Stock Manipulation
Stock manipulation: Yarn Syndicate
Yarn Syndicate Limited, supposedly, trades in, and exports, cotton yarn. In the past quarter, the company made total sales of just Rs5 lakh and incurred losses of Rs22 lakh. In quarter before that, the company incurred a loss of Rs2.11 crore and had no sales at all. It has been incurring losses for the past 14 quarters, except quarter ended September 2013, and has practically no sales. 
 
However, that has not stopped the stock from rocketing up—from Rs1.9 to Rs6.28—a 231% rise in 18 months. Yarn Syndicate cannot pay dividends; its earning per share stands at a negative Rs7.77. It has only 3,671 shareholders. The number of trades of the stock has generally been between one and five per day, reaching five shares a day, once. There was no trading activity for three months between 16 February and 16 May 2016. However, a total of 24,720 shares were traded on 10th September, in just two trades. 
 
Seems like some individuals are interested in taking the stock price up, to convert black money to white, laundered through the tax-free long-term capital gains route. Is SEBI watching?

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COMMENTS

DEV GORE

4 months ago

SEBI chairman said people opened up shops to offer a LTCG to a pre-decided group of people. there are more than 200 listed companies SEBI had short listed. why SEBI is not publishing that list openly. Scrutiny of LTCG scam by SEBI is its
elf an another scam

Surinder Mohan Arora

4 months ago

company made total sales of just Rs5 lakh and incurred losses of Rs22 lakh, wheather loss has cash or Depreciation

Tokyo blackout leaves 350,000 houses without power
A fire at a power facility triggered a huge blackout on Wednesday in Tokyo, leaving 350,000 households and several government buildings without electricity and halting trains during rush hour.
 
The Tokyo Electric Power Co (TEPCO) is probing the cause of the fire while Tokyo authorities have ruled out a terror attack as the reason, EFE news reported.
 
Footage from public broadcaster NHK showed a cloud of black smoke rising from the TEPCO facility located in Niiza, north of Tokyo, from a fire that is said to have caused the outage, according to the company.
 
The firefighting service detected an explosion before the fire.
 
TEPCO said 350,000 houses across the city were affected by the power cut though the supply was resumed around two hours later.
 
Many people trapped in elevators had to be rescued by firefighters and traffic signals at several locations in the capital also stopped working. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Gurumoorthy Mahalingam is the new Whole Time Member of SEBI
Reserve Bank of India (RBI)'s Executive Director Gurumoorthy Mahalingam is appointed as Whole Time Member (WTM) of market regulator Securities and Exchange Board of India (SEBI), replacing Prashant Saran, who retired in June. 
 
In a gazette notification, the Financial Market Division in the Ministry of Finance, says, Mahalingam is being appointed as WTM of SEBI from the date of his assuming charge for next five years or till he attains the age of 65 years. SEBI can have three WTMs besides a Chairman. At present Rajeev Kumar Agarwal and S Raman are two other WTMs. SEBI Chief UK Sinha is scheduled to retire next while the term of one WTM will end this year. 
 
Mahalingam is former regional director of RBI. He has also been associated with the National Institute of Securities Markets (NISM), an educational initiative of SEBI, as part of its visiting faculty. He has been associated with RBI for last 30 years in various roles as inspecting officer, chief forex dealer, chief investment dealer, and head of internal debt management department.
 
An MSc in Statistics and Operations Research from IIT Kanpur and an MBA in International Banking and Finance from Birmingham Business School, Mahalingam, at present is involved in monitoring and surveillance of money, forex, government securities and derivative markets intervention operations, besides conduct of liquidity operations, forex intervention operations and open market operations at RBI.

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