this ppt is about one of the biggest scam in india. mastermind behind the scam was Harshad Mehta who acted broker between the banks. he used banks money for trading purpose.
The scam can be categorized as capital market scam
in which it is done by manipulating the facts in order to attain enormous funds.
There are four different aspects of the scam.
Diversion of funds
Intra day trading
Use of ready forward to maintain SLR
Fake bank recipts
The scam can be categorized as capital market scam
in which it is done by manipulating the facts in order to attain enormous funds.
There are four different aspects of the scam.
Diversion of funds
Intra day trading
Use of ready forward to maintain SLR
Fake bank recipts
The Harshad Mehta Scam Exposed. The entire mechanism and who were the key parties involved, the aftermath and the effects of the scam on the stock market and the overall Indian Economy. The ethical issues involved and the action taken to prevent any such scams in the future by the government.
This was the second most important scam that rocked the Bombay Stock Exchange after the Harshad Mehta scam. Ketan Parekh is a former stock broker from Mumbai,who was convicted in 2008, for the involvement in India stock market manipulation,that occured from late 1998 to 2001.
The Harshad Mehta Scam Exposed. The entire mechanism and who were the key parties involved, the aftermath and the effects of the scam on the stock market and the overall Indian Economy. The ethical issues involved and the action taken to prevent any such scams in the future by the government.
This was the second most important scam that rocked the Bombay Stock Exchange after the Harshad Mehta scam. Ketan Parekh is a former stock broker from Mumbai,who was convicted in 2008, for the involvement in India stock market manipulation,that occured from late 1998 to 2001.
A case study on how Harshad Mehta scammed the entire stock market. There are certain examples and history on how he played a role as a stockbroker.
The underlined and highlighted words can be googled to further more enhance your knowledge.
The following presentation takes you through the Corporate Governance norms as prescribed by SEBI with a bit of detail into some major Corporate governance scams in INDIA
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
3. CONTENTS
3
• Early life
• Rise of Harshad Mehta
• Loophole in Indian banking system
• The fraud- Modus operandi
• Impact on Stock Market
• Conviction and Death
• New regulations
• In Popular culture
4. EARLY LIFE
o Name – Harshad Shantilal Mehta
o Born on 29 July, 1953 at Paneli Moti, Rajkot
district, in a Gujarati Jain family of modest
means.
o Earned degree in Bachelor of Commerce.
o Started his working life as an employee of New
India Assurance Company
4
5. Over a period of ten years, beginning 1980, he served in
positions of increasing responsibility at a series of
brokerage firms.
5
•Stock broker P. Ambalal
•Jobber for P.D Shukla
Early
80s
•J.L. Shah and
Nandalal Seth1982
6. RISE OF MEHTA
Established his own firm when BSE auctioned a broker’s
card.
Traded heavily in shares of Associated Cement Company
(ACC), increasing share price from Rs.200 to Rs.9000.
Justified increase with Replacement cost theory.
Earned the sobriquet of “The Big Bull”. 6
Year 1990
7. INSTRUMENTS USED IN SCAM
Harshad Mehta used following instruments in the scam:
7
Loophole in SLR
Ready Forward deal
Bank Receipts
8. LOOPHOLE IN SLR
SLR- The banks in India had to maintain a particular
amount of their deposits in government bonds.
In early 1990s, each bank had to submit balance sheet at
the end of each day.
Now, Government decided that banks need to show it
only on Fridays instead of every day.
8
• Average %age of bond holdings over
the week needs to be above the SLR
but the daily %age need not be so.
EXTRA
CLAUSE
10. READY FORWARD DEAL
A secured short-term (typically 15-day) loan from one bank to
another.
Bank lends against government securities.
A broker usually brings together two banks for which he is
paid a commission.
The securities and payments were delivered through the
broker in the settlement process.
In such settlement the banks may not know with whom they
are dealing with. 10
12. BANK RECEIPTS
Bank receipt serves three functions:
o Confirms the sale of securities
o States that the securities are held by the
seller in trust for the buyer
o Acts as a receipt for the money received by
the selling bank
Borrowing Bank
(Seller)
Bank Receipt
Lending Bank
(Buyer)
12
Funds
13. THE FRAUD
13
• Sold securities to
Harshad Mehta
• Issued fake Bank
Receipts
Seller
Harshad Mehta
• Bought securities
from him
• Issued cheques in his
name
Buyer
Invested in
Stock market
F
U
N
D
S
14. 14
• Mehta took money from Bank A
• Delivered securities taken from
Bank B
With
Bank A
• Immediately took securities (for A)
• Paid money to B the next day
• Offered 15% return to B
With
Bank B
• He always had some working capital
• Cleverly squeezed out funds from
banking system & invested in equity
With
Stock
market
MODUS OPERANDI
15. Mehta collected fake BRs from Bank of Karad and
the Metropolitan Co-operative Bank.
Exchanged fake BRs with other banks for money.
Invested money in stock market, made huge
profits, retired BRs on due date.
He offered the ‘Replacement cost theory’ as an
explanation.
Mehta earned the sobriquet of the ‘Big Bull’ who
started the bull run.
15
17. 17
THE IMPACT
Banking system had been swindled of a
whopping 4,000 crores
Banks holding fake BRs when scam
unearthed faced huge losses
Shares of ACC rose from 200 to 9000
(up by 4400%)
18. 18
Swiped 6 billion from SBI
Bribery claim of 10 million on the then PM
Mr. P. V. Narasimha Rao
The day he sold shares, market crashed
Chairman of Vijaya Bank committed suicide
20. CONVICTION AND DEATH
Mehta and his brothers were arrested by the CBI on
November 9, 1992 for allegedly misappropriating more
than 27 lakh shares of about 90 companies, and banned
by SEBI from the stock market
Convicted in 72 criminal offenses and over 600 civil law
suits
September 1999, Bombay High Court convicted and
sentenced him to five years rigorous imprisonment and
a fine of 25,000
He died at the age of 47, on 31 December 2001. 20
21. NEW REGULATIONS- LESSONS LEARNT
21
Listing
Agreements
Securities Laws
(Amendments)
Act, 1995
Mandatory
disclosures by
issuing companies
SEBI empowered to
penalize capital
market violations
Securities
Appellate Tribunal
established
22. IN POPULAR CULTURE
In the 1995 movie "Gambler" starring Govinda, Harshad
Mehta is referred in the parody song "Stop That"
The character Natwar Shah in movie Aankhein
(released:1993), placed under scanner for a Rs. 50 billion
scandal, was inspired by Harshad Mehta.
The Mehta scandal was portrayed in the Hindi movie, Gafla.
It was premiered in Times BFI 50th London Film Festival on 18
Oct 2006.
Mehta scandal life is covered by Sucheta Dalal and Debashish
Basu in their book The Scam: From Harshad Mehta To Ketan
Parekh.
Harshad Mehta's trial has been referred to in 2001 Bollywood
movie Nayak.
22