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Role of Corporate Goverance and Sebi : a Critical Analysis
Journal of Xi'an University of Architecture & Technology Issn No : 1006-7930 ROLE OF CORPORATE GOVERANCE AND SEBI : A CRITICAL ANALYSIS Dr. Neetu Prakash Assistant Professor, Guru Nanak Khalsa College for Women, Model Town, Ludhiana ABSTRACT Corporate frauds or financial crimes or financial frauds can be classified as white-collar crimes, which represent the illegal acts that are characterized by deceit, concealment or violation of trust. The fraudulent exercises practiced by Enron, WorldCom and Martha Steward shook the world. Of these scandals, the Enron accounting scandal was the most infamous one. There were similar allegations against the WorldCom Company, whose CEO Bernard Ebbers hid an expenditure of $11 bn; later this led the company to bankruptcy. Frauds have occurred in almost every country in the world, in almost every sector, including banking, insurance, telecom, automobile industry, health, and the list is endless. The growing focus on cross-border expansion, high levels of growth with internal processes not keeping pace and large number of new employees joining the organization are making most companies vulnerable to greater fraud risk in recent times. The IT hackers and fraudsters can pose a significant threat of a financial crime. Cyber-crimes, economic crimes, ethical crimes, falsification of accounts by showing inflated profits, breach of fiduciary duty, breach of confidential information, non- disclosure of material facts etc. are causing enormous harm to the rights and interests or the society. Every such corporate fraud is a heinous crime against humanity, as it adversely affects and ruins the fortunes of large segments of innocent people. There are several adverse consequences of financial crimes. -
Private Sector Opinion Issue 11
Private Sector Opinion CRASHES, BAILOUTS, REGULATIONS Issue 11 Foreword With the recent stock market frauds in markets around the world such as the Madoff case in the U.S. and the recent Satyam fraud in India, no nation can hold A Global Corporate its head high and claim to have good corporate governance. The reality is that the problems of fraud, faulty audits, misleading accounts, lack of transparency, Governance Forum conflicts of interest, criminal destruction of records and a long list of other cor- porate governance violations, are not limited to emerging markets but are very Publication much in evidence in developed markets as well. Given recent events then, the importance of sound corporate governance is becoming increasingly apparent. International organizations like the OECD, the World Bank and the International Corporate Governance Network (ICGN), along with major fund managers, are formulating sets of codes and principles that can be applied globally. It is also clear, however, that governments have generally done a poor job of policing the complex world of finance and that the greater part of the task will be left to self- policing on the part of the participants. There is no doubt about it: sound corporate governance pays. Several studies undertaken by various organizations have shown that: there is a direct relation- ship between good corporate governance and investment returns. The oversight that comes from transparency and accountability creates a structure where the managers are discouraged from mismanaging the company, be it though a lack of diligence or care, improper decision-making, or even intentioned unconscio- nable behavior. -
India Financial Statement
