The document discusses an issue where a client, Rajesh, was charged excess brokerage of Rs. 8,000 on a transaction of Rs. 9,640 by his broker, Vivek Financial Focus Ltd. When Rajesh complained, the broker blamed a software glitch by their vendor, Synergy. Rajesh remains unsatisfied with the response and wants answers to questions around controls on brokerage amounts, oversight of brokers, and accountability of all parties involved to prevent future issues. He plans to write to the NSE regulatory head with his concerns and questions seeking improved oversight of brokers.
Sebi action in rs60000 cr nse colo scandal is eyewash startling revelations i...mrchavan143
The Parliamentary Standing Committee on Finance has directed SEBI to investigate and submit a report within two weeks on alleged malpractices at NSE related to co-location servers and sharing of price sensitive information. A report on a website had claimed the committee asked SEBI chairman to look into allegations that some institutions profitted illegally from NSE's algo trading system. NSE denies the allegations and has filed a Rs 100 crore defamation suit against the news portal that published a whistleblower's letter about market manipulation through NSE's co-location facility.
GYANM GENERAL AWARENESS - MAY 2018 ISSUE - ENGLISH VERSION Grover's Gyanm
This document provides a summary of current events that occurred between January and March 2018. It discusses the visits of various foreign leaders to India, including the presidents of Mauritius, Madagascar, Germany, France, Jordan, and Vietnam. It also summarizes Supreme Court rulings on the right to die with dignity, banning interference by khap panchayats in marriages, and not allowing foreign law firms to open offices in India. Additionally, it mentions that child marriages have declined 20% in India over the last decade and that India is now the third largest electricity producer in the world.
Impact of Branchless Banking on Customer SatisfactionRashid Ali Soomro
The main objective of this research is to establish how Branchless banking has impacted customer satisfaction in Pakistan. A rapid evolution in technology over the past decade has brought unprecedented changes to the Pakistan banking industry. The document discusses the background of branchless banking in Pakistan and internationally. It reviews literature related to customer satisfaction with branchless banking and identifies key factors like reliability, fees/charges, response, customer support, and privacy/security that impact customer satisfaction.
This document provides information about Meezan Bank and its operations. It includes:
1) An introduction and background on Meezan Bank along with contact details for its branch staff members.
2) Details on Meezan Bank's vision, mission, values, and financial highlights including growth rates in deposits, assets, and profits.
3) Information on Meezan Bank's board of directors, Shariah supervisory board, credit ratings, and branch network across Pakistan.
4) Descriptions of some of Meezan Bank's main Islamic banking products and accounts.
This document provides an overview of Axis Bank, one of India's largest private sector banks. It was established in 1993 and began operations in 1994. The bank was jointly promoted by several large public sector financial institutions. It has grown significantly over the past two decades and as of 2015 had over 2500 branches across India and several international offices. The document provides details on Axis Bank's business activities, subsidiaries, and financial performance to give context and background on the organization.
Meezan Bank and Bank Alfalah Car Finance Comparison Awais Chaudhry
The document provides an overview of Meezan Bank, an Islamic commercial bank in Pakistan. It discusses Meezan Bank's establishment, vision, mission, branches, leadership, financing products including car financing, and compliance with Islamic principles. Some key details include that Meezan Bank has 428 branches across Pakistan, offers car financing through an Islamic leasing structure called Ijarah, and ensures its products and services are Shariah-compliant through supervision of its Shariah Supervisory Board.
The document compares and contrasts commercial banking at MCB Bank and Islamic banking at Meezan Bank. It discusses the different types of accounts, financing options, and terms used in each system. The key difference is that MCB Bank uses interest-based accounts and financing while Meezan Bank's products and services are strictly Shariah compliant and do not involve interest.
Sebi action in rs60000 cr nse colo scandal is eyewash startling revelations i...mrchavan143
The Parliamentary Standing Committee on Finance has directed SEBI to investigate and submit a report within two weeks on alleged malpractices at NSE related to co-location servers and sharing of price sensitive information. A report on a website had claimed the committee asked SEBI chairman to look into allegations that some institutions profitted illegally from NSE's algo trading system. NSE denies the allegations and has filed a Rs 100 crore defamation suit against the news portal that published a whistleblower's letter about market manipulation through NSE's co-location facility.
GYANM GENERAL AWARENESS - MAY 2018 ISSUE - ENGLISH VERSION Grover's Gyanm
This document provides a summary of current events that occurred between January and March 2018. It discusses the visits of various foreign leaders to India, including the presidents of Mauritius, Madagascar, Germany, France, Jordan, and Vietnam. It also summarizes Supreme Court rulings on the right to die with dignity, banning interference by khap panchayats in marriages, and not allowing foreign law firms to open offices in India. Additionally, it mentions that child marriages have declined 20% in India over the last decade and that India is now the third largest electricity producer in the world.
Impact of Branchless Banking on Customer SatisfactionRashid Ali Soomro
The main objective of this research is to establish how Branchless banking has impacted customer satisfaction in Pakistan. A rapid evolution in technology over the past decade has brought unprecedented changes to the Pakistan banking industry. The document discusses the background of branchless banking in Pakistan and internationally. It reviews literature related to customer satisfaction with branchless banking and identifies key factors like reliability, fees/charges, response, customer support, and privacy/security that impact customer satisfaction.
This document provides information about Meezan Bank and its operations. It includes:
1) An introduction and background on Meezan Bank along with contact details for its branch staff members.
2) Details on Meezan Bank's vision, mission, values, and financial highlights including growth rates in deposits, assets, and profits.
3) Information on Meezan Bank's board of directors, Shariah supervisory board, credit ratings, and branch network across Pakistan.
4) Descriptions of some of Meezan Bank's main Islamic banking products and accounts.
This document provides an overview of Axis Bank, one of India's largest private sector banks. It was established in 1993 and began operations in 1994. The bank was jointly promoted by several large public sector financial institutions. It has grown significantly over the past two decades and as of 2015 had over 2500 branches across India and several international offices. The document provides details on Axis Bank's business activities, subsidiaries, and financial performance to give context and background on the organization.
Meezan Bank and Bank Alfalah Car Finance Comparison Awais Chaudhry
The document provides an overview of Meezan Bank, an Islamic commercial bank in Pakistan. It discusses Meezan Bank's establishment, vision, mission, branches, leadership, financing products including car financing, and compliance with Islamic principles. Some key details include that Meezan Bank has 428 branches across Pakistan, offers car financing through an Islamic leasing structure called Ijarah, and ensures its products and services are Shariah-compliant through supervision of its Shariah Supervisory Board.
The document compares and contrasts commercial banking at MCB Bank and Islamic banking at Meezan Bank. It discusses the different types of accounts, financing options, and terms used in each system. The key difference is that MCB Bank uses interest-based accounts and financing while Meezan Bank's products and services are strictly Shariah compliant and do not involve interest.
The document is a letter summarizing a student's research report on the SWOT analysis of City Bank in Bangladesh. The student conducted research on City Bank as assigned by their lecturer. The student followed the lecturer's guidelines in preparing the report and believes the knowledge gained will help with their future career. The student thanks those who provided assistance and hopes the report fulfills the course requirements.
This document analyzes the scope and growth of payment banks in India following demonetization in 2016. It discusses how payment banks can accept small deposits and facilitate money transfers, bill payments, and fund remittances. Data on transaction volumes from two payment banks shows exponential growth. Allowing payment banks to issue debit cards, offer internet banking, and set up more branches and ATMs could help them penetrate unbanked rural areas. If deposit limits increase over time, payment banks may replace some roles of commercial banks and deepen financial inclusion across India.
A payments bank is a type of niche bank in India that can carry out most banking operations without credit risk. Payments banks can accept deposits up to Rs. 1 lakh, offer remittance services, mobile payments/transfers, and other services like ATMs but cannot issue loans or credit cards. The key objectives of payments banks are to increase financial inclusion and offer savings accounts and payment services. Some regulations for payments banks include that they must maintain a minimum capital of Rs. 100 crore and be fully networked from the beginning.
The document provides background information on a report about the loan disbursement and recovery system of NCC Bank Limited in Bangladesh. It discusses the objectives, scope, methodology and limitations of the study. The study aims to understand NCC Bank's lending activities, products, terms and conditions as well as identify processes, problems and make recommendations for loan disbursement and recovery. It uses interviews and a survey of 30 officers and customers for primary data collection and analysis.
Presentation on Meezan Bank by shaista , Daniya & Minhal.
It was a great presentation which marked an outstanding comparing to other groups presentation.
All you need a thorough knowledge of the products stated in the slides and present them in brief in front of your audience. The financials are related to 2018 data and the latest UN-audited report of March 2019 which added a great significance to the overall presentation and a clear picture of the banking's operations over all.
