Chapter 4 of the book 'Democracy in India', has a chart of the Presidents of India in which Pranab Mukherjee has been mentioned as "the 14th President of India"
Gadchiroli (Maharashtra): Though Presidential polls are yet to held, Gondwana University has already described United Progressive Alliance (UPA) candidate Pranab Mukherjee as "the 14th President of the country" in a just-published textbook, reports PTI.
The book, 'Democracy in India', has been prescribed for first year students of BA (Political Science) for the ongoing academic session of the newly-formed varsity.
Page number 84 under chapter 4 of the book, published under the heading 'Union Executive', has a chart of the Presidents of India in which Mukherjee has been mentioned as "the 14th President of India".
The book was released a couple of days ago at a function attended by Dean of the Department of Social Sciences of Gondwana University in presence of over 40 lecturers of political science belonging to colleges under the varsity.
Sanjay Gore, Chairman of the Board of Studies of the University and Madhukar Arjunkar, a scholar of political science, are the authors of the book.
Meanwhile, distancing itself from the controversial textbook of political science which has declared Pranab Mukherjee as "14th President of India" before the Presidential election, Gondwana University said it had not sanctioned its publication.
Vice Chancellor Vijay Ainchwar said the author, Sanjay Gore, was called to the University office and given a strict warning. "We had not given any permission to the author to write this book or to publish it," Ainchwar said.
Gondwana University Registrar Vinayak Irpate said a show-cause notice had been issued to Gore as to how he published the book without the Varsity's permission.
The Presidential elections, where Mukherjee will take on BJP-backed nominee PA Sangma, will be held on 19th July.
SEBI wants brokers and investors to give an undertaking that they have no connection with the company in which the investor wants to invest his hard earned money
Just two days ago, regulators including Securities and Exchange Board of India (SEBI), released the draft “National Strategy for Financial Education” to convert savers into investors. This is needed because India's investor population is fast dwindling. However, while making an effort to increase number of investors, SEBI, is making survival difficult for those who are actively participating in the markets.
SEBI, especially its surveillance department appears to compelling brokers through exchanges to obtain certain undertaking from clients (investors) who have traded in shares being investigated. The forms being circulated to brokers are, in a way an attempt by the regulator to ‘trap’ or make a ‘scapegoat’ of broker/s in case something goes wrong in share trading. We sent mails to SEBI, BSE and NSE on 17 July at 4pm.
In an email reply, received on 19 July at 6.52pm, SEBI said, "The requirement of obtaining undertakings from clients have been formulated by Stock Exchanges (Bombay Stock Exchange and National Stock Exchange) in consultation with SEBI. These undertakings are sought by stock exchanges in respect of those cases where the stock exchanges have initiated examination and from those clients whose transactions have been observed to be suspicious or prima facie inconsistent with the behaviour of a rationale investor."
"We are taking the undertaking from clients, it is a SEBI requirement," said NSE in an email reply.
BSE, on the other hand, declined to comment.
One important factor is that brokers share only a commercial relation with clients (investors) and have no statutory or regulatory jurisdiction either on clients or any third parties or listed companies. Even exchanges do not have any jurisdiction to question trading clients about their relationships with any third persons.
Yet, the undertaking by SEBI asks brokers to ratify that their client is not connected with any promoter, director, officer or an employee of the brokerage. Is also asks the brokerage to confirm that the dealings in securities undertaken by their client/s has been funded by the client himself through his own account! The brokerage even has to affirm that there is no connection among its clients who have dealt in securities of a particular company through the broker.
According to the clarification given by SEBI, objective for an undertaking from a broker is to make him exercise due care and diligence on the activities of clients. "Such a practice is in line with most developed jurisdictions where brokers are sought to be involved in better surveillance of markets as the first line of reporting suspicious transactions," it said.
“Most of the information contained in this undertaking would not be in the personal knowledge of the broker and his client. For example, it beats us totally as to how a trading client would know his relationship, “directly or indirectly” with any of the thousands of employees of a listed company. For that matter, how would he even know who are the officers and employees of the listed company? said one broker who does not want to be identified.
The brokers are not the only ones who have to give the undertaking. Even the investor has to give an undertaking that he is not directly or indirectly connected with any promoter, director, officer or employee of the company (whose shares he wants to buy or has already bought). Not just this, the investor also has to give in writing that he is neither related with the company nor he has any business or professional relationship with it, directly or indirectly.