Many top stars donated their time to PETA in elementary school students why elephants don’t order to help focus public attention on cruelty belong in circuses. PETA India’s new petition calling India to animals. Bollywood “villain” Gulshan Grover’s on the government to uphold the ban on jallikattu – sexy PETA ad against leather was released ahead a bull-taming event in which terrified bulls are Financial Statement of Amazon India Fashion Week. Pamela Anderson deliberately disoriented, punched, jumped on, penned a letter to the Chief Minister of Kerala to offer tormented, stabbed and dragged to the ground – REVENUES 30 life-size, realistic and portable elephants made of has been signed by top film stars, including Contributions 71,098,498 bamboo and papier-mâché to replace live elephants in Sonakshi Sinha, Jacqueline Fernandez, Other Income 335,068 the Thrissur Pooram parade. Tennis player Sania Mirza Bipasha Basu, John Abraham, Raveena Tandon, and the stars of Comedy Nights With Kapil teamed Vidyut Jammwal, Shilpa Shetty, Kapil Sharma, Total Revenues 71,433,566 up with PETA for ads championing homeless cat and Amy Jackson, Athiya Shetty, Sonu Sood, dog adoption. Kapil Sharma, the host of that show, Richa Chadha and Vidya Balan and cricketers was also named PETA’s 2015 Person of the Year for Virat Kohli and Shikhar Dhawan. OPERATING EXPENSES his dedication to Programmes helping animals. PETA gave a Awareness Programme 37,434,078 Just before Humane Science Compassionate Citizen Project 3,998,542 World Music Award to the Membership Development 13,175,830 Day, members Mahatma Gandhi- Management and General Expenses 16,265,248 of folk band Doerenkamp The Raghu Centre, for their Dixit Project monumental Total Operating Expenses 70,873,698 starred in a PETA progress in Youth campaign pushing for ad against cruelty humane legislation CHANGE IN NET ASSETS 559,868 to animals in Photo: © Guarav Sawn and reducing and Net Assets Beginning of Year 5,086,144 the circus. -
Case License to Bank
Case License to Bank Raji Ajwain1 Abstract This case study has been modelled upon the recent working paper released by the RBI 2. .. As the Indian economy surges ahead, the requirements of the consumers, the profile of the stakeholders and the complexity of the operations is undergoing a huge change. The interlocking of the financial community worldwide and at the same time the uniqueness of the Indian situation make it a tough balancing act for the regulator(RBI). The need to encourage sound operations, robust regulations keeping in mind the public interest and watching the growth options are some of the issues discussed herein. The case aims at highlighting international practices along with those followed in Indian so as to invite a discussion on topics listed in this important document released by the Indian regulator (RBI) which is bound to impact the future course of the banking industry. Keywords: Reserve Bank of India, License, Non-Banking Financial Company It is a muggy Monday afternoon in Mumbai. The senior officials of the Reserve Bank of India (RBI)2 along with the banking industry representatives have congregated in the board room to decide upon some crucial issues one among which was the granting of new bank licenses to prospective candidates(see Illustration # 1). The list of the applicants is impressive and has a good sprinkling of leading names of NBFC’s, leading real estate players, banking professionals with impeccable qualifications etc. If the weather outside the room is humid, the temperature inside the board room fluctuates rapidly, sometimes soaring very quickly, the atmosphere 1 Faculty, Symbiosis Centre for Management and Human Resource Development, Pune- 411057 Email: [email protected] 134 charged by the discussions between the board members. -
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ATN AAPKA COLORS NOV 23 TO NOV 29,2015 ET Monday Tuesday Wednesday Thursday Friday Saturday Sunday PT 23-Nov 24-Nov 25-Nov 26-Nov 27-Nov 28-Nov 29-Nov 0:00 Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat 21:00 Bigg Boss Double Trouble Weekend 0:30 Bigg Boss Double Trouble Weekend Swaragini Swaragini Swaragini Swaragini Swaragini 21:30 1:00 Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi 22:00 Naagin 1:30 Bigg Boss Double Trouble Nomination 22:30 Naagin Bigg Boss Double Trouble Bigg Boss Double Trouble Bigg Boss Double Trouble Bigg Boss Double Trouble Special 2:00 23:00 2:30 Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed 23:30 Asian Magazine Asian Magazine Comedy Nights Bachao Comedy Nights With Kapil Asian Magazine Asian Magazine Asian Magazine The Pink Gala The Pink Gala 3:00 Dream Wedding Show 0:00 5 Senses Festival Toronto Festival of Literature & Arts Hollywood Bollywood Night Hollywood Bollywood Night Part 02 Part 01 Part 02 Asian Magazine Asian Magazine Asian Magazine Asian Magazine Sahenshah -E- Qawwali Asian Magazine 3:30 Meri Aashiqui Tum se Hi Panorama India Independence day Luminato Thapki Pyar Ki 0:30 Bollywood Nite with Sweta Subram Nusrat Fateh ali Khan Concert Canada's Diversity Celebration Celebration Bollywood Night Asian Magazine Asian Magazine The Pink Gala 4:00 Dream Wedding Show Udaan Udaan Udaan Udaan Udaan 1:00 -