Payment banks are a new model of banks in India conceptualized by the Reserve Bank of India to promote financial inclusion. Payment banks can accept deposits up to Rs. 1 lakh, offer remittance services, mobile payments/transfers and other banking services like ATM/debit cards and net banking, but cannot issue loans or credit cards. The document discusses the functions of payment banks in detail, including how they can facilitate e-commerce payments in India and their significance for the Indian economy by promoting digital transactions. It also provides context on the Indian banking industry and reviews previous literature on banking performance.
Meezan Bank is Pakistan's largest Islamic bank, operating 222 branches across 63 cities. It was the first bank to receive an Islamic banking license from the State Bank of Pakistan in 2002. Meezan Bank offers a range of Shariah-compliant deposit products like savings accounts, certificates of investment, and foreign currency accounts. It has a strong management team and balance sheet, with excellent profitability and high credit ratings. The bank aims to be the premier provider of innovative Islamic banking services in Pakistan.
A Study on Non-Performing Loan: from the Perspective of the Banking Industry in Bangladesh
The credit goes to the original writer as fully mentioned in side the docs.
This document provides an outline of topics related to payment banks in India. It defines payment banks as stripped-down commercial banks that aim to reach customers through mobile phones rather than branches. The key objectives of payment banks are to increase financial inclusion for underbanked groups. Payment banks can accept deposits up to 1 lakh rupees per customer, issue debit cards, and charge fees for services, but cannot engage in lending. Major players setting up payment banks in India include Airtel and Paytm.
The Yes Bank crisis exposed weaknesses in banking supervision and the need for a dedicated resolution framework. Trouble had been building for years as Yes Bank's CEO and CFO oversaw underreporting of bad loans. Its loans were exposed to troubled firms and exceeded deposits. Non-performing assets ballooned while ratings downgraded and deposits fled. The RBI needs improved supervision and accountability for lapses. A specialized resolution mechanism is also needed to diagnose and resolve troubled banks swiftly to avoid systemic risks. While the RBI supervises banks, they must also strengthen governance to establish accountability.
Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI) . These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks.
Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking.
These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
The document provides analysis of the Nifty 50, Bank Nifty, and Nifty IT stock indices in India. It notes that Nifty 50 has formed a "Rising channel" pattern and may continue downward momentum if it breaks below a key support level of 12,100. Bank Nifty has formed a "Rising wedge" pattern and may also continue downward if it breaks below support at 31,900. Analysis is also provided of recent trends and support/resistance levels for Nifty IT.
Consumer behavior analysis in selection of a bankTrupti Desai
The document summarizes research on consumer behavior when choosing a bank in India. It discusses the origins and structure of banking in India. Research methodology included questionnaires with 100 consumers in Ahmedabad and Baroda. Key findings were that consumers primarily consider rate of interest, convenience, easy loans and ATM access when selecting a bank. There was no major differentiating factor between banks and consumers desired more attractive offers, education on offerings, and improved security. Recommendations included targeting influencers to gain more business and assuring security of consumer investments.
this is a kind of research paper on financial inclusion and e-banking services awareness among the customer of State Bank of India with special reference to customer of Agra...
the sample size of study is small because of limited time periiod...
The document analyzes Syndicate Bank from 2009 to 2019. It found that gross and net NPAs increased until 2018 due to forgery by bank officials and top management granting loans without proper checks. However, in 2019 NPAs declined as the bank established specialized recovery units, deployed more officers to high-risk accounts, and focused on priority sector lending. While past issues involved improper practices, recent changes indicate the bank is working to reduce NPAs through stricter monitoring and processes.
Yes Bank detailed presentation (2008 to 2019)ShubhamChugh9
The presentation is all about yes bank and describing its in depth details from year 2008 to 2019 and also its future prospects with all the major frauds and their NPAs details, along with this a questioner is also presented when we visited yes bank ltd.
also its balance sheet of year 2008 to 2019 is being discussed.
Microfinance serves as a tool for providing financial services to low-income populations that do not have access to mainstream financial services. ICICI Bank was originally promoted in 1994 to offer banking products and services. It has a large presence in India and internationally. ICICI Bank engages in microfinance by providing financial assistance such as loans to select microfinance institutions (MFIs) in India. This helps MFIs extend credit and other services to low-income groups. Examples demonstrate how microloans from ICICI Bank, routed through MFIs, have helped individuals start small businesses and improve their livelihoods and standards of living.
Payment banks have the potential to revolutionize retail banking in India by increasing competition and expanding access to financial services. Licensed payment banks, including those run by telecom companies and India Post, can perform many regular banking functions but are restricted from lending. This model is expected to drive down costs, transform welfare programs through partnerships with Aadhaar and mobile technology, increase cashless transactions, reduce black money, and provide the government with cheaper borrowing. Payment banks may also attract customers through higher deposit interest rates, discounts, and free services in the initial phase as competition in the banking sector intensifies.
This document provides an overview of changing business practices in the Indian banking sector due to technological adaptations. It discusses the introduction of payment banks in India, which are non-full service niche banks allowed to accept deposits and provide remittance services but not lending. Regulations for payment banks regarding financial requirements, ownership structures, and permissible activities are outlined. Recent developments and a list of new payment banks launching in India are also mentioned. Mobile wallets and small finance banks, which are other emerging technologies being adopted in the banking sector, are briefly discussed as well.
The document discusses payment banks in India. Payment banks will help further financial inclusion by providing small savings accounts and payment/remittance services. They can accept deposits up to Rs. 1 lakh and enable digital payments and money transfers through mobile phones. Eleven firms have been granted licenses to start payment banks, including telecom and retail companies. Payment banks have the potential to transform financial services access for underserved populations by leveraging technology and existing customer bases.
Copy of the complaint to cbi in connection with over rs 60000 cr nse co locat...mrchavan143
The National Stock Exchange of India (NSE) has filed a defamation suit against Moneylife Media Private Limited, Sucheta Dalal and Debashish Basu (Defendants) in response to articles published on Moneylife's website regarding alleged malpractices in NSE's algorithmic trading systems. The suit claims that articles in June 2015 implied that NSE allowed certain brokers to illegally profit through unfair access in its co-location servers. While NSE denies the allegations, the articles noted that an anonymous January 2015 letter to SEBI made detailed claims about exploitation of NSE's systems. The court is reviewing whether the articles contained defamatory statements against NSE.
Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. It serves as a public ledger for transactions, such as those involving bitcoin. By allowing transaction records to be distributed rather than centralized, blockchain aims to give users authority over their own records rather than relying solely on centralized institutions like banks. This could eliminate many financial institutions and reduce the ability of bad actors to misuse personal data. While still developing, blockchain may eventually transform banking, insurance, and other industries by removing middlemen and enabling self-provisioning without centralized accounts.
The document is a letter summarizing a student's research report on the SWOT analysis of City Bank in Bangladesh. The student conducted research on City Bank as assigned by their lecturer. The student followed the lecturer's guidelines in preparing the report and believes the knowledge gained will help with their future career. The student thanks those who provided assistance and hopes the report fulfills the course requirements.
This document analyzes the scope and growth of payment banks in India following demonetization in 2016. It discusses how payment banks can accept small deposits and facilitate money transfers, bill payments, and fund remittances. Data on transaction volumes from two payment banks shows exponential growth. Allowing payment banks to issue debit cards, offer internet banking, and set up more branches and ATMs could help them penetrate unbanked rural areas. If deposit limits increase over time, payment banks may replace some roles of commercial banks and deepen financial inclusion across India.
A payments bank is a type of niche bank in India that can carry out most banking operations without credit risk. Payments banks can accept deposits up to Rs. 1 lakh, offer remittance services, mobile payments/transfers, and other services like ATMs but cannot issue loans or credit cards. The key objectives of payments banks are to increase financial inclusion and offer savings accounts and payment services. Some regulations for payments banks include that they must maintain a minimum capital of Rs. 100 crore and be fully networked from the beginning.
The document provides background information on a report about the loan disbursement and recovery system of NCC Bank Limited in Bangladesh. It discusses the objectives, scope, methodology and limitations of the study. The study aims to understand NCC Bank's lending activities, products, terms and conditions as well as identify processes, problems and make recommendations for loan disbursement and recovery. It uses interviews and a survey of 30 officers and customers for primary data collection and analysis.
Presentation on Meezan Bank by shaista , Daniya & Minhal.
It was a great presentation which marked an outstanding comparing to other groups presentation.
All you need a thorough knowledge of the products stated in the slides and present them in brief in front of your audience. The financials are related to 2018 data and the latest UN-audited report of March 2019 which added a great significance to the overall presentation and a clear picture of the banking's operations over all.
