The British market regulator Financial Services Authority (FSA), has fined Indian origin broker Tariq Carrimjee of Somerset Asset Management LLP, a sum of £89,000. It has banned him from performing any roles in regulated financial services, that is broking. Carrimjee is the son-in-law of the Attorney General of India, Goolam Vahanvati.
Confirming the imposition of the fine, David Cross from the press office of the FSA, told this newspaper that Carrimjee was referring the case to the United Kingdom’s Upper Tribunal for appeal. “Carrimjee has been prohibited from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm. He was found to be recklessly assisting one of his clients to manipulate the closing price of global depository receipts (GDRs) related to two companies,” Cross said. This is what the FSA’s decision says as well.
There was no response to the email queries sent by this newspaper at the email address of Somerset Asset Management at the time the story went to press.
The decision notice says that the FSA “has decided to: a) withdraw Mr Carrimjee’s individual approvals, pursuant to section 63 of the Act; b) make an order pursuant to section 56 of the Act prohibiting Mr Carrimjee from performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm; and c) impose on Mr Carrimjee a financial penalty of £89,004, pursuant to section 66 of the Act, for breaching Statement of Principle 1.”
Carrimjee, who is the director of the London-based Somerset Asset Management LLP, was allegedly involved in manipulating the closing price of the GDRs of two companies, Reliance Industries Limited in October 2010 and Gazprom in April 2010, Russia’s largest gas producing company.
In its decision notice of 26 March, which was made public last month, the finding in the case indicated “a serious lack of integrity on the part of Mr Carrimjee”.-from Sunday Guardian
Category: Quotes
Categories
25% of Goans on the road
Question:Turning to Goa’s economy, about a quarter of the state’s population is dependent on mining, which was banned by the Supreme Court last year to stop illegal extraction. Have you been able to clean up the system?
Answer:I have started. We are recovering some money that was not paid, and we are filing court cases against the guilty. But the blanket mining ban is hurting us – the court may be right in its perspective, but why can’t it find a solution for so long? Judges like to say justice delayed is justice denied: and here I am with 25 percent of my revenues gone, 25 percent of my people almost on the roads, and the court is not hearing me. There is nothing more criminal than that.
-Chief Minister Manohar Parrikar of Goa said in an interview
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Are business leaders like Shudras?
“The Lok Sabha has just cleared the most destructive piece of legislation in India’s history so far. The occasion affords another opportunity to look at the timeless nature of the class system in India. Technically, the trading community is a member of the third varna. In Shah Jahan’s time, as now, they were despised. In that age, they were left alone; In the democracy that prevails today their status, politically, is worse and is no better than that of shudras. In the run-up to the vote on the food Bill, one business leader after another appealed to the powers that be to defer the Bill. To no avail. Their voice carries no weight in matters of state.”-from Mint
It has become harder for me, because the importance of my skills is receding. Part of my advantage, is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That’s how I started. I watched the stock market, how equities reacted to change in levels of economic activity and I could understand how price signals worked and how to forecast them. Today, all these price signals are compromised and I’m seriously questioning whether I have any competitive advantage left.
Ten years ago, if the stock market had done what it has just done now, I could practically guarantee you that growth was going to accelerate. Now, it’s a possibility, but I would rather say that the market is rigged and people are chasing these assets, without growth necessarily backing confidence. It’s not predicting anything the way it used to and that really makes me reconsider my ability to generate superior returns. If the most important price in the most important economy in the world is being rigged, and everything else is priced off it, what am I supposed to read into other price movements?-said Stan Druckenmiller
“I got more than Rs.2 crore by selling nearly three acres of agricultural land at Sihi village, now Sector 83-84. I purchased six acres in a village in Mahendergarh district, built up a ‘kothi’ (bungalow) and bought a SUV,” Kanwar Yadav, 48, told IANS.
“I never thought that money would finish one day. I had to sell my SUV after one and a half years. Now I am working as a private security guard in a building on my own land,” he added.
His story is similar to that of many farmers who once owned land on the stretch between Gurgaon and Manesar.
Rajender Singh, Kanwar Yadav, Dharmender, Ramesh, Omprakash, Leela Ram, and Narender Singh, Mahesh Yadav, to name just a few, are from villages like Sikanderpur, Badha, Nawada, Rampura, Nakhrolla, Manesar, Narsinghpur, Mohamadpur and Naurangpur About 90 percent of the farmers from these villages sold their agricultural land to private builders either out of fear or willingness or greed.
Mahesh Yadav, 34, quit his job as a Haryana Police constable a few years ago when he received more than Rs.1.5 crore by selling land.
“He used to celebrate and give parties on the birthdays of his family members. Once he organized a party to celebrate the birthday of his pet. He drove a Mahindra Scorpio for two years. Now, he works as the driver of a private vehicle,” said an elderly resident of Sikanderpur village.
Mahender Singh, 50, received close to Rs.4 crore by selling nearly five acres of land in July 2008. After buying 10 acres of cultivable land in a village near Dharuhera in the adjoining Rewari district, he bought a Mitsubishi Pajero. After 18 months he replaced it with a Tata Safari that he sold in early 2012 and now drives a Maruti Swift.
“My seven-member family survives on the little rent that comes from my plot in Gurgaon city. I had never thought it would come to this,” Mahender Singh rued.
Ramesh, 38, has a similar story. After getting nearly Rs.80 lakh in 2006, he purchased some agriculture land in Rewari district, opened a hardware store and bought a Hyundai Santro car. By 2011, he closed the store, sold the Santro, and now he drives a
three-wheeler of his own.Omprakash, 40, of Rampura village now works as the assistant of a sub-contractor, building flats on the land in sector 82 that includes five acres that were once his.
“I had an emotional attachment with my land, but I sold it because there was a strong rumour that the government would acquire it,” Omprakash said.
“Many of the semi-illiterate farmers and their families, in the absence of proper guidance and experience, got into the habit of overspending without generating proper sources of regular income,” Anurag Bakshi, a former Indian Revenue service (IRS) officer, told IANS.
“They insisted on buying costly cars and building a bigger house than their neighbours’. There would be competitions in hosting lunches to which hundreds of villages were invited. They spent blindly on their marriage ceremonies,” Bakshi added.
And one day, the money just ran out, leaving them high and dry.-from the IndianExpress