Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
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If SEBI decides to liquidate, how long will it take, 1 year? 2 years? 10years??
Finally, earlier this year, SEBI constituted special committee is finally disbursing money.
But, holders have such onerous process & requirements of documents, KYC etc forced on them to recover a pittance of original investment.
Justice delayed and justice denied.
This is my India!
1 The Regulator must be able to direct the confiscation of the Funds of the Company as well as the Assets of all kinds of ALL Directors of the Company. Obviously present Law does not provide for it. Law needs to be improved.
2 These schemes are operating in the open market and there needs to be a suo-moto vigilant set up to bring such schemes to the notice of SEBI (?) so that it can be stopped in its track. It is ridiculous to find that PACL was operating for 15(Fifteen) years and collected 49000 crores over that period. It was able to get the stay orders from several courts, which possibly means that there is either no Law for such schemes. Courts' job is to interprete the law, not make the law. Hence barring few cases of Corruption, by and large it looks like the Courts are not to be blamed.
The onus is on the govt of India that allows such frauds to be perpetrated because of lax oversight by SEBI and atrociously slow justice by SAT - both institutions set up by the govt.
If Mr. Modi wants more investment to flow in from other countries, he has to overhaul the legal procedures that are cumbersome and dilatory.
I totally agree with the views expressed in this article.