Technology
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SEBI bars Religare Arts from collecting money from investors
Market regulator Securities and Exchange Board of India (SEBI) has barred Religare Arts Investment Management Ltd and Religare Arts Initiative Ltd (together Religare Arts) from collecting money from investors or launch any collective investment schemes (CIS). Religare Arts Investment Management is a unit of Religare Arts Initiative, which is 100% owned by Religare Enterprises Ltd.
 
In an order, Prashant Saran, Whole Time Member of SEBI, also asked Religare Arts to refund monies collected under its scheme with returns, which are due to its investors as per the terms of the offer, within three months. Religare Arts has to also submit a compliance report to SEBI within 15 days after that. The report should include trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds, the market regulator said in its order.
 
Religare Arts Initiative is the sole corporate trustee for Religare Art Fund, a private trust. Religare Art Fund through its 'Pratham' investment scheme had collected Rs11.49 crore from 43 investors. Later 38 of them transferred their interest in the fund to Religare Venture Capital Ltd. The scheme was closed on 10 September 2013 and in December 2013, the rest six investors were paid money. Rajashri Bhatnagar was paid Rs4.81 lakh as against her investment of Rs12 lakh, while Anoop Kumar Adlakha received Rs4.01 lakh (Rs10 lakh), Ratan Lath got Rs10.03 lakh (Rs25 lakh)  and Sudhir Rao was paid Rs6.01 lakh against his investment of Rs15 lakh.
 
Rajashri Bhatnagar, Anup Kumar Adlakha, Ratan Lath and Sudhir Rao had incurred losses of Rs7.18 lakh, Rs5.98 lakh, Rs14.96 lakh and Rs8.98 lakh, respectively. Out of the said eight investors, seven investors have confirmed that they have received the refund of principal amount. Adlakha through an email on 23 May 2016 submitted before SEBI that he had received only 60% of total invested amount and sought help in recovering his balance money.
"In view of the above, it would be reasonable to direct Religare to make good the losses suffered by the said four investors namely Rajashri Bhatnagar, Anup Kumar Adlakha, Ratan Lath and Sudhir Rao and to return their investments as was done in the case of 38 investors," SEBI said in its order.

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Nifty, Sensex looking weak – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex might rally higher. The major indices of the Indian stock markets suffered a correction and fell by upto 0.80%. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Negative global cues spooked key Indian equity markets on Thursday. Heavy selling pressure was witnessed in banking, automobile and capital goods stocks. The cautiousness showed by the Fed chairperson on keeping the key interest rates unchanged have depressed the global markets, pointed out market analysts. The BSE market breadth was skewed in favour of the bears -- with 1,633 declines and 965 advances.
 
The US Federal Reserve left interest rates unchanged on Wednesday, but signalled it still plans two rate increases this year. "The (Federal Open Market) Committee continues to closely monitor inflation indicators and global economic and financial developments" in its process to foster maximum employment and price stability, the Fed said in a statement. The Fed raised its target range for the federal funds rate to 0.25% to 0.50% in December last year, the first rate hike in nearly a decade, marking the end of an era of extraordinary easing monetary policy. But the turmoil in financial markets and a slowdown in global economy since the start of the year have raised increased concerns about the strength of the US economy, forcing Fed policymakers to hold off on any further rate hikes since then. In Wednesday's statement, Fed officials gave a mixed assessment about the US economy, saying that the labour market has slowed its improvement pace, while growth in economic activity appeared to have picked up since April. The central bank's updated projections released on Wednesday showed that policymakers expected the federal funds rate to rise to 0.9% at the end of 2016, the same forecast as they did in March. This implies two quarter-percentage-point rate increases this year. But they expected a lower rate path in 2017 and 2018, and their forecast for longer run interest rates was 3%, lower than their March forecast of 3.3%.
 
Even as the central government announced increase in buffer stock for pulses to eight lakh tonnes, escalating prices of Urad, Tur, gram and Kabli gram remained a cause for its concern. After a high-powered ministerial team headed by union Finance Minister Arun Jaitley met in the capital on Wednesday, the government decided to increase the buffer stocks to eight lakh tonnes as against original target of 1.5 lakh tonnes to control the prices. The government has also decided to import pulses from Myanmar and some African countries. However, the Food Ministry was sceptical even on Thursday about immediate relief from the skyrocketing prices as the states are not showing much enthusiasm for procuring pulses from the buffer stock. The government has so far prepared a stock of 1.15 lakh tonnes and is also offloading pulses to the states for retail distribution at a cheaper rate. The Centre has urged states to procure pulses from the buffer stock at a subsidised rate of Rs66 per kg and sell in retail markets at Rs120 per kg. With inflation and shortages starting again, government preparedness will be important for rural purchasing power to remain high. The markets will be bullish when rural purchasing power is good.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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