All those investor who bought satyam above 100 and before 07th Jan fraud are in heavy loss. They might have not gain from their rest of portfolio, as much they lost suddenly in satyam fraud.
Now question is how it happened ? who are to blame ?
Answer is , it happened in this that way !
These are the persons to be blamed !
Now what ??
So many probes will be carried out by different agencies!
Charge sheet will be filed after a long period!
Hearing will be heard in court for years and years !
If found guilty, than as per law fine of few lacks/crore and imprisonment for few years will be imposed.(even maximum punishment for such frauds is very small as compared to magnitude of fraud).
But lost money of investor will not come back !
Can any one remember, how many politicians were punished till date for their well known fraud in india ?
How many Class One officer(beaurocrats) were punished for their fraud in India ?
How many top person from financial/business/corporate sector were punished for their fraud in India ?
Even if one is proved guilty, than we Indian are soft hearted, don’t believe in hard punishment. Public will forget/forgive with time and court will keep on hearing or impose small punishment.
So what is solution of all this ???????????
Only one answer is Transparency , ease of availability of information !!!!!!
A company reflect Current Asset (Cash, FD, Inventory etc) on its balance sheet, quarterly. It is not a business secret. So PROOF of all such Quick Asset (Cash balance, FD) should be available on company website each quarterly.
Under Insider trading act, when a promoter sold shares, he inform exchange after few/many days. Why not on same day ? Investor must be able to know before next trading session. Everyone know when we trade shares, the net positions of trade is known to us sharp 03:30pm for that day. This information in the specified format, anyone can fax/email to anywhere in world within half hour till 04:00 PM. So why not on same day till 06:00 pm, 07:00 pm.
Secondly, on nse/bse site information on Insider Trading/Acquition is available under Corporate Announcement. If u want to search the history of trading by promoters, u will not find it easily due to large number of routine announcements. Trading by promoters should be kept in different head/link like Corporate Announcement and Corporate Action.
Share Holding Pattern is available quarterly on bse/nse site. Is there any problem if it is make available monthly? It is not difficult, on every month end, just a file is to be downloaded from NSDL/CSDL.
If a promoter is allotting himself share at face value 10 without premium, unlike ipo price, than his all holding(those paidup at face value only) should be locked till three financial year result of company with operation/production.
If a promoter pledge shares, it should be also available on bse and company site. This is going to be implemented by sebi, after satyam scam.
In share capital history, we just know when how much shares were increased/ paid up. In similar way, there should be single record/register of premium paid corresponding to each time increase in share capital.
I m surprised, in a top company(I don’t want to name , to keep this post general on financial system), how 59.5 lack share in 1975, become 46 crore share in 1997, 145 cr share in 2007 and 157 cr in 2008, as that company is not having good bonus history. At what premium, the increase in capital were paid up by whom ?
All of above suggestions/information are not difficult to implement in proper way, but it looks that at top level of Corporate/Sebi/Registrar of Companies/ Ministries , no one want transparency in basic/core information in proper format to investor.
We investor should discuss these matters to reform our financial system; we can agree on some common points, than with the help of MMB/moneycontrol, those can be put to SEBI/company affairs etc
If we investor are willing for it than it is not I M POSSIBLE.
Coutesey: Rakesh Saini
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