Payment banks are a new model of banks in India conceptualized by the Reserve Bank of India to promote financial inclusion. Payment banks can accept deposits up to Rs. 1 lakh, offer remittance services, mobile payments/transfers and other banking services like ATM/debit cards and net banking, but cannot issue loans or credit cards. The document discusses the functions of payment banks in detail, including how they can facilitate e-commerce payments in India and their significance for the Indian economy by promoting digital transactions. It also provides context on the Indian banking industry and reviews previous literature on banking performance.
Meezan Bank is Pakistan's largest Islamic bank, operating 222 branches across 63 cities. It was the first bank to receive an Islamic banking license from the State Bank of Pakistan in 2002. Meezan Bank offers a range of Shariah-compliant deposit products like savings accounts, certificates of investment, and foreign currency accounts. It has a strong management team and balance sheet, with excellent profitability and high credit ratings. The bank aims to be the premier provider of innovative Islamic banking services in Pakistan.
A Study on Non-Performing Loan: from the Perspective of the Banking Industry in Bangladesh
The credit goes to the original writer as fully mentioned in side the docs.
This document provides an outline of topics related to payment banks in India. It defines payment banks as stripped-down commercial banks that aim to reach customers through mobile phones rather than branches. The key objectives of payment banks are to increase financial inclusion for underbanked groups. Payment banks can accept deposits up to 1 lakh rupees per customer, issue debit cards, and charge fees for services, but cannot engage in lending. Major players setting up payment banks in India include Airtel and Paytm.
The Yes Bank crisis exposed weaknesses in banking supervision and the need for a dedicated resolution framework. Trouble had been building for years as Yes Bank's CEO and CFO oversaw underreporting of bad loans. Its loans were exposed to troubled firms and exceeded deposits. Non-performing assets ballooned while ratings downgraded and deposits fled. The RBI needs improved supervision and accountability for lapses. A specialized resolution mechanism is also needed to diagnose and resolve troubled banks swiftly to avoid systemic risks. While the RBI supervises banks, they must also strengthen governance to establish accountability.
Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI) . These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks.
Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking.
These banks will aim at providing high volume-low value transactions in deposits and Payments / remittance services in a secured technology-enabled environment.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
The document provides analysis of the Nifty 50, Bank Nifty, and Nifty IT stock indices in India. It notes that Nifty 50 has formed a "Rising channel" pattern and may continue downward momentum if it breaks below a key support level of 12,100. Bank Nifty has formed a "Rising wedge" pattern and may also continue downward if it breaks below support at 31,900. Analysis is also provided of recent trends and support/resistance levels for Nifty IT.
Consumer behavior analysis in selection of a bankTrupti Desai
The document summarizes research on consumer behavior when choosing a bank in India. It discusses the origins and structure of banking in India. Research methodology included questionnaires with 100 consumers in Ahmedabad and Baroda. Key findings were that consumers primarily consider rate of interest, convenience, easy loans and ATM access when selecting a bank. There was no major differentiating factor between banks and consumers desired more attractive offers, education on offerings, and improved security. Recommendations included targeting influencers to gain more business and assuring security of consumer investments.
this is a kind of research paper on financial inclusion and e-banking services awareness among the customer of State Bank of India with special reference to customer of Agra...
the sample size of study is small because of limited time periiod...
The document analyzes Syndicate Bank from 2009 to 2019. It found that gross and net NPAs increased until 2018 due to forgery by bank officials and top management granting loans without proper checks. However, in 2019 NPAs declined as the bank established specialized recovery units, deployed more officers to high-risk accounts, and focused on priority sector lending. While past issues involved improper practices, recent changes indicate the bank is working to reduce NPAs through stricter monitoring and processes.
Yes Bank detailed presentation (2008 to 2019)ShubhamChugh9
The presentation is all about yes bank and describing its in depth details from year 2008 to 2019 and also its future prospects with all the major frauds and their NPAs details, along with this a questioner is also presented when we visited yes bank ltd.
also its balance sheet of year 2008 to 2019 is being discussed.
Microfinance serves as a tool for providing financial services to low-income populations that do not have access to mainstream financial services. ICICI Bank was originally promoted in 1994 to offer banking products and services. It has a large presence in India and internationally. ICICI Bank engages in microfinance by providing financial assistance such as loans to select microfinance institutions (MFIs) in India. This helps MFIs extend credit and other services to low-income groups. Examples demonstrate how microloans from ICICI Bank, routed through MFIs, have helped individuals start small businesses and improve their livelihoods and standards of living.
Payment banks have the potential to revolutionize retail banking in India by increasing competition and expanding access to financial services. Licensed payment banks, including those run by telecom companies and India Post, can perform many regular banking functions but are restricted from lending. This model is expected to drive down costs, transform welfare programs through partnerships with Aadhaar and mobile technology, increase cashless transactions, reduce black money, and provide the government with cheaper borrowing. Payment banks may also attract customers through higher deposit interest rates, discounts, and free services in the initial phase as competition in the banking sector intensifies.
This document provides an overview of changing business practices in the Indian banking sector due to technological adaptations. It discusses the introduction of payment banks in India, which are non-full service niche banks allowed to accept deposits and provide remittance services but not lending. Regulations for payment banks regarding financial requirements, ownership structures, and permissible activities are outlined. Recent developments and a list of new payment banks launching in India are also mentioned. Mobile wallets and small finance banks, which are other emerging technologies being adopted in the banking sector, are briefly discussed as well.
The document discusses payment banks in India. Payment banks will help further financial inclusion by providing small savings accounts and payment/remittance services. They can accept deposits up to Rs. 1 lakh and enable digital payments and money transfers through mobile phones. Eleven firms have been granted licenses to start payment banks, including telecom and retail companies. Payment banks have the potential to transform financial services access for underserved populations by leveraging technology and existing customer bases.
Copy of the complaint to cbi in connection with over rs 60000 cr nse co locat...mrchavan143
The National Stock Exchange of India (NSE) has filed a defamation suit against Moneylife Media Private Limited, Sucheta Dalal and Debashish Basu (Defendants) in response to articles published on Moneylife's website regarding alleged malpractices in NSE's algorithmic trading systems. The suit claims that articles in June 2015 implied that NSE allowed certain brokers to illegally profit through unfair access in its co-location servers. While NSE denies the allegations, the articles noted that an anonymous January 2015 letter to SEBI made detailed claims about exploitation of NSE's systems. The court is reviewing whether the articles contained defamatory statements against NSE.
Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. It serves as a public ledger for transactions, such as those involving bitcoin. By allowing transaction records to be distributed rather than centralized, blockchain aims to give users authority over their own records rather than relying solely on centralized institutions like banks. This could eliminate many financial institutions and reduce the ability of bad actors to misuse personal data. While still developing, blockchain may eventually transform banking, insurance, and other industries by removing middlemen and enabling self-provisioning without centralized accounts.
SEBI has to be responsive to the needs of three groups, which constitute the market:
the issuers of securities
the investors
the market intermediaries.
Investment awareness is the most important objective of SEBI.
Here is a draft cyber incident response plan for a potential cyber attack:
Introduction
This cyber incident response plan outlines the procedures and responsibilities for responding to and recovering from a cybersecurity incident at [Company Name]. A cybersecurity incident is any event that compromises the confidentiality, integrity or availability of an information system or the information stored on that system. This includes but is not limited to malware infections, ransomware attacks, data breaches, and distributed denial of service (DDoS) attacks.
Activation and Notification
If any employee detects a potential cybersecurity incident, they should immediately notify the IT Director. The IT Director will validate if an incident has occurred and activate the incident response team. The incident response team will be
The document provides information about the Security Exchange Board of India (SEBI). It begins with an introduction to SEBI's mandate to protect investor interests and regulate securities markets. It then describes SEBI's organizational structure and departments that regulate different entities like stock exchanges, market intermediaries, and investment vehicles. The summary concludes with an overview of SEBI's role in addressing investor complaints.
The document discusses three presentations from different people in the financial services industry.
1. The first presentation is from Mr. Lalit Popli, Head of IT at ICICI Prudential AMC. He believes information security is a core function that should not be completely outsourced due to increased risks. Some areas that can be outsourced include penetration testing and security reviews.
2. The second presentation is from Mr. Manish Chitnis of Capital First Ltd. He discusses his experience in the NBFC sector and Capital First's product suite. The company aims to become a significant financial conglomerate.
3. The third presentation is from Mr. Vijay Mahajan, Chairman and CEO
The document discusses equity trading in India and the future of online trading and demat accounts. It provides an overview of Sharekhan Ltd, a stock brokerage firm that offers online trading and depository services. The document analyzes Sharekhan's products, services, competitors and discusses factors like increasing online trading that positively impact the company's future growth prospects. Customer surveys found that awareness of equity trading is high but people prefer less risky investments. The document recommends that Sharekhan expand its branch network and reduce account opening times to better serve more customers.
