a bait and switch.”

However contrary to how the company peddles its $100,000 promotion, Sinclair said Trading Advantage Capital is first and foremost an education firm. “Our whole concept is education,” he said. “Most of our business is straight education.”

At least the terms of service on backs him up:

Trading Advantage (“TA”) is solely an educator providing training on the theory of analyzing financial markets.

But the prospect of trading thousands and keeping the majority of the profits is the focus of the website, which never tells you how many people who sign up for the costly educational course ever end up being chosen to trade the money and keep profits.

The online testimonials don’t offer much in the way of transparency either. While both tout the virtues of lessons learned with Trading Advantage Capital, a disclaimer right below them notes that “the average reader should not necessarily expect the same or similar results.”

For more of our coverage of the finance industry, click here.



We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)