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Scores of Indian securities officials raided on the homes of brokers and related businessmen on Friday, 22nd Dec. in a wide reaching early morning raid in Mumbai, and some other cities.

Raids by The Securities and Exchange Board of India, can be taken as a signal that the probe is gathering high pitch on a national scale. The investigation is being carried out to try to find out who exactly was responsible for circulating those messages about a few major Indian companies’ classified corporate announcements in social media chats.

On Friday, 22nd Dec more than 70 officials of SEBI searched the homes of various traders and brokers and seized their property, including their mobile phones and laptops.

The investigation was kick started in the previous month when 12 different messages about predicted results and other classified financial information about the companies came into circulation in a few private WhatsApp groups. These social media groups consisted mainly of businessmen like, traders and brokers.

The teams reviewed transcripts from some WhatsApp groups and documented at least the chats where the previously mentioned messages about prominent companies’ classified financial information. According to a report, more than thirty premises of various brokers and dealers were searched.

Vikram Limaye, who is the current chief executive of the National Stock Exchange, has said in an interview last week that, Stock exchanges are cooperating completely with SEBI and having a separate investigation about the matter.

According to a report, last month, sources familiar with the raids and ongoing investigations by SEBI said that ithad also asked and investigated about the trading data on the previously mentioned companies.

The Securities and Exchange Board of India has in recent years have widened the scope of the internal trading rules and expanded the perimeter on what information is considered to be an “unpublished price-sensitive information”.

 

-Archit

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PCAIT’S NATIONAL BUSINESS CONCLAVE on 5 MAY, 2018

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The information technology sector is extremely significant from the point of view of the economic and industrial development of the country, generating good number of jobs n inviting foreign investment as well and thus contributing remarkably to the nation’s over all progress and prosperity. In a nutshell, the IT industry definitely plays a very significant and vital role in strengthening the country’s economy and leading to immense technological progress of the nation within and outside.

As a sequel to fulfil these important objectives, further to demonetisation, GST and the finance budget 2018 of Government of India including (with) an objective to grow the businesses of its members through best channel practices, the PROGRESSIVE CHANNELS ASSOCIATION INFORMATION TECHNOLOGY aka PCAIT with the support of the Federation of All India All India Information Technology Associations( FAIITA) is organising a prestigious event, A NATIONAL BUSINESS CONCLAVE ,” CHANNEL VISTAS,” at Hotel Crown Plaza on 5th May to be attented by 250 credible IT business owners, honchos and leaders from across the country, ranging from retailers to system integraters to regional distributors. Primarily, its the FAIITA EVENT hosted by PCAIT.

It’s an event of IT business owners and leaders to match make and synerzise at national level for outstansing business growth.

It may be recalled that the Progressive Channels Association of Information Technology (PCAIT) is an association of credible IT channel partners conducting a little over 80% of IT business in the Indian capital of Delhi.

PCAIT is to IT channel business as NASSCOM is a software business and is a founder member of Federation of All India Information Technology Associations aka FAIITA, representing business interests of over 30,000 pan India channel partners.

Feeling a dire need to cystallize the immense human and material resources of the IT industry, particularly a channel of national and global benefit , a group of 15 enthusiastic persons heading various organisations came forth in May 2004 to give birth to PCAIT which got registered in March 2005 as a society.

The Association comprises of a vast pool capable persons possesing outstanding managerial, technical and entrepreneur skills who are also highly qualified, ambitious and successful in each of his or her domain.

The president of PCAIT is Mr. Alok Gupta, MD, Unistal Systems and general Secretary is Mr. Saket Kapoor. The excecutive council of this IT body consists of 16 persons, all from the Information Technology sector.

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Gairsain proved boon for Uttarakhand lawmakers, became richer by 100% salary hike with perks

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The budget session of the current government headed by the chief minister Trivendra Singh Rawat in Gairsain’s new assembly secretariat though convened to assuage the heightened and soared tempers of the Gairsain movement activists, has really not been able to satisfy and cajole the furious movement activists who not only protested at the venue most acrimoniously but also courted arrests everyday, raising anti establishment and pro Gairsain capital slogans.