SEBI, in its email reply, said, "Objective behind obtaining an undertaking from a client is to ascertain his/her linkages with the management of a company that is under examination, which in turn would pave the way for wider and more effective monitoring and surveillance that is in the interest of the market. Such undertaking also requires a client to update his KYC with broker. It also seeks an affirmation whether clients' own funds are being used for investment, which is already a pre-requisite under the code of conduct and circulars governing conduct of a broker."
This is really weird. How can anybody certify that he does not have any direct or indirect business relationship or connection with a listed company? Does this mean that someone would be at fault for buying shares in ‘X’ company just because his friend’s wife’s third or fourth cousin happens to be a raw material supplier or consultant or employee of ‘X’?
“To us, it is an attempt by the lazy and ineffective surveillance department of SEBI to shift its work and accountability to exchanges and brokers. The hapless brokers are getting threats from exchanges to somehow comply with the SEBI directive. In turn the brokers are threatening the clients to close the account with them if they do not give this undertaking,” said another broker.
After all the pressure-chain created by SEBI, exchanges and brokers, the client, who does not know the relevant facts, has only two choices—either to give a false undertaking without even fully knowing what he is signing or to suffer financial losses because of a possible closing of his trading account by the broker. “How can the exchange and SEBI punish an investor for not knowing facts which are outside his personal knowledge?” asked one investor preferring anonymity.
No doubt, whether it is SEBI or any other investigating agency, they need to carry out certain procedures to safeguard the interest of common investors. But this latest undertaking is an attempt by the regulator to make the broker and investor, a readymade ‘scapegoat’ in case something goes wrong or it finds something wrong in share trading of that particular company. If these kinds of things do not end, we would see further diminishing of interest in our capital markets.
KG-D6 output this week has dropped to below 30 million standard cubic metres per day (mmscmd) and is projected to further fall to 20 mmscmd by next year and both RIL and BP said it will continue to fall in absence of interventions
New Delhi: Reliance Industries Ltd (RIL) and its British partner BP Plc have warned that their eastern offshore KG-D6 gas fields will stop producing in 2015 unless the government approves investments needed to keep the nation's largest gas fields alive, reports PTI.
Last week, PMS Prasad, executive director of RIL and BP India head Sashi Mukundan met Oil Minister S Jaipal Reddy for nearly three and half hours to highlight the exigency facing the flagging KG-D6 fields due to his ministry not approving annual budgets and capital spending for three years, sources said.
At the meeting, which was also attended by GC Chaturvedi-Oil Secretary, Giridhar Aramane- Joint Secretary (Exploration) and Rajiv Nayan Choubey-Director General, Directorate General of Hydrocarbon (DGH), both the companies said output at KG-D6 will continue to fall in absence of interventions.
KG-D6 output this week has dropped to below 30 million standard cubic metres per day (mmscmd) and is projected to further fall to 20 mmscmd by next year.
Gas output dip, from 61.5 mmscmd achieved in March 2010 has pulled down power generation and industrial production.
Sources said while the oil ministry-controlled block oversight committee is supposed to approve spending before beginning of a fiscal, in case of KG-D6, budgets and work programmes for 2010-11, 2011-12 and 2012-13 have not been approved.
Besides budgets, the management committee (MC), which is headed by DGH and includes a senior official of the oil ministry, has not approved revised field development plan for MA oilfield in the same Krishna Godavari basin KG-DWN-98/3 or KG-D6 block in Bay of Bengal.
Also, the MC has refused to recognise at least three gas discoveries in the block, impeding preparation of a field development plan to bring them to production.
While MC is supposed to meet at least once a quarter, RIL-BP's request for convening meeting of the panel has not even been acknowledged on past six-seven occasions.
Sources said RIL-BP told Reddy that well interventions at the currently producing Dhirubhai-1 & 3 fields and MA oilfield can potentially add 0.8 trillion cubic feet if a capital expenditure of $543 million for 2012-13 is approved.
Listing six interventions they had planned in the KG-D6 to arrest output decline, RIL-BP said these were "critical to the maintenance of production at the current levels" but have so far not been approved by the block Management Committee.
RIL-BP, Prasad and Mukundan said, had been conducting petroleum operations and incurring contract costs without an approved work programme and budget since 1 April 2011.
Neither Reddy nor his team however gave any commitments on requests made by RIL-BP.