Dear Sir, I agree what is stated in the open letter. The most important objective of SEBI is to ensure that small investors are protected and also to create a climate wherein the investors are encouraged to participate in the market. When PAN no. is compulsorily required to be given, where is the need to get one more number from SEBI and also give the finger prints? Are these investors criminals? With the PAN no. can the investor be not identified? SEBI's regulatory & supervisory responsibility enjoins that people who indulge in malpractices are identied and punished expeditiosly. On this front also the record of SEBI is dismal. Apart from the delay in disposing of the cases, none of the decisions on these cases have been upheld on appeal. Should not SEBI take some time to introspect before introducing new rules which hamper the development of investment market?
What abt investors who are bed-ridden? I wanted to get the MAPIN for my mother who is paralysed in the lower limbs - checked up with NSDL etc on how to go abt this and was told that I need to talk with the POS authorised, SO I TALKED TO ALL OF THEM AND NOT EVEN ONE OF THEM AGREED TO COME HOME for her MAPIN even though I offered to transport them & their finger-printing machine to and fro from their office at my cost and at their appointed covenient time; SO PLEASE TELL ME IS THE MAPIN ONLY FOR THOSE WHO NOT PARALYSED/DISABLED TO ATTEND THE CENTERS??!! Will anyone be able to solve such cases or does one need to only approach the Minister concerned as it seems that nothing moves without involving the minister personally!!!
myself invest in equity shares since more than 20 years. but now i am nri & fed up to invest in indian share market. as a small investor, i lost my lot of portion to just keep demat a/c with hdfc bank. demat bank a/c's charges are so high any small investor(retail) can not buy now & keep demat a/c. it is ridiculous. even after long term 10 years invested shares, i can not cover simple bank interest. company offer IPO at exorbitant prices, after public issue, shares not open at so high prices since last 10 years of my experience. is sebi is doing anything ? many companies are already bankrupted. as example : orkay silk mils, jenson & nicholson financial services, ispl industries, conwel canes etc. yours truly, raman
The companies alloted 100 shares casting Rs.1000/- in the name of wide distribution & the same becomes the safeguard for them & after collecting caror of ruppees they run away from the market in the last 15 years.The person who invested 1000/- in so many companies,lost lakhs of ruppees & the promoters are enjoying & again coming with diffrent name.The investor is helpless because he is not in a position to take legal remedies as the Advocate & court expenditures may more than the investment.The SEBI must do some thing for the investors & book the culprits, as the full details are available in the company law board.The entire list of companies with details of present status,merger with,Change of Name if liquadated than the remedy for the investors must be circulate by Vide media coverage,News Papers & also in the NET with the latest posision.The Lead Managers should be booked for helping the missing companies, as they also becomes the sleeping partner in transactions.You also arrange to check the C.A. companies who are also the part of those big scandals,making companies in the name of there own persons & selling the same to the promoters.
I very much agree with the person who has written this open letter to Chairman SEBI. I personally feel that SEBI should target HNI's more than the common investor investing around 1-2 lakhs. SEBI seems to be in a mood to make money by way of Rs. 300 being charged for the MAPIN card. Taking fingerprints of small investors is unwarranted and absurd. It is a personal view expressed by me.
sebi is a toothless organisation created only to bury all the misdeeds of cap market in a organised manner .everyday we see anil ambani screaming from the roof top and sebi says its watching the counter and no suo moto action is taken isnt this enough evidence that its the most corrrupt and brainlesss toothless organisation which comes upo with some hairbrained scheme only to create work to justify their existence i think that unless alretired persons and small investors shun the market and these practices organisations lkike sebi will be formed and contuinue in existence possibly next would bve all people reading the share quotations should be regsitered with the respevctive paper they read and sebi will monitor this .not to forget some PIN no. for this of course to be handeled by stock holding corporation
I totally agree with these views and would like to add a few prtinent points. 1 MAPIN processing is done by only a few agencies who as of today are booked till May 04. How does one fulfill the requirement by 31/3/05. 2 Out of these agencies appointed, a few of them are market participants. These agencies will misuse this database to contact and pester people whose names appear with them for doing business through them. 3 Old persons ie senior citizens should be exempted from obtaining MAPIN. These factors only reflect that persons in authority have not properly applied their mind
The open letter on the MAPIN ID should serve as an eye-opener for SEBI. But going by history it will just get rubbished/ignored. By the way , who is earning out of this biometric ID? Has this technology been certified and is it being used in such commerical transactions anywhere else? People with black money are buying properties worth crores of rupees without any such certification then why can't shares be bought? I am very confident somebody is making big money out of this racket.
