Investor Issues
Unicon Securities' investors asked to file claims with NSE
NSE has asked investors to file claims against Unicon Securities within three months. However, the maximum compensation limit per investor if found due and payable out of the Investor Protection Fund is Rs15 lakh, the bourse clarified
 
The National Stock Exchange (NSE) on Wednesday asked investors to file for their claims pending with brokerage Unicon Securities, within three months.
 
Last week, NSE expelled Unicon Securities on charges of violating the Exchange's regulations.
 
"The constituents of expelled member (Unicon Securities) are hereby advised to lodge claims, if any (in prescribed claim form) against the trading member within three months from the date of this notification," NSE said in a public notice.
 
Further, NSE said that "no such claims filed beyond three months will be entertained by the exchange against the trading member and it shall be deemed that no such claims exist against the trading member or such claims, if any, shall be deemed to have waived".
 
According to the bourse, the maximum compensation limit per investor if found due and payable out of the Investor Protection Fund is Rs15 lakh.
 
NSE also informed that as per relevant rules, sub-brokers/ authorised persons registered through Unicon Securities "ceased to exist" and as a result not authorised to deal in that capacity.
 
On 5th September, NSE had expelled Unicon Securities in terms of Rules 1 and 2 of Chapter IV of the Rules of the exchange. As per the exchange rule, Chapter IV relates to disciplinary proceedings, penalties, suspension and expulsion. Under this Chapter, first rule pertains to 'disciplinary jurisdiction' while the second one deals with 'penalties for misconduct, unbusinesslike conduct and unprofessional conduct'.
 
Earlier, in May, market regulator Securities and Exchange Board of India (SEBI) has barred Noida-based Unickon Securities Pvt Ltd (formerly known as Unicon Securities) and its directors from markets for violating various stock broker norms.
 
In April 2014, Moneylife raised the issue of the broker's non-functioning trading platform. The broker was neither honouring payout requests from its investor customers not its customer services and offices were reachable. (Read: Has Unicon Securities shut shop?)

User

COMMENTS

VK Sharma

2 years ago

How I clame
Plz advice me right add

REPLY

Vijay Nagpal

In Reply to VK Sharma 1 year ago

all are the same they never replay you so dnt waste ur time.

Sai

2 years ago

Hi,

How to claim & where we have to apply for getting money. SG

REPLY

Vijay Nagpal

In Reply to Sai 1 year ago

you never reply to anyone coz all are same

Vijay Nagpal

In Reply to Vijay Nagpal 1 year ago

all are the same they never replay you so dnt waste ur time.

In August, passenger car sales jump 15.2%; bikes up 14.4%
According to SIAM, Indian auto industry on the road to a slow but sure recovery  
 
Domestic passenger car sales grew 15.16% to 1.54 lakh units during August 2014 compared with 1.34 lakh units in the same month of 2013.
 
According to the data released by the Society of Indian Automobile Manufacturers (SIAM), motorcycle sales during the month grew 14.5% to 9.10 lakh units from 7.95 lakh units a year ago period. “Auto industry on the road to a slow but sure recovery,” SIAM said in a release.  
 
Total two-wheeler sales in August 2014 grew 19.22% to 13.46 lakh units from 11.29 lakh units in the same period of the previous year.
 
Total sales of commercial vehicles were down 5.59% to 48,473 units from 51,344 units, SIAM said.
 
Total sale of vehicles across categories registered a growth of 17.54% to 16.60 lakh units in August 2014 against 14.13 lakh units in the same month last year, it added.

User

Domestic airlines need to fend for themselves as there are no rescue plans!

The government has no plans to come to the aid of the overtaxed, loan-burdened, distressed and non-profit making domestic airlines sector

 

At a press conference, Civil Aviation Minister, Ashok Gajapathi Raju, emphatically stated that the Indian government has no plans to come to the aid of the overtaxed, loan-burdened, distressed and non-profit making domestic sector. He was accompanied by GM Siddeshwara, Minister of State.

 

All that the Government could do, while admitting that the state taxes on the Aviation Turbine Fuel (ATF) was high, was to seek the state governments to consider and make a reduction. At the moment, ATF taxes varies from state to state and ranges from a mere 4% to as high as 30%. He is reported to have further stated that requests have been made to the state governments in this regard. Not all of them have responded favourably, but, presumably, when this eventually starts affecting passenger traffic and airlines start rescheduling their flights, some reasonable reduction is likely to result!

 

In the meanwhile, good news has come from Go Air, which was launched in 2005 and has currently 13 planes in operation. As against this, Indigo, has a fleet of 78. It was launched in August 2006 and is India's largest in terms of passengers carried. SpiceJet was launched in May 2005 and has a fleet of 53 planes. Except for Go Air, all others have shown losses so far, with the accumulated losses in seven years amounting to $10.6 billion. One of the main reasons why Go Air has shown a profit for the fiscal 2014 is due to better aircraft utilisation, as it has achieved 13 hours use per day against the industry average of 11 hours.

 

Air Asia, which was launched a few months ago, recently confirmed that they are posting "operating profits". However, CAPA - Centre for Asia Pacific Aviation, in a report, claimed that Air Asia had, in fact, incurred a loss! With a flight load of over 80%, adding five new A 320s, Air Asia is reportedly doing well and it remains to be seen, at the end of the financial year, if it has truly achieved a brake even or made a marginal profit.

 

SpiceJet, on the other hand, has begun to reduce its international operations and is concentrating on the domestic sector. It has continued its marketing strategy of "early bird" scheme, where the ticket prices are as low as Rs499 on its domestic network. For the time being, it seems, it has decided not to add any more capacity. But it attempts to increase its load factor.

 

It may be recalled that the Federation of Indian Airlines, consisting of Air India, Jet Airways, IndiGo, SpiceJet and Go Air had made all possible attempts to stop Air Asia and Tata SIA Airlines (now known as Vistara) from being given licence. Other new airlines like Air Costa and Zav have not yet announced if they intend to join the Federation or remain non-committal.

 

Instead of putting obstacles in the way of Air Asia, Vistara or any other airline that may wish to enter the Indian skies, the Federation of Indian Airlines ought to divert its attention and energy to tackle much vexed issues like the taxes on ATF and get it reduced to realistic levels. It will also be in the industry's interest to take care of passenger safety, comfort and better amenities. They should also be able to negotiate better banking terms to reduce interest charges by assuring the lenders of prompt, timely and regular repayment schedules.

 

(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)

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COMMENTS

VIJAY MERCHANT

2 years ago

Today air travel in India has become a necessity for millions of citizens as alternative travel by road or rail is not convenient. If the two major airlines JET and Spice Jet stumble and fall due to huge losses the costs to citizens will be huge. Jet has some 3000 flights and reaches almost 75 destinations and Spice Jet maybe touching 50 destinations.The minister may have to re-look at the taxes burden on fuels in India plus the revised airport taxes which have made operations costly since last few years. A modern India badly needs fast and efficient connectivity both for locals , business and the millions of tourists. Let us not see the assets created by entrepreuners who have built our air network get washed away due to policy errors of the past and lack of vision of some leaders. Wise leaders need to sit with industry and find a survival path ahead soon.

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