The document provides definitions and explanations of basic business and commerce terms including:
- Unit Linked Investment Plans (ULIPs) and mutual funds
- Equity vs. debt and zero coupon bonds
- Regional Rural Banks (RRBs), lead bank schemes, clearing, and cheque types
- ATMs, debit vs. credit cards, drafts, and money transfers
- Asset Liability Management (ALM), cartels, ombudsmen, and banking organizations
- Statutory Liquidity Ratio (SLR), Cash Reserve Ratio (CRR), bank rate, prime lending rate (PLR), and interest rates
- Inflation types, deficit financing, fiscal policy, and expenditure types
House magazine for the associates of Gopast. This is the eighteenth quarterly issue. Inscriptions made on stone seldom fade, this is the core of the tag line of this magazine. Truth Stays Forever. This magazine will be of interest for people engaged in the financial services industry
Standardization of services and the democratization of the nepali stock marketSudarshan Kadariya
In the financial and investment services sector, this should be the right timing to discuss the need for standardization or the rating system in Nepal.
It gives us a great pleasure to release the Second edition of Highlight. The magazine’s members have shown considerable cooperation as well as devotion. Simple and interesting articles have developed specific subjects regarding different fields. On behave of the magazine’s members; I would like to express our thanks to all who have partially contributed to the magazine.we share our knowledge as we can in providing BE.,MBA and ME projects for students.psychological counselling was given for personal and professional stress,dullness in studies to build career and successful in life.Guidance was given for competitive exams in online as well as in our center and provide books for students.paradise 2.0 is a platform to share and acquire knowledge and develop ourselves in to integrative managers
It gives us a great pleasure to release the Second edition of Highlight. The magazine’s members have shown considerable cooperation as well as devotion. Simple and interesting articles have developed specific subjects regarding different fields. On behave of the magazine’s members; I would like to express our thanks to all who have partially contributed to the magazine.we share our knowledge as we can in providing BE.,MBA and ME projects for students.psychological counselling was given for personal and professional stress,dullness in studies to build career and successful in life.Guidance was given for competitive exams in online as well as in our center and provide books for students.paradise 2.0 is a platform to share and acquire knowledge and develop ourselves in to integrative managers
RERA and the Maharashtra RERA rules provide penalties for promoters who do not comply with regulations and compensation for delays in project delivery. However, many projects in Maharashtra are already stuck due to various issues. The regulator faces challenges in providing justice for buyers in stuck projects, as merely fining or jailing developers will not help buyers. Regulations need clarification on mechanisms to help complete stuck projects, such as allowing buyers to take over projects, and on protecting buyer rights regarding project quality and timely delivery.
How To Write A Good College Level Essay - Crafting An UMelody Rios
This document provides instructions for using the HelpWriting.net service to have essays written. It outlines a 5-step process: 1) Create an account with a password and email; 2) Complete an order form with instructions, sources, and deadline; 3) Review writer bids and choose one to start the assignment; 4) Review the completed paper and authorize payment if satisfied; 5) Request revisions until fully satisfied, with a refund option for plagiarized work. The service aims to provide original, high-quality content through this process.
The document provides definitions and explanations of various basic business and commerce terms including types of capital, bank accounts, scheduled commercial banks, the evolution of State Bank of India, mutual funds, stocks, bonds, money transfers, banking regulations and more. Key terms are defined concisely in 1-3 sentences with relevant details.
Project Report _ Importance of Ratio Analysis in Project FinancingCA Shiv Kumar Sharma
The document discusses the importance of ratio analysis in project financing for MSMEs seeking loans. It outlines key ratios that should be included in a project report submitted to banks when applying for loans, such as the current ratio, net working capital analysis, debt ratio, and debt service coverage ratio. Including these ratios allows banks to easily analyze the future prospects and solvency of a business project to determine whether to approve the loan application. The document emphasizes that a well-drafted project report with logical financial figures presented through ratio analysis can play a vital role in securing loan approval.
CASE 3.3 The Anonymous CallerRecognizing It’s a Fraud and Evalua.docxwendolynhalbert
CASE 3.3 The Anonymous Caller
Recognizing It’s a Fraud and Evaluating What to Do
Mark S. Beasley • Frank A. Buckless • Steven M. Glover • Douglas F. Prawitt
LEARNING OBJECTIVES
After completing and discussing this case you should be able to
[1] Appreciate real-world pressures for meeting financial expectations
[2] Distinguish financial statement fraud from aggressive accounting
[3] Identify alternative actions when confronted with suspected financial statement fraud
[4] Develop arguments to resist or prevent inappropriate accounting techniques
BACKGROUND
It was 9:30 a.m. on a Monday morning when the call came through. “Hi Dr. Mitchell, do you have a minute?”
“Sure,” the professor replied.
“I am one of your former students, but if you don’t mind, I would prefer to remain anonymous. I think it is best for both of us if I not reveal my name or company to you. I am concerned that the senior executives of the company where I serve as controller just provided our local bank fraudulently misstated financial statements. I need some fast advice about what to do. Currently, I am on my cell phone and need help evaluating my next step before I head to my office this morning. May I briefly describe what’s going on and get some input from you?” she asked.
“Go ahead, let me see if there is some way I can help,” responded Dr. Mitchell.
“I am the controller of a privately-held, small, start-up company that I joined three and onehalf months ago. On Friday of last week, the company’s chief executive officer (CEO), the vice president of operations, and the chief financial officer (CFO) met with representatives of the bank that funds the company’s line of credit. One of the purposes of the meeting was to provide our most recent quarterly financial statements. The company is experiencing a severe cash shortage, and the bank recently halted funding the line of credit until we could present our most recent operating results. It was at that meeting, just three days ago, that our senior executive team knowingly submitted financial statements to the bank that overstated sales and receivables accounts.”
“Earlier on Friday, prior to the bank meeting, I vehemently refused to sign the commitment letter required by the bank because of my concerns about the inclusion of sales transactions to customers on account that I knew did not meet revenue recognition criteria specified by GAAP. I explained to the CEO and CFO that I believed including those transactions in the quarterly results would constitute fraud. They continued to insist that the financial statements needed to reflect the transactions, because without them, the bank would not continue funding the line of credit. They accused me of living in an “ivory tower” and emphasized that companies booked these kinds of transactions all the time. Although they acted like they appreciated my desires for perfection and exactness, they made me feel like it was my lack of experience in the real world that ...
Failure to accomplish returns and events like ponzi schemes, dubious high return schemes etc. have sharply focused attention once again on fiduciary duties investment advisers owe to the retail & small investors.
In 2013, to regulate the provision of investment advisory services, SEBI (Investment Advisers) Regulations 2013 (“IA Regulations”) was enacted where every person who acts as an investment adviser to register itself under the IA Regulations unless the person is exempted from the registrations under the IA Regulations which includes but not limited to insurance agents, registered stock brokers etc.
Investment Advisers are the fiduciaries and decision-making authority, on behalf and for the benefit of their customers i.e. beneficiaries, and are subject to highest standard of care. The fiduciary relations involve transfer of discretionary power and investment of funds on behalf of the customers.
This document is a dissertation submitted by Subham Kundu to St. Xavier's College for a Bachelor of Commerce degree. It examines the comparative study of non-performing assets between public and private sector banks in India. The dissertation contains annexures verifying the originality and plagiarism check of the work. It includes an acknowledgement, table of contents, and 5 planned chapters on the conceptual framework, data analysis and findings, conclusions and suggestions, and bibliography. The introduction provides background on non-performing assets and their impact, defines key terms, and outlines the rationale and objectives of the study.
Here are the key facts and problems from the case:
- Givaudan is a major supplier of flavors to Tastyco, one of their largest customers.
- Geoff Morales has been the Tastyco account manager for 3 years, growing their volume and profits.
- However, Geoff has not faced competition from other flavor suppliers during this time.
- Tastyco is now considering other suppliers and asking for a price reduction from Givaudan.
- Geoff must determine how to respond to maintain the business relationship while still being profitable.
The main problem is that Geoff's lack of competition has allowed pricing to become an issue. Tastyco is now shopping around for better deals, threatening Givaud
The Rod community of 230 villages in Haryana numbering around 600,000 people are believed to be descendants of the Maratha soldiers who survived the Third Battle of Panipat in 1761. Research shows the Rods share surnames, customs, dialect words and practices with the Marathas. Though living in Haryana for centuries, the Rods retained aspects of Marathi culture and still express devotion to Chhatrapati Shivaji, indicating their lineage from the Maratha troops defeated at Panipat.
This letter concerns two annuities held by Rajesh Rampal with LIC of India. The letter provides details of the annuity policies and numbers. It mentions that documents such as a bank mandate, existence certificate, and cancelled cheque were sent previously by registered post but the records have not been updated. The letter requests that the date of birth on file be corrected to 13 October 1955 and for the documents to be processed to update both annuities in a timely manner. It expresses frustration with the outdated systems and lack of customer service at LIC.
