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Royal Twinkle Star Club, directors asked to wind up ‘holiday’ investment schemes
While asking Royal Twinkle Star Club and its directors not to collect money from investors, SEBI refused to lift the ban on Citrus Check Inns, the new avatar of RTSC 
 
Market regulator Securities and Exchange Board of India (SEBI) has directed Royal Twinkle Star Club Ltd (RTSC) and its four directors to refund within three months, money collected from investors under its holiday package plans. The markets regulator also refused to lift a ban on Citrus Check Inns (new avatar of RTSC) and its directors in a 'collective investment scheme' (CIS) case promising returns on 'holiday plans'. 
 
While asking RTSC and its directors, Omprakash Basantlal Goenka, Prakash Ganpat Utekar, Venkatraman Natrajan and Narayan Shivram Kotnis to refrain from garnering money under collective investment scheme (CIS), the market regulator barred them from accessing markets for four years. The company and its directors are also restricted from disposing off any assets, except for refunding money to investors, SEBI said in its order. 
 
In another order, passed on Monday, SEBI said, "activities of Citrus Check Inns and its directors are prima facie found to be illegal and in violation of the SEBI directions, revoking the directions issued vide the interim order, at this stage will not be in the interest of the investors."
 
The markets regulator found that Citrus Check Inn has about 4.5 lakh members under different holiday plans and as on 31 March 2013, had generated sales of about Rs770 crore and the amount went up to Rs1,600 crore at the end of March this year.
 
SEBI began the probe after receiving a complaint alleging that Citrus Check Inn was running a 'Ponzi Scheme' and 'mis-selling' its schemes to the public.
 
Last year in March, SEBI had barred Royal Twinkle Star Club and its directors from collecting money from investors. However, the company changed its name to Citrus Check Inn and continued collecting money from investors, which was informed to SEBI by Moneylife.
 
As per SEBI, RTSC, which claimed to have 2.34 lakh rooms across the country for offering holidays to its members, has collected Rs668.33 crore from 3.69 lakh people!
 
On 3 March 2014, Moneylife has sent an email to SEBI’s corporate communications department informing about RTSC and Citrus Check Inns' fund mobilizing activities and CIS. 
 
On 6 March 2014, Moneylife wrote an article (Citrus Check Inns mis-selling holiday package as investment plan?) explaining about how RTSC and Citrus Check Inns were collecting money from investors.
 

User

COMMENTS

Surendra Padhan

4 weeks ago

I have also lnversted in rtsc so please suggest me that how i get my maturities

Fca Communications

4 months ago

My parents have also invested it thru one of our family friend. What needs to be done now, should we contact Royal Twinkle star club,kindly assist

Pramod B Patil

1 year ago

I have also invested in Royal Twinkle and Citrus Check Inns,So after Sebi bans,What is the next step for investors, should we contact Royal Twinkle star club,
Please suggest
Thanks.

Mahadev

1 year ago

My parents have also invested it thru one of our family friend. What needs to be done now, should we contact Royal Twinkle star club,kindly assist

Nifty, Sensex may head higher - Tuesday closing report
However, there could be plenty of intraday volatility 
 
The Indian market continued to act in sympathy with the global markets on Tuesday. After a huge crash across all markets yesterday, today the Asian markets were all mostly up except that of China and Japan, while European markets were trading sharply higher and so were US futures. This rubbed off on the Indian markets which staged a modest rally. Global markets also got a boost with a surprise rate cut by China in later afternoon.
 
 
The barometer 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 25,916.26 points, closed at 26,032.38 points -- up 290.82 points or 1.13% from its previous close at 25,741.56 points. The Sensex touched a high of 26,124.83 points and a low of 25,298.42 points during intra-day trade. The broader 50-share CNX Nifty closed higher at 7,880.70 points, with a gain of 72 points, or 0.92%.
 
The Indian rupee also gained in strength. It touched an intra-day high of 65.87 and closed with a gain of 56 paise at 66.08 to a US dollar from its Monday's close of 66.64.
 
Analysts said that Monday's massive correction has made valuations attractive. There is also a sense that the strong economic fundamentals have the potential to hasten the recovery in Indian equity markets in comparison to other larger economies. Other analysts pointed-out the lull in the global commodity prices, especially crude oil which has fallen to its six-year low as a major positive for the Indian economy and the markets.
 
The unexpected move by the People's Bank of China (PBOC) to go in for an inter-policy rate cut on Tuesday will be a positive support to the Indian markets on Wednesday. The announcement came in after market hours in India.
 
Sector-wise, healthy buying was observed in banking, automobile, oil and gas, metal and healthcare stocks. However, only information technology (IT) scrip came under selling pressure.
 
Major Sensex gainers in Tuesday's trade were: Vedanta, up 7.73% at Rs.86.45; Tata Motors, up 6.30% at Rs.329.20; Coal India, up 5.23% at Rs.353.90; ICICI Bank, up 5.06% at Rs.283.50; and Axis Bank, up 4.18% at Rs.502.40.
 
The major Sensex losers were: HDFC, down 1.82% at Rs.1,145.60; Maruti Suzuki, down 1.20% at Rs.4,199.45; Infosys, down 0.56% at Rs.1,086.50; Larsen and Toubro (L&T), down 0.48% at Rs.1,625.60; and Tata Consultancy Services (TCS), down 0.46% at Rs.2,567.35.
 
Among the Asian markets, Japan's Nikkei fell by 3.96% and China's Shanghai Composite Index lost 7.63%, However, Hong Kong's Hang Seng gained 0.72%.
 
In Europe, London's FTSE 100 index was up by 2.85%, French CAC 40 by 4.44% and Germany's DAX Index was higher by 4.59%  at time of this piece was written. 
 
The top gainers and top losers in major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:

 

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