Citizens' Issues
Telecom regulator launches app to take pesky call complaints
The Indian telecom watchdog on Wednesday launched a mobile application to file complaints about unsolicited commercial communications.
 
“It is called DND Services. It is available in Google App Store and Mobile Seva App Store now and soon will be available in Apple iOS,” Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma told reporters in a press meet.
 
“It is done keeping in mind consumer interest. It will make the complaining process easier,” he added.
 
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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COMMENTS

Chandragupta Acharya

6 months ago

I downloaded the app, it gave an error stating it does not recognize my number! I think it works only for BSNL subscribers probably.

saji cherian

6 months ago

Commendable initiative!

Humungous jump in Tata Motors trading volume on NSE in the last 30 minutes on Tuesday
Updated on 2 June 2016 10.25am to include response from NSE
 
In what market participants allege as algo or high frequency trading (HFT) gone 'rogue', there was a massive spurt in Tata Motors Ltd's trading volume and turnover mainly on the National Stock Exchange (NSE) and to a much smaller extent in the BSE during last half hour of trading on 31 May 2016. In fact, the turnover in the scrip jumped five times on BSE and over 13 times on NSE, when compared with the average of past 10 trading sessions.
 
Past 10 day's average trading volume of Tata Motors on the BSE is 7,11,421 (7.11 lakh) with the average turnover of Rs28.09 crore. On 31 May 2016, the scrip recorded trading volume of 32,31,089, (32.31 lakh) 4.5 times higher, when compared with past 10 day's averages. 
 
 
A much bigger jump happened on the NSE, where the 10-day average trading volume of Tata Motors is 96,43,203 (96.43 lakh) with an average turnover of Rs381.65 crore. On 31 May 2016, the scrip recorded trading volume of 11,07,44,326 (11.07 crore) almost 11 times higher.  
 
 
A look at the hour-by-hour volume will tell you this strange story. It seems to be a fit case of investigation by the market regulator. 
 
 
There was nothing by way of news to warrant this kind of crazy volumes. Our emails sent to top executives of BSE and market regulator Securities and Exchange Board of India (SEBI) remained unanswered till writing the story. We will include their responses as and when we receive it.
 
Update: Replying to our mail, an official from NSE says, "Please note that we did not notice anything wrong as was indicated in your email. Also as you may know we do not comment on fundamental reasons, traders behaviours, market perceptions etc attached to any price movements of listed entities / instruments, unless of course asked by appropriate authorities."
 
According to market players, such extraordinary volume is the fingerprint of algo trading or HFT. The Indian market opened up to this controversial form of trading when NSE started it in 2010. This form of high-speed trading rose 12% on the BSE, to account for almost 30% of total trades. Its share is higher in the NSE, with nearly 46% of trades happening on the platform from HFT, according to a report from The Huffington Post. Higher volumes, of course, translate directly into higher revenues and profits for the exchanges, which are now completely bottomline-oriented.
 
The Financial Stability Report (FSR) for June 2015 released by RBI on 25 June 2015, warns against the rising popularity of superfast algorithm trading, saying its complex coding and ultra-low latency due to its advanced communication platforms increase risks of erroneous trades and manipulations in stock markets. Further, the fact that the share of algo orders in total orders and the share of cancelled algo orders in the total number of cancelled orders is around 90% creates concerns relating to systemic risks, the FSR says.
 
Global regulators, in a report last year had warned that rapid-fire trading firms’ use of increasingly complicated computerised trading programs may pose risks to the financial system, says a report from Wall Street Journal. 'Regulators’ growing concerns about algorithmic traders’ relentless push for speed intensified in the wake of market shocks such as the “flash crash” of May 6, 2010—when markets swung wildly amid a flurry of technology glitches and heavy selling by computer-driven firms—as well as the loss of more than $400 million in less than an hour by electronic-trading firm Knight Capital Group Inc. in August 2012, the report added.
 
 

 

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COMMENTS

Suketu Shah

6 months ago

Ever since Cyrus Mistry has taken over ,the Tata group shares have been entire retail investor unfriendly.The whole idea is to ensure retail investors donot earn money since last 4 yrs under Mistry.TYou ask any broker-the first name he wl say is of tata scripts .Tata shares have reached such level that clearly they rely on high commission to brokers to fool retail investors.Real solid companies donot need any promotion via brokers like MRF,etc.If one is looking to make good money via good scripts in India,one shd avoid all Tata Scripts.

Vinay Isloorkar

6 months ago

Buoyed by Jaguar sales, Tata Motors profit has jumped many fold. Did this HFT take place before the announcement of results? Is it a case of insider trading ?

More Taxtortion: Sulabh Shauchalaya asked to pay VAT because it is into selling!
In a recent order, the Commissioner of Sales Tax in Maharashtra has held that the work of construction as well the activity of operations and maintenance of urinals and latrines are 'deemed sale' and thus sales tax is leviable. For construction work, sales tax is leviable on the implementation charges received from the entity awarding the contract. Sales tax is leviable on the fees received from users of latrines and urinals under the operational and maintenance activities. The case is related to Sulabh International Social Services Organisation, a non-governmental organisation (NGO), engaged in construction and maintenance of latrines, urinals and bath complexes across the country.
 