This document discusses several cases of feral children who were raised by wild animals. It describes Mowgli from The Jungle Book, who was inspired by an article about a wolf boy. It then discusses Werner Freund, a 79-year old man in Germany who has raised close to 70 wolves at his wolf park over 40 years and sees himself as the pack's leader. It provides several examples of feral children found in India, Uganda, and Ukraine who were raised by wolves or monkeys and exhibited wild animal-like behaviors. It also discusses the famous cases of Kamala and Amala, two girls captured in India in 1920 who were raised by wolves and showed physical traits of wolves. Finally
The conference attended by the author seemed to be more of a bureaucratic exercise for the Indian government ministers rather than a substantive discussion on tourism issues. Buddhism could be a promising focus for religious tourism in India, particularly among European intellectual travelers. Key Buddhist sites that could be included in a circuit are Bodhgaya, Dharamsala, Nalanda, Rajgir, Patna, Sarnath, Shravasti, Lumbini, and Kushinagar, with the possibility of staying in monasteries. China is currently the top country for international tourism spending.
1) The document proposes a marketing plan by British Airways Tours to increase tourism between the UK and India through 2020 by offering packaged tours and holding visitors' hands during their travels in India.
2) A key part of the strategy is to organize traveling troupes in the UK featuring Indian culture, cuisine, and arts to promote tourism to India. Authorized tour operators would then sell pre-packaged tour options to interested visitors.
3) The plan aims to leverage the historical connections between the UK and India and pool resources between airlines, hotels, and tour operators to increase occupancy and profits for all involved businesses.
Epilepsy is a neurological condition characterized by recurrent seizures. Seizures are brief disturbances in the electrical functions of the brain. The assessment of epilepsy involves stabilizing the patient during a seizure by ensuring their airway, breathing, and circulation. Vital signs should be monitored and the duration of convulsions recorded. Underlying causes should be explored, such as eclampsia in pregnant women. Rectal diazepam can be used to stop prolonged seizures when IV access is not available. Status epilepticus requires management in a health facility with IV antiepileptic medications.
Rajesh Rampal has requested cancellation of his COP (Certificate of Practice) with ICAI (Institute of Chartered Accountants of India) due to security concerns. False tax returns have been filed in his name and personal details have been compromised. He provides evidence that returns were filed by unauthorized individuals falsely claiming to be him. He requests ICAI to cancel his COP immediately and ensure proper verification of members to prevent further fraud and impersonation.
The document provides information about the naturally formed Vayulingam at Sri Kalahasti temple in Andhra Pradesh, South India. It describes how the lingam is covered with 27 stars representing the 9 planets and 27 constellations. It discusses how people with sarp dosha or kal sarp yoga visit the temple to pray and remove their doshas. It provides details on fees for entry, special prayers for sarp dosha removal, and temple timings. It also summarizes the legend of how Rahu and Ketu originated from the demon Swarabhanu and the significance of praying at the temple to remove the negative effects of their placement in one's birth chart.
The document discusses the assault on Delhi by British forces in 1857 during the Indian Rebellion. It describes how the British force was significantly smaller than the defending Indian force but was still able to capture the city. The assault resulted in heavy casualties for the British forces but they were able to recapture Delhi on September 20th. The document emphasizes the importance of leadership, strategy, and innovative tactics demonstrated in this battle. It suggests there are management lessons that can be drawn from studying past military battles.
Rajesh Rampal writes a letter to Prof. K.V. Bhanumurthy regarding issues caused by the construction of a new four-story building. Materials and equipment from the construction have been dumped in Rampal's backyard, blocking access to the back door and resting on a gas pipeline. This poses safety hazards and could damage water pipes and drains. Rampal provides pictures showing the current state and requests that Bhanumurthy more closely supervise the construction to avoid further issues, noting the owner is ultimately responsible for how the contractor handles the work.
Rajesh Rampal deposited a cheque for Rs. 30,000 into his Zerodha trading account over a month ago on February 16th, 2017 but the funds were not credited to his account until March 14th, 2017. He has complained to Zerodha multiple times about the delay in crediting the funds and is dissatisfied with their explanations. Zerodha claims they did not receive details of the cheque deposit from the bank and can take up to 5 days to credit funds, but Rajesh insists they acknowledged receipt of his deposit email on the same day and is considering taking further action due to the long delay and lack of a satisfactory response from Zerodha.
1) State Bank of India (SBI) will enter the top 50 global banks league with a balance sheet size of Rs. 41 lakh crore following its merger with 5 associate banks and Bharatiya Mahila Bank.
2) The merger increases SBI's total employees to 2.77 lakh, customers to 50 crore, branches to over 25,000 and ATMs to 58,000. SBI's market share will increase to nearly 22% from 17%.
3) A customer describes poor treatment received from SBI staff when settling his deceased mother's bank account, including refusal to provide basic documents and incorrectly identifying him as the legal heir instead of nominee. He raises issues with the bank
The letter discusses concerns about rising cancer cases in the Vaishali colony in Delhi and their potential link to radiation from nearby cell phone towers. It notes that two towers have been installed in the area. While radiation levels are within government limits, some experts question the reliability of the self-reported compliance levels and recommend independent testing. The letter calls for forming a public health committee to monitor radiation levels and involve local residents. It provides links to research reports on the potential health effects of cell tower radiation.
Rajesh Rampal opened a savings account with HDFC Bank and deposited Rs. 50,000 by cheque. However, over a period of several days in late March and early April, his account balance was incorrectly shown as Rs. 5,000 online and in ATM withdrawals, preventing him from accessing his own funds. This caused significant problems and embarrassment for Rampal and his family. Despite complaining to the branch manager, Rampal received no satisfactory response or correction of the error from HDFC Bank.
This document provides an overview of Flower Valley Foods, an Indian producer of ready-to-eat meals established in 2004. It details the company's infrastructure, including production facilities, quality certifications, manufacturing goals and processes. Flower Valley Foods produces a line of ready-to-eat meals and snacks under the Deleez brand. The Deleez range includes North Indian dishes packaged in retort pouches with an 18-month shelf life. The company has achieved success in both domestic and international markets.
Bimla Rampal was born in 1927 in what is now Pakistan and grew up in a large family with many siblings. She studied history, geography, English literature, and political science in college. During the partition of India in 1947, her family was rescued and escorted to safety in India by her uncle, a major in the Indian army. After arriving in India, she married Gian Chand Rampal and they had three children together. Bimla Rampal was a lifelong learner who was devoted to her family and her Hindu faith. She had a passion for reading and would discuss politics, movies, books and religious texts. She remained close with her family until her death.
Bimla Rampal was born in 1927 in what is now Pakistan and moved to India after Partition in 1947. She married Gian Chand Rampal and they had three children. She was a voracious reader who enjoyed discussing literature, politics, and religion. Bimla completed pilgrimages to major Hindu sites across India and always encouraged kindness. She passed away but remained in the hearts of her family who aim to live virtuously in her memory.
The document summarizes a battlefield tour led by Rajesh Rampal to key sites related to the 1857 uprising in Delhi. The tour visits locations like Kashmir Gate, Nicholson Cemetery, Church of St. James, and sites of battles to bring history alive for participants and draw management lessons from military strategy. Testimonials praise Rampal's expertise, storytelling ability, and ability to provide balanced perspectives on the events of 1857.
1) The poet describes the Himalayan mountain range ruled over by King Himalaya and his family, including his daughter Parvati.
2) Sage Narada predicts that Parvati will marry Shiva. Shiva is practicing asceticism on the Himalayas when Parvati is sent to serve him.
3) The poem provides vivid descriptions of the natural beauty and wildlife of the Himalayan mountains over 14 verses.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
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This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
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1. HOW THE NSE WORKS
BROKERS ARE PART OF NSE
HAS NSE EVER DONE A KNOW YOUR BROKER EXERCISE
I see Governmentshavinga more active role,in both promoting developmentandprotectingthe poor. Economic
theory and historical experience provide guidance onwhat governmentneedsto do. While marketsare at the centre
of any successful economy,governmenthas to create a climate that allowsbusinessto thrive and create jobs. It has
to construct physical and institutional infrastructure –laws ensuringfor instance,a soundbanking system and
securitiesmarketsin which investorscan have confidence that they are not beingcheated.
MAKING GLOBALIZATION WORK by JosephE. Stiglitz(Nobel laureate) ISBN978-0-14102-496-7
Above premise is the guideline on which this chapter is based.
I have beendealingwith NSE through my Broker VivekFinancial Focus Limitedsince many years and had no cause for
any complaint. I was aghast to see one day that I was charged Rs 200 per Unit brokerage when the settledrate was Rs
50 per lot. Thus I was charged Rs 8,000 as Brokerage on a deal of Rs 9,640. VOW!!!Correct amount shouldhave been
Rs 50.
