Citizens' Issues
Tarun Tejpal gets interim bail till 10am Saturday

The Sessions Court in Goa granted the Tehelka editor interim relief against arrest till 10am on Saturday

A Sessions Court in Goa on Friday granted interim bail against arrest till 10am Saturday to Tarun Tejpal, the editor of Tehelka, who is accused of sexually assaulting a woman colleague in the state.


When the Court resumes tomorrow, the public prosecutor would commence his arguement against the anticipatory bail for Tejpal.


Earlier, Goa police took the Tehalka editor into custody as soon as he landed at Dabolim Airport in Panaji from New Delhi.


Tejpal had stepped down as Tehelka Editor-in-Chief for six months in the wake of the sexual assault case against him.


SEBI seeks to regulate research analysts

SEBI feels that the research reports prepared by analysts as such might not be violating any rules, but they might be used by vested interests for stock market manipulations

"Advice from investment analysts is many times prone to conflicts of interest that may prevent them from offering independent and unbiased opinions. Since the prime objective is to protect investors and enhance confidence in the market, it is a major concern of regulatory authorities to identify and deal with conflicts of interest arising from the production and dissemination of research reports," said the market regulator Securities and Exchange Board of India (SEBI) in a consultation paper on the regulation of research analysts it has put out for discussion and for public comments. Any market participant or interested party can send their comments to SEBI before 21 December 2013.


Research analysts attached with brokerage firms, fund houses, investment banks and other market intermediaries are currently governed by SEBI regulations, but there are no comprehensive rules that could also cover third-party or independent analysts and research reports.


In a board meeting in 2011, SEBI had discussed the need to have a comprehensive set of regulations for research analysts.


Among the proposed measures, the analysts could be asked to make extensive disclosures regarding their incentive structure, shareholding pattern, market dealings, and various direct and indirect business interests.


Various registered market intermediaries are already required to put in place certain ‘Chinese Walls’ to avoid any conflict of interest arising out of the reports published by their equity research units.


The new rules could also prescribe mechanisms to ensure that the research analysts’ trading activities or financial interests do not prejudice their reports.


The comments / suggestions on this paper may be emailed to T Venkateshwarlu, Assistant General Manager ([email protected]) or may be sent to the following address, latest by 21 December 2013 in the following format:


Sr. No. 


Pertains to which regulation/sub-regulation

















Letter(s) can be addressed to:


Ms. Barnali Mukherjee

General Manager,

Investment Management Department - Division of Funds- 1,

Securities and Exchange Board of India,

SEBI Bhavan, Plot No. C4-A, "G" Block,

Bandra Kurla Complex, Bandra (East),

Mumbai 400 051 (India)


Here is the consultation paper released by SEBI



Prakasam S

4 years ago

The regulations are heavily loaded against small, independent analysts. It is wrong to presume that every single independent analyst is acting with vested interests.

The underlying principle in any investment decision should be "let the buyer beware". Just because analyst XYZ says "buy stock ABC", should investors blindly follow the advice, without doing their own bit of research? Stocks can also move down after a buy recommendation, due to factors which cannot be predicted even with reasonable acumen and expertise, such as management issues, or frauds being uncovered, or regulatory changes, etc. Should the analyst be held accountable for such cases too?

Sebi seeks to even control what the "analyst" says in the media! Again, the presumption is that the analyst is trying to "push" certain stocks with a vested interest. I believe such constraints should only apply to small cap stocks with low volumes, with say market cap less than Rs100 crore, and penny stocks. If an analyst voices his views on index stocks, or large-cap stocks with good liquidity, his intentions simply cannot be suspected, since a single analyst can never cause the price of such stocks to go up or down dramatically.

Research reports do not usually sell for cash. Why should an analyst, who is not selling his research for cash, have to pay the hefty registration and enrollment fees of Rs 1.50 lakh, when his income from selling research is next to zero?


4 years ago

Investing is a craft, why insist on treating it like a science?

If the objective is to protect investors, then would it not be better to regulate investor behavior in the first place.

Western Railways says it has no money for gap reduction work

Western Railway is wasting money on unnecessary purchases while claiming insufficient funds for reducing the gap between platform and trains that endangers the lives of commuters

The Western Railway has stopped gap reduction work because it is low on allocated funds. On the other hand, it wants to renovate the Churchgate station and seek a fare hike unmindful of wasting money. Railway activist Samir Zaveri has submitted a complaint, on 27th November, to the monitoring committee of Bombay High Court, regarding platform gap reduction work which has been stopped by Western Railway.

In his letter to the Bombay High Court, he said, “At any cost gap reduction work should be carried out quickly without any delay because daily passengers are falling into platform gap and getting injured, killed or left with permanent disability.”

“Huge public money has been fruitlessly wasted by Western Railway officials, and on the other hand, the essential work to reduce platform gap has been stopped by giving reasons that no further funds are allotted for the purpose,” Zaveri added.

He also requested the High Court to ask WR to disclose details of railway officers who are responsible for this delay to take action against them.

Both the Western Railway and Central Railway earlier this year had started working on defective areas and increased platform’s height to reduce gap between platform and train. However, Western Railway started the work in January 2013 after it was issued a show cause notice by Bombay High Court’s order on the basis of Samir Zaveri’s earlier complaint pointing out the lack of steps taken by Western Railway officials to increase safety of railway passengers.

Earlier in 2004, the Bombay High Court wrote in a separate order: “Platform height should be raised. Whenever necessary, gap between the footboard of the train and platform edge should be checked on the entrance while entering in the Station”.

Many passengers travel daily through ‘Mumbai’s lifeline-local trains’. The ‘lifeline’ should be ‘safe’ but the fact is, many passengers are getting hurt, dying or are left with permanent disability by falling into the gap between the train and the platform. Samir Zaveri has set up a Railway Helpline with Moneylife Foundation to assist victims.


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