Harshad Mehta and the Billion-Dollar Scam
HKU904 PREETI GOYAL SANJAY DHAMIJA FINANCIAL SYSTEM SECURITY: HARSHAD MEHTA AND THE BILLION-DOLLAR SCAM Harshad Mehta, the iconic “Big Bull” of the Indian stock markets, unceremoniously departed from this world on 31 December 2001. Mehta, the notorious architect of a billion-dollar Indian stock market scam that was exposed in early 1992, left behind a legacy of criminal cases, legal battles, debts and soured dreams. He had single-handedly both ignited and shattered the dreams of millions of Indians of earning the glamourous returns that stock markets potentially offered. As if right out of a fairy tale, Mehta’s was a classic rags-to-riches story. Spending his early childhood in a small Indian town, he became one of the foremost stockbrokers in India. Mehta died in custody 10 years after the scandal that made him a household name in India. What were the deficiencies in the microstructure of the Indian financial system that Mehta was able to exploit to pull off his billion-dollar scam? Pre-1991 Indian Financial System Long before the formal financial systems came about, Indian traders exchanged promissory notes called “hundis”. Trading in these promissory notes usually took place under a large banyan or neem tree. The hundis were used for both local trade and trade between port towns and inland centres of production. They were used as instruments to provide liquidity to the markets and also to move money across time and space. Formal banking systems evolved with the setting up of the Bank of Bengal in 1809, the Bank of Bombay in 1840 and the Bank of Madras in 1843. -
Harshad Mehta Case: Stock Market and Bank Receipt Scam
ISSN (Online) : 2455 - 3662 SJIF Impact Factor :4.924 EPRA International Journal of Multidisciplinary Research Monthly Peer Reviewed & Indexed International Online Journal Volume: 4 Issue:7 July 2018 Published By : EPRA Journals CC License Volume: 4 | Issue: 7 | July 2018 SJIF Impact Factor: 4.924 ISSN (Online): 2455-3662 EPRA International Journal of Multidisciplinary Research (IJMR) HARSHAD MEHTA CASE: STOCK MARKET AND BANK RECEIPT SCAM ABSTRACT Kapil Kamdar Researcher in this research paper explains how one of Student, the biggest stock scandal in 1992 had been done by Indore Institute of Law, Indore, Harshad Mehta and how Harshad Mehta deceitfully washed over Rs 24,000 crore in the share trading Madhya Pradesh, system over a three-year time frame. Impact of this India scandal on legal regime of india and regulatory authority like SEBI and RBI. KEYWORDS: stock scandal, stockbroker, Bombay Stock Exchange INTRODUCTION demise at age 47 out of 20012. It was claimed that Georg Hegel, scholar once stated: "We gain from Mehta occupied with a gigantic stock control plot history what we don't gain from history." This financed by useless bank receipts, which his firm statement is fit, particularly in the light of the Rs facilitated in "prepared forward" transactions 13,000-crore Nirav Modi-Punjab National Bank between banks. Mehta was indicted by the Bombay scam. Why? Since back when India had quite High Court and Supreme Court of India as far as recently opened up its business sectors to the world concerns him in a financial scandal esteemed at in 1991, a stock dealer named Harshad Mehta had Rs.4999 Crores which occurred on the Bombay Stock done scam by abusing the loopholes in the Indian Exchange (BSE). -
Metadata Construction Model for Web Videos: a Domain Specific Approach
