Apart from this………..we at www.anirudhsethireport.com think…more to be done.Just little more HARD WORK can bring out Biggest Scam in INDIA.
The Securities and Exchange Board of India (Sebi) today barred 197 foreign institutional investors and 342 sub-accounts operated by them from trading in the local stock markets after they failed to disclose their shareholding structures.
Entities controlled by Citigroup, Deutsche Bank, Standard Chartered Trustees (UK) Ltd, HSBC, Dresdner Bank, Credit Suisse Asset Management and JP Morgan Securities were some of the big names on the list.
Funds operated by Citicorp Trustee Company, ABN Amro Bank and Bank of New York have also been barred.
Sub-accounts of Aberdeen Asset and Abu Dhabi Investment Authority figure among the 342 non-compliant sub-accounts.
These entities — which account for less than 10 per cent of all foreign institutional investors registered with Sebi —cannot take fresh positions in the cash and derivatives markets but they can either retain their current positions or unwind them.
Back in April, the market regulator had directed all registered foreign institutional investors (FIIs) to furnish details about their holding structures by September 30.
Sebi had insisted on this requirement as it wanted to avoid round-tripping — a tax-dodging device by which money is taken out of the country and brought back through foreign entities.
Recently, Sebi chairman C.B. Bhave had said the market regulator would not extend the September 30 deadline.
Under Sebi rules, the FIIs should have at least 20 investors with none of them holding more than 49 per cent of the total shares in the fund. The market regulator issued this directive after it discovered that foreign investors had different structures like multi-class share entities.
Under this structure, an umbrella firm is first registered with the regulator as an FII, which then operates different fund pools that may have a variety of investors whose identities are never revealed.
The development comes at a time the FIIs have been showing a huge appetite for Indian equities with the sensex showing a 19.32 per cent gain over the past year.
The FIIs have made net purchases worth Rs 34,809.39 crore this year.
-Indian Stock Market dances on FII’s Money only.I had told and written 1000 times……just take out all the money the FII’s had Invested in India………..and think where will your Sensex and Nifty will trade ?………..Apart from FII’S many more GOLMAAL going on….just wait and watch….Thoda Time lagega !!!