REGULATIONS


R Balakrishnan on saving  and   investing prudently 17 December 2010
Promoters are not like you and me. They have special rights that are sanctioned by the regulator “All animals are equal, but some are more equal than others.” — George Orwell, Animal Farm In a private company, a promoter can do what he wants to. But if he has public shareholders, he has to...

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Sucheta Dalal Sucheta Dalal 15 December 2010
Rumour of UK Sinha’s appointment spreads. But there are several steps in the process and only one has been taken. Remember also, that the last three chairmen were not on the “list” UK Sinha, chairman of UTI Asset Management Company, may well go on to chair the Securities and Exchange Board...

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Sucheta Dalal Sucheta Dalal 11 December 2010
Everybody has all but assumed that SEBI chief CB Bhave is not getting an extension. Will they be surprised? On Friday, 10th December, CB Bhave, the current chairman of the Securities and Exchange Board of India delivered what was considered a hard hitting piece on autonomy of regulators at the...

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Sucheta Dalal Sucheta Dalal 11 December 2010
Two agencies are quarrelling over whose job it is to fix the problem even as India boasts of being an IT powerhouse On 3rd December, the Indian media called it a "major embarrassment" that the Central Bureau of Investigation (CBI) website has been hacked by "Pakistani Cyber Army". What could be...

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Moneylife Digital Team 10 December 2010
A new bunch of equity market manipulators has been rigging and twisting stock prices at will, according to reports by the Intelligence Bureau   The 2002 securities scam masterminded by Ketan Parekh brought to light widespread manipulation in share prices. It left indelible footprints...

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Sanket Dhanorkar 09 December 2010
The market regulator SEBI recently banned Sanjay Dangi for colluding with promoters of four companies to influence share prices; however, Intelligence Bureau reports suggest that his involvement stretches way beyond these four firms Last week, the market watchdog, Securities and Exchange Board...

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Sucheta Dalal Sucheta Dalal 08 December 2010
Ketan Parekh is trading in dozens of stocks, according monthly intelligence reports. Top ministry officials have been getting these reports regularly. But why are they sitting idly, and why is SEBI keeping mum? Ketan Parekh has been banned from trading in securities from December 2003 till...

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Moneylife Digital Team 07 December 2010
Finding stock broker Deepak Jhunjhunwala guilty of indulging in price rigging and manipulation in Twenty First Century (India), market regulator bars him from taking up any new assignment for a month; will not clarify what this means In an unusual order against a stock broker, the Securities...

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Moneylife Digital Team 29 November 2010
The stock market regulator is working on a new concept based on the UID, which is being issued to 60 crore ‘poor’ Indians. This new proposal is somewhat surprising, as not so long ago the SEBI chief was lecturing mutual funds not to target the poor Nandan Nilekani, the head of the Unique...

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Moneylife Digital Team 29 November 2010
In 2007, the former RBI governor was emphatic that regulation should not smother economic growth. But in 2010, why has the Bimal Jalan Committee on stock exchanges produced such a biased report?  Just three years back, Bimal Jalan, former RBI governor, emphasised the need for the 'important'...

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Moneylife Digital Team 29 November 2010
As the debate over the right to privacy in the case of phone tapping hots up, it seems that the stock market regulator is not easily given access to phone data In the recent 2G spectrum allocation scam surrounding the former telecom minister A Raja, some journalists and corporate lobbyists are...

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Sucheta Dalal Sucheta Dalal 26 November 2010
Independent director was fed up with frequent governance issues and soaring personnel costs at the sinking bourse The Bombay Stock Exchange (BSE) is going downhill fast. The resignation of Mr Vivek Kulkarni, an ex-IAS officer is just a symptom of the serious malaise that has continued to drag...

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Sucheta Dalal Sucheta Dalal 26 November 2010
The Bimal Jalan committee on stock exchanges has delivered a set of ridiculous recommendations that is devoid of any vision. It does one thing well: shut out any new exchange and kill NSE's competitors  The Bimal Jalan Committee was appointed in February 2010 to deliberate on governance,...

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Debashis Basu Debashis Basu 26 November 2010
The report of the Jalan committee, packed with regulatory officials, is a throwback to the days of licence-control raj. The hidden agenda: put off new entrants and favour the current monopolist The Bimal Jalan committee set up to 'Review Ownership and Governance of Market Infrastructure...

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Devarajan Mahadevan  and   Pratibha Kamath 15 November 2010
Recent media reports suggest that the market regulator has ‘enhanced its surveillance’ for possible violations of rules prohibiting insider trading. However, despite the repeated instances of price manipulation and insider trading that we have constantly been trying to highlight, SEBI has chosen...

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William Gamble William Gamble 15 November 2010
Insider trading in the US may have taken place in 41% of the takeovers. However, the prohibition of insider trading has become quite common. Of the world’s 103 markets 87 have laws against insider trading, but like the US many are ineffective In the United States the concept of insider trading...

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Sucheta Dalal Sucheta Dalal 11 November 2010
A letter of objection to senior-most executives in the finance ministry and the apex bank, documenting alleged performance failures and ignoring of governmental appointment norms, may queer the pitch for the selection of the central bank’s new DG  While RBI (Reserve Bank of India) Deputy...

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Sucheta Dalal Sucheta Dalal 03 November 2010
The RBI had better not shirk its responsibility and get down to regulating MFIs Even Suresh Gurumani would not have suspected that SKS Microfinance’s arrogance in sacking him within two months of a hugely successful IPO (initial public offering) would rip the halo from the company and the...

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Moneylife Digital Team 01 November 2010
Market participants struggling under SEBI’s autocratic rules have been left smarting as the market regulator proposes unprecedented doubling of salary for its employees with retrospective effect Market regulator Securities and Exchange Board of India (SEBI) has proposed to almost double the...

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William Gamble William Gamble 01 November 2010
During times of uncertainty banks do not want to lend and consumers do not want to borrow. Increasing liquidity does not necessarily result in increasing demand All of our great and good leaders like to exercise power. The greatest power is economic power and as such governments are drawn to...

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