NSE HEROMOTOCO – Premium Setup
Unlock This ArticleOnly subscribers can read the full article. Please login to read the entire article.
XAUUSD: Corrective Phase Setting the Stage for a Bull Run
Moneymunch: G N Dairies against consumer complaints order for fraud & cheater
Just few hours back, Securities and Exchange Board of India announced unauthorized dairy investment scheme run by G N Dairies and has asked the company to refund investors’ money. Consequently, SEBI ordered 3-month time period from date of October 31 for return money to it investors because all investment schemes designed with wrong intention and company promise of high returns in the name of trading of cattle and ghee without obtaining requisite certificate from the market regulator.
If the company fails to comply with its directives, a reference would be made to the state government and local police to register a civil/criminal (consumer) case/complaints against them for fraud and cheating (cheater). – SEBIBy Moneymunch online investigation(review/feedback), the company claimed it has returned calves and ghee to as many as 45,000 investors.
Checkout similar two complaints investigated by Moneymunch:Continue readingMoneymunch: SEBI eyes on MCX Dabba trading and complaints
What is Dabba trading (Definition): The investor’s trades [buy/sell orders] do not executed on stock exchanges system but in the dabba operators books only.
Top reason for dabba trading: mainly to save on tax and trading fees. But traders don’t know, dabba trading or trading in commodity (MCX / NCDEX) futures outside the FMC-regulated exchanges is illegal as per the Forward Contracts Regulation Act (FCRA), 1952.
Dabba trading is also risky as it does not provide protection against counterparty default risk as guaranteed by commodity futures exchanges for trades done on them.
Market controller Sebi may break down on dabba trading that is said to be out of control in cities like Rajkot, Ahmadabad, Mumbai and Indore, following (consumer) complaints from market participants.
Dabba trading activities is 70% more existing in equity trading rather than commodity market. Look below image:
(GIVEN by LOKESHWARRI SK BL RESEARCH BUREAU)
SEBI is asking, are Gujaratis losing interest in equity trading?
SEBI sources said: finding exact information from market participants about such illegal activities, has furthermore written to the state governments seeking information in this regard.
If you notice any illegal commodity futures market activity, please report to:
Forward Markets Commission, Everest, 3rd Floor, 100, Marine Drive, Mumbai 400 002, Tel: 022-227 953 00, Fax: 022-2281 2086, Email: [email protected]
Continue reading
Moneymunch found CBI complaints against MCX-SX licence
IT (Income Tax Department) had raided the offices of MCX and FTIL on June 19, 2007. The CBI is looking into this matter five years after the permission was granted and Sebi chief C B Bhave said “MCX Stock Exchange case, CBI working with ‘crazy logic'”. Central Bureau of Investigation (CBI) said on Thursday that it had registered a preliminary inquiry against former Securities and Exchange Board of India (Sebi) chief C.B. Bhave, its former whole-time member K.M. Abraham, Multi Commodity Exchange of India Ltd (MCX) and Financial Technologies India Ltd (FTIL).
Our Finance Minister P Chidambaram last words were on this matter, “don’t think CBI has all the facts on Bhave case. I am sure the Sebi records give reasons for why it gave them the licence for currency futures”.
But two days back at evening, Jignesh Shah was taken to CBI headquarters in Mumbai for questioning. The enquiry, in this instance, has been registered in connection with the grant of a license to MCX Stock Exchange (MCX-SX), which first started operations in 2008 with its currency derivatives segment. Shah was later released by CBI.
Continue reading