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What people say about us! Whispers - A real think-tank for intellectuals exhibiting the green as well as red areas of the administrative machinery for consumption of all - Hats off. Neha Bindra POLITICS Hyperactive Vivekanand Kendras ! Aisa bhi hota hai Harr Bollywood pic mein in the end, Indians will never accept victory of Evil! So in Politics if the one's percieved as Evil gets away! Without a doubt in the run up to General Poll , As time has passed Gandhis have gained in confidence!! People expected them to remain in a corner!! So Indians and others are shocked!! Indians perceive Gandhis demanding corruption's end!! I recall someone telling me!! In every section of Govt. Sonia flunkies exist!! They will never be objective!! Sonia's carrot for them is in 5 years!! So the real action will come post next general election, Then the flunkies will feel ... no hope! Then they will stop blocking !!! Then the insiders will start talking !! Annual rate of increment in five categories
? BUREAUCRACY Will two CS join GoI? Budget exercise starts this month Madhusudan Prasad unlikely to move as Secretary,
DEA Abhay Kumar Singh deputed as PS to Radha Mohan
Singh Appointment of SN Bhattacharya as CMD, HPCL
in doldrums Relation between 'Make in India' and BHEL
CMD ? Post of Director (Fin), NTC vacant since Mar
14 S K Gupta yet to get orders for Director (Tech),
RECL 113 IRS (C&CE) officers transferred at
Addl/Joint Commissioner level Rakesh Aggarwal appointed as IG, NSG Vacancy of Joint Secretary in Fertilizers
in Sept Vacancy of Joint Secretary in Revenue in Sept Ranveer Bharti posted as SS, DPO, Chandigarh Harkrishan Mohan posted as Consul, Dubai Two dozen posts of IPS officers vacant in
AP Monotonous regularity remains the same in
GoI Talented officers deprived of work of their
caliber in GoI Say 'Yes' for every work and get promoted
in GoI '56th FC - 1990 batch silver jubilee in style Mrs Mani Anand transferred to Northern Railway 1990 batch IPS is ADG in J & k 1999 batch IAS gets super-time scale in J
& K NBCC Q1 profits scales up by 31% Mohan Kumar accredited as Ambassador to Principality
of Monaco (UPDATED) Kalra gets additional charge of MD and CEO
Andhra Bank (UPDATED) Sudalaikannan posted as CEO, Khadi & Village
Industries Board in Tamil Nadu (UPDATED) Lt Gen Hira is new head of Northern Command
(UPDATED) (We said this on August 3,2015 ) Arun Singhal is new CEO UP
(UPDATED) Ms Jyoti Trivedi appointed as Director, CVC
(UPDATED) Additional charge of CMD, NTPC goes either
to Sr Director or Addl/Joint Secretary (UPDATED) D S Ramesh appointed as Director, Pre-University
Education (UPDATED) B N Sharma likely to get charge of CMD, NTPC
(UPDATED) CORPORATE From trading under a banyan tree to PJ Towers BSE Ltd, the 140 year old stock exchange that introduced equity culture in to India has come a long way from a group of brokers trading under a banyan tree to its office in the PJ Towers that is the most well-known symbol of Indian stock markets. Over the years, the exchange has transformed itself into a professionally run exchange, on par with the best, in the technology used. Ashishkumar Chauhan, the Managing Director and Chief Executive Officer of the BSE in chat with Editor of Whisper in the Corridors, Sanjay Sharma , outlines his plans for the exchange and discusses on the recent developments in equity markets. What is the road ahead for Bombay Stock Exchange like? Any exchange has to figure out its role in the context of the society it operates in. The main issues before India today are improving manufacturing, creating jobs, improving defence and so on. The exchange, in that context, has to figure out, as a public utility, what role it wants to play. Whether it wants to do relentless incessant trading which benefited only to few or help channelise the savings of the economy in to industry and manufacturing. Over the last 15 years exchanges have become more dependent on transaction volumes since they charge transaction charges and that has made them dependent on new derivative products. Internationally equity volumes have fallen 70 to 80 per cent since the financial crisis. Derivative volume fell but they have recovered and increased over last few years. Even in India most exchanges have transaction volumes as their main source of revenue. BSE has taken a call to work more on improving investment climate and instrument for investment vis- a vis trading and speculation. We have 95 per cent market share listing in SME stocks. People ask me, "how is the volume on this platform?" There cannot be much volume on this platform as each company has only 100 to 200 investors. It is an investment product. Almost 95 to 98 per cent of offers for sale have been done through the BSE. In mutual fund platform too we have 97 per cent share. Our recent success in currency derivative is a case in point that BSE can compete in trading product also and successfully at that. Do you think the SEBI - FMC merger is a game changer ? BSE had already announced the plan to set up a commodity exchange