Next Joydeep Ghosh in Mumbai Indians are getting richer by the day. And, perhaps, sillier. Imagine giving money to a wealth management firm, or signing contract documents on verbal assurances from relationship managers that they would earn one-two per cent returns each month on their investment. That's nothing but a willing suspension of disbelief. The Citibank scam, perpetrated by relationship manager Shiv Raj Puri, exposed this unwarranted faith of the Indian high net-worth individual. Armed with a forged document from the Securities and Exchange Board of India, he sold schemes to investors, including HNI and the co-founder of Helion Venture Partners, Sanjeev Aggarwal. Even the Hero Group wasn't spared. Click on NEXT to read more... Image: Citibank scam exposed unwarranted faith of HNIs.Photographs: Reuters Next Prev Next And, it is not an isolated case. There are a number of instances where investors have … [Read more...] about Are high net-worth Indians getting sillier?
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Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.The bankruptcy law reforms committee (BLRC) has visualised four pillars to make the insolvency process work efficiently: A private industry of insolvency professionals (IPs); adjudication infrastructure at the National Company Law Tribunal and the Debt Recovery Tribunal; a regulator, the Insolvency and Bankruptcy Board of India (IBBI); and a private industry of information utilities (IUs). The other three pillars have taken shape over the past eight months, but IUs are missing. IUs, which are an electronic database, are critical to the time-bound resolution process envisaged under the Insolvency & Bankruptcy Code (IBC). Disputes were one of the biggest time-consumers in the earlier recovery processes. IUs provide authenticated information about debts and defaults. The BLRC wanted a private competitive market for IUs rather than a centralised depository with the state. This was … [Read more...] about Why the insolvency process will get longer and more litigious
Mumbai: The initial euphoria in shares of Fairfax-backed CSB Bank, which made a blockbuster debut on the exchanges last week, seems to have fizzled out. The stock, which surged 54 per cent over issue price of Rs 195 on the listing day — December 4 — and hit a high of Rs 314.2 the next day, has dropped 29 per cent from those levels. On Thursday, the stock ended down 7.35 per cent lower at Rs 223 on Thursday. Analysts said rich valuations following the run up after listing prompted investors to book profits but they do not expect the stock to slide below Rs 200. “The stock is trading at over three times price-to-book while many of the banks are trading around price-to-book of one, and many PSU banks are trading below one. Many of these other private and PSU banks offer better visibility on growth,” said Sanjiv Bhasin, executive vice-presidentmarket and corporate affairs at IIFL. Bhasin prefers Federal Bank, DCB Bank and IDFC Bank over CSB. The Rs 410-crore issue … [Read more...] about Street sizzler CSB fizzles out in 8 days
Dalal Street mogul Rakesh Jhunjhunwala’s success story with Indian stocks has all the stuff that legends are made of. Often referred to as India’s own Warren Buffet, Jhunjhunwala was just another Mumbai chartered accountant until one day he decided to break ranks and plunged headlong into the stock market with just Rs 5,000 as capital. By September 30, 2018, that capital had swelled to Rs 11,000 crore, marking out the trailblazing journey that he charted out to become one of India’s most successful stock investors. Born in Mumbai on July 5, 1960, Jhunjhunwala is probably the perfect example of a common man with an exceptional intellect. The Big Bull credits his father for developing his early interest in the stock market. RJ says he used to often hear his father, an income-tax officer, discuss stock market with his friends. As he grew up, RJ’s curiosity about the stock market grew, and he would often question his father about stock price fluctuations. His … [Read more...] about What does it take to make a Rakesh Jhunjhunwala? Not just Titan & Tata Tea
BHOPAL: Essel Mining, a closely held Aditya Birla Group firm has won the bid for Bunder diamond mines in Chhattarpur district of Madhya Pradesh. The online bid for the mine of Buxwah was released on Tuesday morning. The government had fixed the offset price of Rs 56,000 crore for this mine, but the maximum rate of offset prize was increased by 11.5 per cent due to the presence of well-known companies in the competition. After coal, this is the single largest allocation of natural resource in the country under the new auction regime after the coal scam of 2015. The NDA govt has introduced transparent allotment system by auctioning. This is the single largest allocation of natural resource by any state or centre, said sources in the mining department. The Bunder diamond mine in Chhatarpur has reserves of around 34.30 million carats of diamond. The 50 year lease is for 374 hectare of forest land for wich the government has already earmarked land for compensatory afforestation, according … [Read more...] about Birla Group wins bid for Chhatarpur diamond mine; Madhya Pradesh to fetch 41.55% revenue of sale price