WhenI complainedto the CEO VivekKakar I was told ‘I am out of station and the 2IC is on leave and will look intothe
matter on return.’ I was latertold it was a computer software problem and Synergyof Chennai who suppliesthe
software isresponsible forthis lapse.This was upheldby another NSE memberSh. Rakesh Jain. I am not able to
understandhow the NSE allows its Brokers to buy sub-standard programmes from such software suppliersand
whetherit exercisesanycontrol over its Brokers or has it giventhem a license to lootthe people ofIndia. Rakesh Jain
Chairman FSL TechnologiesLtd. Is a friendof mine and he suggestedthat I do not file a formal complaintwith NSE
Regulatory ChiefDr. Narasimhan, Hence the lettershown belowthough draftedhas not beenfiledwithNSE
Regulatory Head Dr Narsimhan.
Both the Broker Notes on the same transaction are given below.Marked I is the one that is wrong and II the Corrected
one.
However the following questions remain unanswered.
1. How could this ever happen?
2. Are no controls built in the software to limit maximum brokerage to say 2% or maybe even
3% -In this case Brokerage is in excess of 80% of the transaction values!
3. Do Brokers just blindly send Broker Notes and debit clients accounts without any check?
4. When an issue is raised by a client only then action is taken and his queries remain
unanswered till date. This transaction could very well have been overlooked but for the alacrity of
the client.
5. Is Synergy an approved vendor of NSE since it provides software to NSE Members and
thus in a way to NSE who are the Principals. It is quite alarming since a Principal can also be held
responsible for the acts of his agents hence NSE has to take appropriate action.
6. This stand by both members of NSE (Vivek Financial Focus Ltd and Rakesh Jain) that the
man/Institution responsible for this fiasco is Sanjay Kumar of Synergy -the software supplier -is this
tenable?
7. Fine. I buy that argument. Have VFFL and Rakesh Jain brought this to the notice of
Synergy and has corrective action been taken in the software since 5th October 2016 or they have
not bothered to inform Synergy -IF NOTThen a lot has to be answered by both NSE Members.
8. The Indian Financial Sector has an extremely bad reputation of frauds and millions of
Investors have suffered with no action ever on the wrong doers. I do plan to write a book on all
these fiascos and even the current Monetary Policy changes of recent days.
2. 9. If NSE does a KYC through its brokers it is high time it did a KYB of all its Brokers by
sending letters to clients and asking them about any wrong doings on part of the Broker and rating
them too through questionnaire forms and publishing such results on its web site. Public can choose
the ones who are rated best by clients.
10. A regular audit of Brokers systems which encompasses feedback from clients needs to be
introduced to check any wrongdoings.
I
4. Rajesh Rampal
Chartered Accountant, Author and Military Historian
57 Vaishali Pitampura, Delhi 110034
rampalrajesh@hotmail.com
9013975711 &9718550213
Dr . V. R. Narasimhan
Chief Regulatory Officer
NSE
Mumbai
Dear Dr. Narasimhan,
I am writing to you after several months though I was advised to do so by my dear friend Sh. Ravi Narain many
months ago. It has been a very trying and painful step for me to write this letter and I hope you shall give it the
importance the matter deserves as the reputation of NSE is based on it.
I had a very trying time in year 2014 dealing with SEBI, MOCA, CLB, ROC's, and also MOF MOH and the
PMO etc. and observed that none of these Institutions ever took any action on complaints reported and this
action has been very aptly described by Prof. Joseph Stiglitz in his book THE PRICE OF INEQUALITIES
(Page 59) that of “REGULATORY CAPTURE”. The Institutions refuse to sort any issue hiding behind
one excuse or the other and the poor Investor is the one who suffers. I thus have a bias before I write this
letter that nothing will happen but it is my sacred duty to report what has happened and is bound to happen
again.
The facts of the case are given below
Facts
Rajesh deals with VFFL Ltd since many years and had implicit faith in them and their dealings. He never ever
checked Broker Notes or even Statement of Account received from VFFL due to this faith as these transactions
are considered ubermai fidai -contracts of utmost good faith.
People say no hanky panky is possible on NSE nowadays even NSE so claims.
On October 1 Rajesh checked the Broker Note for the first time and was surprised to see a broker debit note
with Bank Nifty 19300 PE purchased at 241 for 40 (one lot) and the Brokerage charged was Rs 200 per unit and
Rs 17640 debited to his account instead of Rs 9690. Both Broker Notes are attached.
Thus Rs 8000 were excess charged from Rajesh as brokerage. Although the correction has taken place but the
faith in the Broker Community and NSE stands shattered by the client i.e. Rajesh who also is a social activist.
He considers it his sacred duty to inform NSE, SEBI and even clients how they can be taken for a ride and the
blame very conveniently falls on the software chap. Many excuses were given by Ashok Kakar but none were
acceptable to Rajesh as you run a business with a guarantee that you are dealing with an approved NSE
Broker. Ashok jee ridiculed him no end with comments like ma main chall mar doonga and why dont you
write a book on morals etc., Quality of man power etc.- Well if you cannot meet NSE standards answer is
obvious and said it is your transaction you deal with it. This right to protest is for every citizen and to protect
the other investors. There is No quid pro Quo or harassment as Ashok alleges. Rajesh will raise this issue even
if this entry is reversed. It is not harassment as alleged but a social service.
Rajesh wishes to get a certificate that all amounts charged to him previously are within limits and no excess is
charged. Vivek kakar has already promised that - please see correspondence below.
5. Rajesh wants the sum debited to his account to be charged to the man guilty of this and the transaction
reversed but Ashok says NO it is your transaction you deal with it. Vivek Kakar has promised to look into the
feasibility of debiting this sum to the guilty, Ashok says he will respond by Saturday but the transaction has to
be squared by 6th October. Rajesh feels sick and does not wish to operate any more -simple but here also he
meets ridicule from Ashok. Once a glass breaks it can never be mended. Faith in NSE or its Brokers is shattered
- they cannot provide a fool proof system.
However if Rakesh Jain over rules Rajesh He will abide by his decision in Toto Finally. Rakesh Jain has absolute
powers
Finally it was decided that Rakesh Jain will decide the matter.
==========================
The decision given by Mr. Rakesh Jain is acceptable to the undersigned.
However the following questions remain unanswered.
1. How could this ever happen?
2. Are no controls built in the software to limit maximum brokerage to say 2% or maybe even 3% -
In this case Brokerage is in excess of 80% of the transaction values!
3. Do Brokers just blindly send Broker Notes and debit clients accounts without any check?
4. When an issue is raised by a client only then action is taken and his queries remain unanswered
till date. This transaction could very well have been overlooked but for the alacrity of the client.
5. Is Synergy an approved vendor of NSE since it provides software to NSE Members and thus in a
way to NSE who are the Principals. It is quite alarming since a Principal can also be held
responsible for the acts of his agents hence NSE has to take appropriate action.
6. This stand by both members of NSE (Vivek Financial Focus Ltd and Rakesh Jain) that the
man/Institution responsible for this fiasco is Sanjay Kumar of Synergy -the software supplier -is
this tenable?
7. Fine. I buy that argument. Have VFFL and Rakesh Jain brought this to the notice of Synergy and
has corrective action been taken in the software since 5th October 2016 or they have not
bothered to inform Synergy -IF NOT Then a lot has to be answered by both NSE Members.
8. The Indian Financial Sector has an extremely bad reputation of frauds and millions of Investors
have suffered with no action ever on the wrong doers. I do plan to write a book on all these
fiascos and even the current Monetary Policy changes of recent days.
9. If NSE does a KYC through its brokers it is high time it did a KYB of all its Brokers by sending
letters to clients and asking them about any wrong doings on part of the Broker and rating
them too through questionnaire forms and publishing such results on its web site. Public can
choose the ones who are rated best by clients.
10. A regular audit of Brokers systems which encompasses feedback from clients needs to be
introduced to check any wrongdoings.
I hope against hope to get an answer to all my queries and any more that arise in future.
With warm wishes
Yours Sincerely,
Rajesh Rampal
6. Correspondence in the matter
Chairman saheb,
You are very cleveryou promisedwe shall meetafter the 16th and you neverspecifiedthe monthor year but I
thought you meant the 15th November2016 and today a full month has passedand I have heard nothingfrom you.