last year prior to their announcement. In the mean time we have set up two companies, for commodity exchange and clearing corporation. Now this merger of FMC & SEBI has been announced. We are awaiting clarity on regulatory frame-work, whether it will be a new platform on existing exchanges or new exchanges need to be set up. We see this as part of the implementation of the FSLRC recommendations; that has a much broader perspective. It is certainly a game changer. Practises in the commodity segment will become stream-lined and rationalised. Many market participants operate on both segments, many intermediaries use the same technology platforms for commodities and equity. There are therefore many advantages to the industry through this merger and also to investors. Minimum criteria for becoming a member, capital adequacy etc will be rationalized. It will become easier to understand the trading, clearing and settlement mechanism in the commodity segment after this merger. All these will have ramification for the long-run, for the better. How will the new international financial centre being planned in the GIFT city work? You are going to set up a subsidiary there? We are setting up a new exchange. The model is being worked out. We are still waiting for regulations relating to the Companies Act, taxation etc to be issued. Once the guidelines are out, BSE along with its partner, Deutsche Borse, will set up a new exchange and clearing corporation in the GIFT City. It will be a separate jurisdiction with separate taxation, legal frame-work and so on. We have to start with capital of Rs 25 crore in the exchange and take it to Rs 100 crore over three years. Similarly for clearing corporation we have to take the networth to Rs 300 crore over three years. These are the guidelines laid down by SEBI. It is an interesting opportunity for those who trade in Indian products in Singapore, Dubai , Europe and US. Many of them might want to trade on this offshore platform that offers greater flexibility. We may be able to bring back some volume and business. But the main purpose is to gather investment for Indian companies. Indian companies can raise equity as well as debt from this IFC. How has the retail participation been of late? It has improved a little. But it is a long way from where it should be. In 20 years of automation we have not really added any new investors although we have improved considerably on the transparency in trading, clearing and settlement. In some sense not having added new investors has been our failure. We have not been able to reach out to the masses. We have to learn from the Jan Dhan experience. The perception that market is risky is the main draw-back. If you see over the last 140 years, we have offered only risky products - equity. In the last 15 years we have given riskier products - derivatives. We have not given risk-free products. India saves about 30 per cent of its GDP but only 10 per cent comes to financial instruments. If we provide risk-free products to masses, they may not get enticed to get in to informal investment and finance channels. The government can do IPOs of government bonds on exchanges through offers for sale or other mechanisms where the cost of raising funds are extremely low. If we are able to offer risk-free instruments like government bonds to masses, we might take the market penetration from 2 to 25 per cent in the future. Government can also raise funds much more easily through markets than they can from banks. SEBI has announced a new platform for start-up companies. Do you think it will work? It will be an investment driven product because here too the lot size is going to be large. This is a constant dilemma that regulators and exchanges face - meeting the needs of an enterprise while protecting investors. Many of the small companies that raise money invariably do not succeed in the long run and get labelled as vanishing companies, as it happened in early nineties. Post-1995, BSE and other exchanges decided not to have small companies approach the market and the listing criteria were tightened. But later the government realized that small companies also have legitimate needs to raise funds for their growth. So the SME platform was introduced. To protect small investors, the lot size was fixed at Rs 1 lakh so that very small investors do not buy the stocks and those who do have the wherewithal to understand the risk they are taking. Since this model was prepared it has been successful, with more that 100 companies listed on the SME platform, about 95 on the BSE itself. The platform for start-ups is another step being taken in the same direction to allow a particular kind of company to approach the market but in such a way that their potential failure does not hurt investors. These are ways to help the company first go public and then help them migrate to the main platform. In that context the platform for high tech companies is a welcome step. What are your thoughts on the call auction in illiquid stocks? That has been almost removed. Earlier there were almost 2,200 stocks