www.ijecs.in International Journal Of Engineering And Computer Science ISSN:2319-7242 Volume 3 Issue 12 December 2014, Page No. 9742-9748 Metadata Construction Model for Web Videos: A Domain Specific Approach Siddu P. Algur1, Prashant Bhat2*, Suraj Jain3 1School of Mathematics and Computing Sciences, Department of Computer Science Rani Channamma University, Belagavi-591156, Karnataka, India [email protected] 2*School of Mathematics and Computing Sciences, Department of Computer Science Rani Channamma University, Belagavi-591156, Karnataka, India [email protected] 3School of Mathematics and Computing Sciences, Department of Computer Science Rani Channamma University, Belagavi-591156, Karnataka, India [email protected] Abstract: The advances in computer and information technology together with the rapid evolution of multimedia data are resulted in the huge growth of the digital video. Due to the rapid growth of digital data and video database over the Internet, it is becoming very important to extract useful information from visual data. The scientific community has increased the amount of research into new technologies, with a view to improve the digital video utilization: its archiving, indexing, accessibility, acquisition, store and even its process and usability. All these parts of the video utilization entail the necessity of the extraction of all important information of a video, especially in cases of lack of metadata information. This paper describes importance of descriptive metadata of video, categorization of video contents based on video descriptive metadata, and high level metadata based web video modeling. The main goal of this paper is to construct high level descriptive metadata with and without timeline for all the category of videos and extraction of metadata from web videos such as YouTube and Face Book. -
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ATN AAPKA COLORS SEPT 21 TO SEPT 27,2015 ET Monday Tuesday Wednesday Thursday Friday Saturday Sunday PT 21-Sep 22-Sep 23-Sep 24-Sep 25-Sep 26-Sep 27-Sep 0:00 Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat Chakravartin Ashoka Samrat 21:00 Jhalak Dikhla Jaa Jhalak Dikhla Jaa Reloaded 0:30 Reloaded Swaragini Swaragini Swaragini Swaragini Swaragini 21:30 1:00 Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi Meri Aashiqui Tum se Hi 22:00 Comedy Nights Bachao 1:30 Thapki Pyar Ki Thapki Pyar Ki Thapki Pyar Ki Thapki Pyar Ki Thapki Pyar Ki 22:30 2:00 Comedy Nights With Kapil Sasural Simar Ka Sasural Simar Ka Sasural Simar Ka Sasural Simar Ka Sasural Simar Ka 23:00 2:30 Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed Ishq Ka Rang Safed 23:30 Asian Magazine Asian Magazine Asian Magazine Asian Magazine Asian Magazine Asian Magazine 3:00 Swaragini 0:00 World Partnership Walk Raju Srivastava & Sugandha Mishra show Light Up Toronto with Melody Queen Guldasta-E-Ghazal Multi Cultural Event Bollywood Dhamaka Asian Magazine Asian Magazine Asian Magazine Asian Magazine Asian Magazine Asian Magazine 3:30 Yeh Hai Amitabh Balika Vadhu - Kacchi Umar Ke Pakke Rishte 0:30 Indian Independence Day 5 Senses Festival Ek Shaam Rajesh Khanna Ke Naam Ek Shaam Kishore Kumar Ke Naam Rung Asian Magazine 4:00 Sasural Simar Ka Udaan Udaan Udaan Udaan Udaan 1:00 Rang: A Musical Journey of Geet & Ghazal Asian Magazine 4:30 -
Fraudulent Financial Practices and Investor Protection in the Indian
FINAL REPORT OF UGC SPONSORED MAJOR RESEARCH PROJECT ON FRAUDULENT FINANCIAL PRACTICES AND INVESTOR PROTECTION IN THE INDIAN CAPITAL MARKET – ROLE OF SEBI F. No. 5-46/2014 (HRP) Dated 10th October, 2015 MRP-MAJOR-COMM-2013-8437 (GENERAL) Submitted to the UNIVERSITY GRANTS COMMISSION New Delhi By Dr. GADDAM NARESH REDDY PRINCIPAL INVESTIGATOR DEPARTMENT OF COMMERCE UNIVERSITY COLLEGE OF COMMERCE & BUSINESS MANAGEMENT OSMANIA UNIVERSITY HYDERABAD 2018 PREFACE The Indian securities markets have come a long way in the last three decades in terms of both quantitative as well as qualitative transformations. They have also witnessed quite a few ups and downs including a global financial crisis. The relationship between the rate of economic growth and growth in the securities market is two-fold and symbiotic. Strong economic growth helps securities market to develop and developed securities market mobilizes capital to fuel economic growth. In this ever changing global financial landscape, financial markets too are evolving, growing and getting more complex. To effectively regulate these markets, the regulators and policymakers need to be proactive, keep themselves updated and upgraded. Over a period of time, SEBI has strengthened both its regulatory purview and internal capacity to ensure that the interests of the investors are well protected. Efforts are under way to deepen the corporate bonds market, widen the penetration of mutual funds across the country and strengthening the commodities market. The efforts of the government and of policymakers, the Indian financial market will ascend to newer heights. Corporate sectors, stock markets, and the profession of accounting are increasingly gaining importance which calls for a more efficient and transparent working of corporate sectors. -