The soaring tempers of thousands of people having converged at the new Vidhan Sabha demanding Gairsain to be declared as the permanent capital, with women in large numbers fighting with the police force to let them move forward towards the assembly building unambiguously exhibited the situation of the nineties when the Uttarakhand movement was at its peak.

The myriad amount of media coverage given to the movement for Gairsain has while lessoned the coverage of the assembly’s budget session, it has also on the other hand helped in boosting the morale of the Gairsain protagonists.

Political analysts say that by giving no significance to the issue of Gairsain capital during the entire budget session the BJP government of the state has further earned the wrath, annoyance and disenchantment of the common masses at large.

The complete success of the Gaisain bandh earlier and the Pauri Garhwal bandh of today has clearly shown the peoples’ antagonism towards the incumbent government on the issue of Gairsain capital.

What is more shocking and anguishing is the fact that instead of applying balm or grease on the wounds of the Gairsain andolankaries by raising the issue of Gairsain in the assembly, the BJP government of the state had preferred to pass a bill on 100 % increase in the salary of the lawmakers and the speaker of Uttarakhand thus adding fuel to fire to the Gairsain episode.

On the one hand thousands of unemployed youths were demonstrating at the state capital Dehradun demanding jobs and facing police blows on the other hand the lawmakers were busy enhancing their salaries and perks to the tune of 120%. Sounds ironical indeed.

The state running in a fiscal deficit of 44000 crores with budget of equal amount released in Gairsain assembly, the furious and highly antagonised people of the state are questioning the arbitrary salary hike of the lawmakers saying that the government of the day seems to be more concerned and worried for the welfare of its MLAs and ministers than the people of grass roots of rural Uttarakhand, reeling under abject poverty and no credible source of income to survive. What do you say friends?
SUNIL NEGI

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Rs1 lakh crore of public exchequer at God’s will. Will be recovered or not, is anybody’s guess?

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The revelation of about hundreds of private companies and corporates being the willful defaulters having put to loss a staggering amount of one lakh crore or even more during the last few decades not returning the same intentionally though many of them could have done so, unambiguously speaks of the fact that these heavy defaulters are in league with the powerful people in the system and had conveniently managed to siphon off such a huge amount of the public exchequer without any fear or terror of law.

Just imagine, on the one hand thousands of farmers had committed suicides in our country and are still doing so for not being able to repay just a few lakhs or thousands of rupees due to genuine drought or short rain cycle that results in the subsequent production losses and on the other hand the rich, affluent and the privileged corporate houses and industrialists willfully hang on the lakhs of crores of government money thus not only making mockery of our system but leading the country towards economic backwardness.

But the question is, who is to be actually blamed for this huge lapse, the government agencies, the banks or the corporates/ industrialists. The answer is simple, all the three of them. There have been hundreds of instances that the goons and bouncers of banks and financiers find it too easy to harrass, victimise and even thrash the farmers, youths, students and even woman and forcibly take back/ consficate their financed vehicles, tracters etc for the failure to pay even few inslalments due to some genuine constraints but in the case of these powerful and highly rich the system falls on their feet, obnoxiously, at the expense of the nation’s interest.

It really sounds shocking and higly deplorable that Vijay Mallaya, Nirav and Lalit Modi flee the country after duping banks of several thousand crores and so are many others and now a new shocking revelation comes that hundreds of such sharks have willfully defaulted the government of more than one lakh crores of rupees, the massive amount that could have resolved the financial crisis of 80% of our farmers and resurrected the health related conditions of our country’s 90% of the population having covered them under insurance umbrella of social and health security.

Why is it that we’ve been tolerating these economic offenders for so long knowing very well that its a hard earned tax payers money of public exchequer. Why is it that the economic offences wing, the CBDT, the ED, the IT department and departments like revenue intelligence didn’t take any action. And why is it that now the skeletons are being explored, diclosed and made to fall down from the cupboards, daily?

The point is clear. The national election are nearing and the people of the country need an answer made during the pre polls, four years ago. Hope the government of the day succeeds in retrieving this one lakh crore at the earliest and uses it justifiably for the welfare of the farmers and the underprivileged sections of the society. If not now it will really, never be in the future? What’s your take friends?
SUNIL NEGI

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