now only few stocks remain. This is mainly due to change in regulation. No liquidity has come in. In the same breath you should be asking the question whether there ought to be call auction on closing prices in liquid securities. For me it is an interesting conundrum. All the mutual funds value their NAV at the closing price. The derivatives are also valued at closing price. There have been several issues reported there. To arrive at the right closing price, closing call auction on closing prices can be used. Singh appointed MD of IFCI Factors Ltd Rangaraj appointed CFO of TVS Srichakra Ltd Murthy to be CFO of KCP Ltd FORUM (The views expressed in this column are of the contributors. We do not owe any responsibility, whatsoever, of the views of our surfers as they are their personal opinion. However, we would also request our contributors not to be personal, directly or indirectly, in presenting their views. Instead of countering the views which ‘X’ has already expressed, our contributors are advised to present their own views. Also be brief, say about 200 words at the most since any views longer than that if eliminated at our end would carry the risk of the contrbutor’s item losing its original essence)
If you are simple and requirements are not many it is easy to spend
retired life. Be on your feet, don't hanker for car ride, use public
transport, go to public utility office on your own to get problems resolved
& if possible do work for others, read books, watch TV, maintain
healthy lifestyle, do yoga and regularly visit doctors. You don't need
any fresh appointment. Nick Anonymous complaints are very often used by crooked government servants
to foment troubles for their colleagues or the contractors to outwit
competitors. Such complaints are handiwork of the crooked and mostly
done with ulterior motives. Since the object to indulge in it is vicious
the present CVC guidelines or the provisions of whistleblowers act are
appropriate. ARC Kumar Prime Minister is making an appeal to public to surrender subsidies
of LPG gas connection from Red Fort or otherwise. Can we appeal to ruling
political parties (Ministers/MPs/MLAs) to surrender freebies and subsidies
like Parliament canteen subsidies, free bungalow, free electricity/water/travel
and so many other perks before making an appeal to public to give up
subsidies of any kind be it LPG, free ration etc. If government is unable
to foot the bill of subsidies, please fix a uniform price for the cylinder
given to all irrespective of status. Then it shows the growth of country
that you are able to provide the items on demand. Create jobs so that
people can buy it after earning. Then India sees the path of growth.
Subsidies are not good in long term. It is government failure to provide
the items on demand. Let India be free from subsidies. N Prakash That rare breed which keeps on getting rehabilitated without any apparent signs of efficiency, competency or integrity. Blessed souls Shikha The basic reason is occupation of top position from certain communities, certain regions. There is a chain, a vicious circle. This is happening for last 60 years. This has to broken. No doubt it is a Herculean task. But it is possible. For example a joint secretary now additional secretary, brother-in-law gets fast track promotion though he is not competent nor has proper qualification in Maharatna PSU. Also, there is lobbying in PSEB. Aplplications through proper channel clause should be removed. Any eligible candidate can apply. This will eliminate lobbying, moneybags, regionalism, casteism, etc. Regional balance should be maintained in PSEB board.
Nothing much untoward There is nothing much untoward in the incident being flared up by people like AK Saxena who claim to be an ex-bureaucrat. What is so great in it that the bureaucrat or bureaucracy is demoralized. No one has been stripped of the portfolios, downgraded in the scales of pay or perquisites, not abruptly transferred. What is being inflated from a molehill to a mountain by AK Saxena is just a procedural lapse at the most. What happens and how Saxena reacts when bureaucrats humiliate their juniors, indulge in corrupt practices, take undue advantages like post retirement cosy employments and so on and so forth. Majority of seats remain unfilled to adjust retired bureaucrats while the active ones loses his claim since bureaucrat reserves the seat for grabbing it post retirement. What humiliation is he talking about?
Ex Govt officer FM and MoS incompetent to withhold CBDT pressure ? CBDT is sending some of the senior officers of the rank of chief commissioner of income tax on foreign training. Some officers are retiring in a year and are not likely to serve in a position where such training would be useful. Are Finance Minister and MoS incompetent to withhold the pressure of CBDT which recommends such proposal? Pavan Ved, Retd. CIT
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Dr
Suresh Mehrotra has his lips sealed, if you have any whispers then send it to
us | |||||||||
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