Top 100 Women in Finance in India
PremierPremier MembershipMembership NetworkNetwork forfor FinancialFinancial ServicesServices ProfessionalsProfessionals Exqualifi is a premier membership network set up by Association of International Wealth Management of India (AIWMI) for financial services leaders, professionals and aspirants. Exqualifi has been designed as a continuing education platform meant to offer its members opportunities to earn professional designations; to participate in multidisciplinary knowledge initiatives, enable networking at conferences; and offer one single platform for interaction, cross-pollination of ideas and collaboration. Exqualifi provides the opportunity for practitioners and related professionals to connect and advance their focused area of practice. They aim to benefit the practitioner, their area of specialization, the clients they serve, and the industry at large. An exclusive, by-invite membership An exciting membership for Thought Leaders, Entrepreneurs for full time/ part time and Prominent CXOs working in the students of undergraduate Financial Services Sector. and post-graduate courses under 25 years of age. Charter Professional Student Membership Membership Membership A prolific membership for career-oriented professionals working in the financial services and allied sectors. AIWMI, Level 9, Platina, Block G, Plot C-59, Bandra-Kurla Complex, Mumbai - 400051 +91 86574 87782 | memberships@exqualifi.com |www.exqualifi.com Welcome We are extremely excited to present to you the second edition of our Power List- India’s Top 100 Women in Finance- 2020. The world of finance used to be seen as an industry only for men for the longest time. However, that has changed in the last few years. Today, there are a number of successful women professionals in the country who are playing key roles in shaping India's financial sector and inspiring others to follow them. -
A Case Study on Punjab National Bank Scam
Journal of Xi' an Shiyou University, Natural Science Edition ISSN : 1673-064X A Case Study on Punjab National Bank Scam (Is it only a scam or failure of the combined banking system?) Dr. Meda Srinivasa Rao Dr. B. Kishore Babu Professor, KL Business School, Professor, KL Business School Koneru Lakshmaiah Education Koneru Lakshmaiah Education Foundation, Foundation Vaddeswaram, Vaddeswaram, Andhra Pradesh-522502 Andhra Pradesh-522502 Abstract: The “biggest bank loot scam in 70 years” in independent India happened in one of the largest Public Sector Bank that had trembled entire banking sector. Punjab National Bank (PNB) India’s second largest public sector bank released a disaster on Valentine's Day i.e. 14th February 2018 by revealing a scam of Rs.11,400 crore directed by one of the country's richest businessman of the diamond, Nirav Modi. He ranked 85th on Forbes’s 2017 list of India’s richest people. Nirav Modi had directed and executed the scam with the support of Deputy Manager of PNB Mumbai branch named Gokul Nath Shetty and clerk Manoj Kharat. Modi and his Uncle Mehul Choksi schemed with these two people. They had facilitated the issuance of unauthorized LOU (Letter of Undertaking) to Modi and his company without following an appropriate procedure. The post scam had impacted shares of PNB by evaporating the market capitalization value worth of Rs.8000 crore due to that the entire banking sector was under shocking waves. Whistleblower had transcribed to the Prime Minister’s Office (PMO) at 2016, notifying the government for the “biggest bank loot scam in 70 years” but no prompt action was taken by the government.