Friday November 24, 2017
Home Business S.E.B.I. trac...

S.E.B.I. tracks black money laundering in stock markets

0
318
black money in stock market
by NewsGram Staff

black money in stock market

Stock market is one of the most preferred establishments for entities which indulge in money laundering and tax evasion. Securities and Exchange Board of India (S.E.B.I.) is all set to eliminate any scope for this with its decision to suspend trading in all the listed companies these entities use to accommodate such unfair practices.

Based on the three parameters set by the financial market regulator, if any company is found to fall under more than one of the criteria, it would suspend the shares of those entities and ensue appropriate action against them.

The parameters formed by S.E.B.I. include the mentioned address being non-existent, misuse of preferential allotment, and weak fundamentals that do not support price rise. It can be noted that preferential allotment is a major route for money laundering.

In its probe S.E.B.I. noticed ups-and-downs in prices in shares of the companies which were non-existent in reality. The shares were allotted preferentially to favorite entities and prices were pushed up without any fundamental basis, which was then followed by an exit by the investors.

In due course, the shares were sold back to the company or the entities translating big profits. S.E.B.I. noted that in such stocks fundamentals did not justify the price. Crores of rupees are involved in such illicit activities that pick momentum during the last few months of a fiscal year and are under the scanner.

Some listed firms and promotion channels have been found to offer regular services to offenders to help them in the tax evasion and laundering of black money.

The watchdog is contemplating a strong move against such entities to set an example.

Next Story

Demonetisation Anniversary: BJP acts cheeky, releases new video showing Frustration of ‘Corrupt’ Politicians following Demonetisation

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

0
34
Demonetisation Anniversary
Screen grab of the sarcastic video released by BJP to mark Demonetisation Anniversary. Twitter

New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.

The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.

As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.

On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.

WATCH BJP’S TONGUE-IN-CHEEK VIDEO

In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.

In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.

The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.

Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.

However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.

On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.

Next Story

“I have saved the Country, as I had promised to do,” says PM Narendra Modi on Demonetisation

The sufferings of the masses would gradually ease, but the problems of the corrupt and the black money hoarders will increase, said Modi

0
61
Modi on note ban
Prime Minister Narendra Modi. VOA

Pune, December 25, 2016: Prime Minister Narendra Modi on Saturday said that if the evils of corruption and black money had been tackled by the previous governments, he would not have been forced to take a tough decision like demonetisation.

“If the ills of the country had been tackled on time in the past 40 years, I would not have resorted to such a harsh decision.

NewsGram brings to you latest new stories in India.

“Those who failed to take the decision have pushed the country to grave peril — I have saved the country, as I had promised to do,” Modi said at a public rally here after inaugurating the Rs 11,420-crore Pune Metro project.

Continuing with his defence of demonetisation, he again warned the corrupt and black money hoarders to come clean or face the consequences.

Reiterating his earlier statements in Mumbai — to continue the war against corruption, black money hoarders, terror and Maoists until achieving victory — Modi exhorted those with undeclared money to reveal their untaxed wealth and “sleep peacefully”.

“If they don’t declare, then at least I will not sleep,” he warned, vowing to give justice to the 125 crore people of the country, who have suffered over 70 years because of a handful of corrupt elements.

He said after the 50 days post-demonetisation, the sufferings of the masses would gradually ease, but the problems of the corrupt and the black money hoarders will increase. “Nobody will be spared and the poor will get justice.”

Go to NewsGram and check out news related to political current issues

Dwelling on the rural-urban divide, Modi said the Centre has launched a “Rurban Mission” to ensure all-round development of urban centres and the villages without the latter losing their soul.

“In rural areas, we shall improve the quality of life, employment, provide same opportunities and facilities as in urban areas, which can slow the pace of migration from the rural areas to cities,” Modi said.

He said under the changed scenario, people are not merely content with railways or highways, but demand I-ways (Information Highways) and digital grids, and besides water pipelines, they want gas pipelines and optical fibre networks.

“Urbanisation is going on at a brisk pace in India and whatever we do is not enough. If we only think of the next elections, we shall never confront the challenges facing urban areas.

“So, irrespective of the immediate political gains, we must adopt a long-term vision to tackle the challenges of development,” Modi said.

Look for latest news from India in NewsGram.

It was also imperative to complete all projects within the deadline and if possible, think of catering to the needs of the people after 25-30 years, he urged.

Since demonetisation, he said, the value of small currencies like Rs 100-Rs 50 had gone up, the incomes of urban and rural bodies in the country had shot up by 200-300 per cent, compared to the 50-60 per cent earlier.

The additional revenues would be used for public benefit, he added. (IANS)

Next Story

Cashless People Standing in Queues lose patience, Attack Banks in Gujarat

People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said

0
104
People queue outside a bank to exchange and deposit their old high denomination banknotes in Masuda village in the desert Indian state of Rajasthan, November 15, 2016. (Representational image)REUTERS/Himanshu Sharma

December 20, 2016: People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said.

NewsGram brings to you latest new stories in India

A mob locked up the State Bank of India and Dena Bank branches in Samadhiyala village in Amreli district in Saurashtra region after hundreds waiting in long queues were told the banks had no cash to give.

Most of the people were farmers, witnesses said.

In Surendranagar district, mobs attacked some bank branches and damaged their doors and windows after they were found to have been kept closed for the third consecutive day since Saturday.

The bank authorities said there was no meaning of opening the branches as no cash had reached the branches on Monday.

In Silvassa, capital of the union territory of Dadra and Nagar Haveli, the manager and some staff members of a nationalized bank were roughed up by people as the bank had no cash to distribute.

Go to NewsGram and check out news related to political current issues

The police had to intervene to rescue the bank staff.

The central government on November 8 demonetised the 500 and 1,000 rupee notes, saying the move was aimed at tackling corruption, black money, and terror funding.

Look for latest news from India in NewsGram

The move has led to an unprecedented cash crunch across the country. (IANS)