You seemto think everythingwill die itsnatural death withtime -sorry you are mistaken.
best regards
Rajesh Rampal
From: RajeshRampal <rampalrajesh@hotmail.com>
Sent: Sunday,November6,2016 7:03 AM
To: chairman@fsltechnologies.com
Subject:Re: Hukumnahi pyar
Dear Rakesh,
Sure - but reporting toNSE does not mean going backon the understanding at all as I made it amply clear in
my NOTE that there is no Quid pro quo and report I will irrespective of the judgement. I just cannot live with
the idea of letting loose an aberration in NSE systems (and NSE here means its arms i.e its agents too as
well) who are out to rob poor people of their hard earned money and blaming it on some poor fellow called
Synergy - there are just no controls.
Anyway let us discuss on your return.
best regards
Rajesh
From: rakeshk jain<chairman@fsltechnologies.com>
Sent: Saturday,November5,2016 1:13 PM
To: 'RajeshRampal'
Subject:RE: Hukumnahi pyar
Dear Rajesh,
7. Thanks for consideringmysuggestion.Now taking this issue withNSE will only mean that we are going back on the
understanding.As far as writingthe book is concerned, it is a great idea.In fact I am travellingfrom Monday and will
be back on 16th
. letus meet and we will discussthese thingsmore.
Looking forward to meetingyou
Rakesh
From: Rajesh Rampal [mailto:rampalrajesh@hotmail.com]
Sent: Saturday, November 05, 2016 12:41 PM
To: chairman@fsltechnologies.com
Subject: Hukum
Sir app ka hukum sar ankhon par.
I have got my balance back from Ashok Kakar and I do not have any urge to deal with him anymore.
But I cannot digest Synergy fault even with a bottle of Hajmola - not me -there is something more to it than
meets the eye. I had in fact also discussed this issue earlier with a man who is on the BOARD of NSE for last
25 years or so and I know him for last 56 years -he recommended I write to a guy called Narsimhan in NSE
with a copy to him.
I am caught at the moment between the option of writing or not but one thing is sure - I have to write a
book titled THE INDIAN FINANCIAL SECTOR - THE DEEP ROT WITHIN. In fact I have lost millions through this
sector and I strongly feel I must take some part in setting things right with the Financial intermediaries who
have robbed Billions from millions of Indians and the GOI SEBI NSE CLB ROC MOCA.......have been mute
spectators so far - I fought a battle with them in 2014 and got my money back but not anybody else.
Any views or guidance in this matter will be highly appreciated.
Best regards
Rajesh Rampal
From: RajeshRampal <rampalrajesh@hotmail.com>
Sent: Sunday,November6,2016 7:03 AM
8. To: chairman@fsltechnologies.com
Subject:Re: Hukumnahi pyar
Dear Rakesh,
Sure - but reporting to NSE does not mean going back on the understanding at all as I made it amply clear in
my NOTE that there is no Quid pro quo and report I will irrespective of the judgement. I just cannot live with
the idea of letting loose an aberration in NSE systems (and NSE here means its arms i.e its agents too as well)
who are out to rob poor people of their hard earned money and blaming it on some poor fellow called Synergy
- there are just no controls.
Anyway let us discuss on your return.
best regards
Rajesh
From: rakeshk jain<chairman@fsltechnologies.com>
Sent: Saturday,November5,2016 1:13 PM
To: 'RajeshRampal'
Subject:RE: Hukumnahi pyar
Dear Rajesh,
Thanksfor consideringmysuggestion.Nowtakingthisissue withNSEwillonlymeanthatwe are goingback on the
understanding.Asfaraswritingthe bookisconcerned, itis a great idea.Infact I am travellingfromMondayandwill be
back on 16th
. letus meetandwe will discussthese thingsmore.
Lookingforwardto meetingyou
Rakesh
From: Rajesh Rampal [mailto:rampalrajesh@hotmail.com]
Sent: Saturday, November 05, 2016 12:41 PM
9. To: chairman@fsltechnologies.com
Subject: Hukum
Sir app ka hukum sar ankhon par.
I have got my balance back from Ashok Kakar and I do not have any urge to deal with him anymore.
But I cannot digest Synergy fault even with a bottle of Hajmola - not me -there is something more to it than
meets the eye. I had in fact also discussed this issue earlier with a man who is on the BOARD of NSE for last 25
years or so and I know him for last 56 years -he recommended I write to a guy called Narsimhan in NSE with a
copy to him.
I am caught at the moment between the option of writing or not but one thing is sure - I have to write a book
titled THE INDIAN FINANCIAL SECTOR - THE DEEP ROT WITHIN. In fact I have lost millions through this sector
and I strongly feel I must take some part in setting things right with the Financial intermediaries who have
robbed Billions from millions of Indians and the GOI SEBI NSE CLB ROC MOCA.......have been mute spectators
so far - I fought a battle with them in 2014 and got my money back but not anybody else.
Any views or guidance in this matter will be highly appreciated.
Best regards
Rajesh Rampal
From: AshokKakar <ashokkakar60@gmail.com>
Sent: Wednesday,October5,2016 3:19 PM
To: RajeshRampal
Subject:Re: Arbitration
?
Sent from my iPhone
On 05-Oct-2016, at 2:22 PM, Rajesh Rampal <rampalrajesh@hotmail.com> wrote:
Dear Rakesh,
Accepted. As I said I shall abide by your judgement.
I had full faith in your wisdom. I have no issues with it or even if Ashok has a different view with that as well.
Matter ends with VFFL and me.
10. Rakesh - My sincerest apologies for having made you a part of this -It was never my idea I just got
dragged in to end an argument.
With great esteem and regards.
Rajesh Rampal
From: rakeshk jain<chairman@fsltechnologies.com>
Sent: Wednesday,October5,2016 1:57 PM
To: 'RajeshRampal';Ashokkakar60@gmail.com
Subject:RE: Arbitration
October 5, 2016
Dear Rajesh,
I have gone throughthe mail and have understoodthe matterfromMr. SanjayKumar,ownerof SynergySoftware,who
isa goodfriendof mine aswell ashave providedsoftware toourcompanyalso.I have understoodfromhimthatthis
error hashappenedbecause of some processingissues.However,Idoappreciate youranguishandfindmyself in
difficultpositiontosayanythingspecific.However,thereisnopointinescalatinganymatterandwouldsuggestthatthe
total lossof the contract shouldbe split50:50 betweenyouandAshokji (thisisjustmyview fora settlement),however
youare opento decide thisamongyourself.
Withbestwishes,
RakeshK.Jain
From: Rajesh Rampal [mailto:rampalrajesh@hotmail.com]
Sent: Tuesday, October 04, 2016 5:38 PM
To: chairman@fsltechnologies.com; Ashokkakar60@gmail.com
Subject: Arbitration
Facts
Rajesh deals with VFFL Ltd since many years and had implicit faith in them and their dealings. He never ever
checked Broker Notes or even Statement of Account received from VFFL due to this faith as these transactions
are considered ubermai fidai -contracts of utmost good faith.
People say no hanky panky is possible on NSE nowadays even NSE so claims.
On October 1 Rajesh checked the Broker Note for the first time and was surprised to see a broker debit note
with Bank Nifty 19300 PE purchased at 241 for 40 (one lot) and the Brokerage charged was Rs 200 per unit and
Rs 17640 debited to his account instead of Rs 9690. Both Broker Notes are attached.
Thus Rs 8000 were excess charged from Rajesh as brokerage. Although the correction has taken place but the
faith in the Broker Community and NSE stands shattered by the client i.e Rajesh who also is a social activist. He
considers it his sacred duty to inform NSE, SEBI and even clients how they can be taken for a ride and the
blame very conveniently falls on the software chap. Many excuses were given by Ashok Kakar but none were
acceptable to Rajesh as you run a business with a guarantee that you are dealing with an approved NSE
Broker. Ashok jee ridiculed him no end with comments like ma main chall mar doonga and why dont you
write a book on morals etc., Quality of man power etc.- Well if you cannot meet NSE standards answer is
obvious and said it is your transaction you deal with it. This right to protest is for every citizen and to protect
11. the other investors. There is No quid pro Quo or harassment as Ashok alleges. Rajesh will raise this issue even
if this entry is reversed. It is not harassment as alleged but a social service.
Rajesh wishes to get a certificate that all amounts charged to him previously are within limits and no excess is
charged. Vivek kakar has already promised that - please see correspondence below.
Rajesh wants the sum debited to his account to be charged to the man guilty of this and the transaction
reversed but Ashok says NO it is your transaction you deal with it. Vivek Kakar has promised to look into the
feasibilty of debiting this sum to the guilty, Ashok says he will respond by Saturday but the transaction ha to
be squared by 6th October.. Rajesh feels sick and does not wish to operate any more -simple but here also he
meets ridicule from Ashok. Once a glass breaks it can never be mended. Faith in NSE or its Brokers is
shattered - they cannot provide a fool proof system.
However if Rakesh Jain over rules Rajesh He will abide by his decision in toto Finally. Rakesh Jain has absolute
powers
Finally it was decided that Rakesh Jain will decide the matter. Correspondence appears below
CORRESPINDENCE Read Bottom UP.