"I have gone through the contention and arguments of the applicant. They revolve mostly on the aspect of 'social service'. However, we have seen that the provisions of the Maharashtra Value Added Tax (MVAT) Act, 2002 are such that the activities of construction of urinals and latrines fall in the category of 'deemed sale' and thereby, the applicant gets covered as a 'dealer' and also as a 'deemed dealer' for the purposes of the MVAT Act, 2002," ruled Rajiv Jalota, Commissioner of Sales Tax, Maharashtra in an order issued on 11 April 2016.
 
"The present transaction of construction of Sulabh Shauchalya complexes amounts to a sale of goods and the applicant as a 'deemed dealer' enumerated in the explanation (applicant falls under 'incorporated or unincorporated societies' and would be a 'public charitable trust', if the required formalities are fulfilled) being engaging in such a transaction would be deemed to be a 'dealer'," the order stated.
 
Nagpur Municipal Corp (NMC) had asked Sulabh International to construct, operate and maintain latrines, urinals and bath complexes in the city for 30 years on the basis of 'pay and use'. However, the Sales Tax department, terming this as 'sale' demanded tax on the transactions. 
 
Mr Jalota says, "Though a single agreement is executed between the parties to the agreement, the clauses therein reveal that there are two distinct and discernible transactions in the impugned contract awarded by Nagpur Municipal Corp (NMC) as follows
a. First is the works contract allotted for construction of Sulabh Shauchalaya Complex
b. The second transaction is the permission to the applicant to maintain and operate the above Sulabh Shauchalaya Complex for a period of 30 years on the basic of 'pay & use'.
 
The sale prices of the transactions are thus-
a. The 'sale price' of the first transaction would be Rs22.85 lakh. 
b. The 'sale price' of the second transaction would be the amount of 'fees' collected whenever there is a sale or deemed sale in the form of an agreement for carrying out construction, processing, fabrication, erection, installation, fitting out, improvement, modification, repair. In the absence of details before me, this amount would have to be determined during verification proceedings."
 
Sulabh International contended that for constitution of sale, the delivery of goods is also important and in its case, the delivery period was 30 years. This means, after 30 years, Sulabh International would handover the premises back to NMC.
 
Mr Jalota, however, said, "...I have to argue that the giving of delivery after a period of 30 years would not mean that the NMC would not assume ownership thereto unless the delivery is given. For all purposes and from the very start of the construction agreement to the lease for operating on pay and use basis, the NMC remains owner of the premises. I have mentioned earlier that a perusal of the agreement shows two distinct transactions, one for the construction and the other for the lease. At no point of time, is it the situation that the applicant assumes ownership of the premises, the delivery of which has to be given so as to return the goods to the legal owner thereof. Therefore, the argument of the applicant does not find favour with me."
 
The Commissioner also rejected prayer from Sulabh International for prospective effect. He said, "As is always the measure, a request for prospective effect is to be weighed on the basis of the available provisions as also any mis-guidance. In the present case, the provisions were clear enough, leaving aside any scope for ambiguity. The definition of 'sale' in certain terms provided for 'deemed sale'. The definition of 'dealer' was also very clearly worded. In view of the elaborate deliberations held herein above, I am not inclined to accept the request for prospective effect."
 

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COMMENTS

R Balakrishnan

6 months ago

The chaps under Mr Jet Lee are clearly on an extortion mission. Modi can say anything he wants, but what happens is something different. Modi justifies his title of "Feku" by acts like this.

vswami

6 months ago

OFFHAND (sadly, being obliged to dilate even on such so-obvious matter of social behavior):
This really has nothing to do with or concerns the most talked about current topic of 'ease of doing business'; but relates to 'easing self'- i.e. answering the inevitable nature's call. To say the least, stands god comparison to what a legal stalwart / luminary once lamented remorsefully wprt the then in force , so called 'estate duty' - 'there is no incentive even to die' ; likewise, no incentive to 'ease self' , even if for a charge, for the facility thought of and provided driven by humanitarian outlook. To be precise, no incentive for a fellow being to remain disciplined as far as feasible, thereby avoid the chance of being charged for the offense / on the ground of having committed 'public nuisance'.

In short, an instance of 'tax torture' ( a disincentive to modern 'chivalry', so to say)

Suhas Kelkar

6 months ago

Correct intepretation

Srinivas Sreeram

6 months ago

The commissioner of tax is at fault & for Sulabh is not selling but only providing services which are of "charitable" nature. The fee charged is for "maintenace " (consumable). So they are not selling nor "marketing", which is an important element for selling a service or product. While I am ignorant of provisions in govt act, putting logic in the normal context. Stretching the imaginative logic further, should a "dharmic" pravachan or religious institutions be taxed for they selling "text" or "yoga" & deliverying moksha ? It is here the commissioner of tax argument fails.

RAVI RAM PV

6 months ago

Another giant leap towards Swachch Bharat. Tax till death, the only really well organized public toilet managing set-up. Great going!

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