From: RajeshRampal <rampalrajesh@hotmail.com>
Sent: Monday,October3, 2016 11:53 AM
To: VivekKakar
Subject:Re: Fw:CommonContract Note#Key:[213626]
I do not speak to anybody on the phone these days -SIMPLE. Unfortunately it started yesterday only with two
misunderstandings with two other people.
Your soft ware guy does not even know his basics - he needs to be hanged by the nearest pole. When you
have one parameter that depends upon another like brokerage you immediately put a cap on it too in the
programme -brokerage shall never exceed say 2% of basic price of the transaction. These are in our
terminology Controls in Software -we do it in Financial loans as well.
If you give me a Broker Note you admit you made a mistake or shall we say blunder - best is to cancel such a
note. Just debit the whole transaction to the guilty man. I have had such experiences with HDFC Bank, LIC, SBI,
and all of them sent apologies and rectified their systems and you are most welcome to come and see the
corrspondence - I just finished dealing with SEBI, MOCA, DELHI POLICE -Economic Offences Wing, CLB, ROC......
and won -never went to court - I fight my battles my own way.
I am a maverick -give me time to come around - I may also talk to Ashok Kakkar.
My Dad was a Botanist and he always said - A Tree and a man's reputation take a 100 years to build and
only one minute to destroy.
From: VivekKakar<vivek@vivekfinancial.com>
Sent: Monday,October3, 2016 11:26 AM
To: 'RajeshRampal'
Subject:RE: Fw:CommonContract Note#Key:[213626]
12. but in the Transaction I mention the Brokerage charged is Rs 200 per 40 units of Bank Nifty that is Rs 8,000 -
DO YOU UNDERSTAND THAT. Please see attached Broker Note you sent me.
Please do not speak to me -but write to ME and it would be BEST if you were to delete this Broker Note and
charge the LOSSES and also Rs 8000 to your people who do this kind of work. I am not interested in knowing
HOW and WHY -that is your Biz.
I got yourpointabout Rs.200 per40 unitsof Bank NiftythatisRs. 8000.
WhenI wrote the detailsaboutthe LT transaction,I wastryingto make a comparison,butIgot your point.
‘Do so speakto me’ – I can neverthinkaboutthis,butitsyour decisionif youwouldallow me tospeakwithyouornot.
Personallyandprofessionally, assaidearlier,Ihave alwayslookeduponyou.
‘delete thisBrokerNote’ –alreadydone,newcontractnote shall be sendtoyou insometime,asmentionedinthe trail
mail,withcorrectedcharges.
‘Charge the lossesandalsoRs.8000 to your people whodothiskindof work’ – Alreadythe issue isbeingtakenwiththe
software vendor.Ourlogsshowsthatthe calculationwaserroneouslydone bythe software
‘that is yourBiz’ – I AMALSO YOURS, soI THINK, youstill needtohelpme tobe better.
Regards,
VivekKakar
+91-9810172198
_________________________
Director
Vivek Financial Focus Ltd.
CIN: U74899DL1995PLC064632
From: Rajesh Rampal [mailto:rampalrajesh@hotmail.com]
Sent: Monday, October 3, 2016 11:19 AM
To: Vivek Kakar
Subject: Re: Fw: Common Contract Note#Key:[213626]
Please read my emails before responding I am not interested in your Broker Note - Read my email in blue
and red and then respond.
From: Vivek Kakar<vivek@vivekfinancial.com>
Sent: Monday,October3, 2016 11:10 AM
To: 'RajeshRampal'
Subject:RE: Fw:CommonContract Note#Key:[213626]
I was aboutto call you butI read thismail before Idialedthe number.
You askedme not to call you,but I wouldstill liketospeakwithyou,if youpermit.We alsoshare a personal relationship
and I have alwaysseenyouassomeone whocanguide me throughtoughtimes.Whateverhappenedwasnot
intentional,butIwill still like tospeaktoexplain.
13. I reallyapologiseforthe experience youhadbutagainwouldlike toseekyourguidance togetmy thingsinorder,for
nowand for future too.
If you permitme,Iwouldlike tocall youand discuss.
Your contract has beenrectified,the messagehasbeensent.The contractnote shall be sentina couple of hours.
Regards,
VivekKakar
+91-9810172198
_________________________
Director
Vivek Financial Focus Ltd.
CIN: U74899DL1995PLC064632
From: Rajesh Rampal [mailto:rampalrajesh@hotmail.com]
Sent: Monday, October 3, 2016 10:47 AM
To: Vivek Kakar
Subject: Re: Fw: Common Contract Note#Key:[213626]
About the last and the most important issue, integrity, please check the brokerage charged in 1500 CE of LT.
It's a transaction on the same day yet it's not 200 per lot. However, after addressing Rs 200 issue as
discussed above, i shall send you a statement that has an account of the brokerage you have paid us every
time you have traded per transaction for your satisfaction. In case you have any issues in that, you can
blame my integrity and the integrity of the organisation.
You state in Above para (taken out from your email below) states that in LT brokerage charged is NOT Rs 200
per lot but in the Transaction I mention the Brokerage charged is Rs 200 per 40 units of Bank Nifty that is Rs
8,000 -DO YOU UNDERSTAND THAT. Please see attached Broker Note you sent me.
Please do not speak to me -but write to ME and it would be BEST if you were to delete this Broker Note and
charge the LOSSES and also Rs 8000 to your people who do this kind of work. I am not interested in knowing
HOW and WHY -that is your Biz.
From: VivekKakar<vivek@vivekfinancial.com>
Sent: Sunday,October2, 2016 10:18 AM
To: RajeshRampal
Subject:Re: Fw:CommonContract Note#Key:[213626]
Dear Rajesh ji,
There are a few issues in the above mail that I need to address:
1. Brokerage charges at Rs 200
2. The email you sent to client care and they didn't respond.
3. Questioning our integrity about the brokerage charged.
As I responded earlier too, I had not been in office to check the issue personally. However, I wasn't able to
contact the office to get this thing done. I reiterate that I shall get back to you on this on Monday as soon as
possible.
However, my focus is HOW this happened. In case there is an issue with the software, will get it sorted. If
there is an issue with our logic, obviously that's easy to focus on and will rectify it.
14. Once the issue is identified, I can recalculate the actual brokerage that should have been charged, if not this,
and put a credit note in your account.
Will definitely speak about it on Monday.
About the email you sent on ID clientcare, my main person was on leave. I understand that's not an excuse
from a professional organisation, but this is the fact. I will change the process about this too so that there is
least inconvenience for you and any other client in future.
About the last and the most important issue, integrity, please check the brokerage charged in 1500 CE of LT.
It's a transaction on the same day yet it's not 200 per lot. However, after addressing Rs 200 issue as discussed
above, i shall send you a statement that has an account of the brokerage you have paid us every time you
have traded per transaction for your satisfaction. In case you have any issues in that, you can blame my
integrity and the integrity of the organisation.
I must also add that we won't be the best in things that are glorified by the banks and big organisations, but
one thing we take seriously is our integrity. Not that we dont do mistakes, but our intention is honest.
Please give me time till tomorrow. I again apologise for the inconvenience and the act that arises question
about our integrity in your mind. I will try my best to prove you that there is no question about the integrity
with my organisation.
Regards,
Vivek Kakar
On 1 Oct 2016 11:43 p.m., Rajesh Rampal <rampalrajesh@hotmail.com> wrote:
Ask my guys?? -- I sent it to client care too and they did not respond
The MICE (GUYS) have a field day while the cat (BOSS -YOU) is away
Disappointing reply -this is serious.
Do guys only work when you ask them to????
I have never checked any debit notes etc and this raises doubts on all your previous transactions.
You buy at 241 and brokerage is charged 200
From: VivekKakar<vivek@vivekfinancial.com>
Sent: Saturday,October1, 2016 11:45 AM
To: RajeshRampal
Subject:Re: Fw:CommonContract Note#Key:[213626]
I am not in office. Let me ask my guys to look at it. I will try to get back by end of day or on Monday.
On 1 Oct 2016 10:49 a.m., Rajesh Rampal <rampalrajesh@hotmail.com> wrote:
Dear Vivek,
Ref attached Contract note - I inadvertently purchased PE option for bank nifty for 19300 at 241 for 6th
October expiry. This is not what I intended to do BUT I did.
I am perplexed to see that the brokerage rate is 200 and the sum debited to my account is at 441 and not 241
- what should have been debited is 241* 40= 9640 and not 40* 441= 17640 obviously there seems more to it
than I can comprehend -just throw some vivek on it -does it mean I am buying PE at 441 for end October - if
that is the case it is fine else not.
best regards
Do clarify
rajesh rampal