Saturday, October 25, 2008

The (legal) spider web is for the insects

But the sparrows can fly through.

If you are a person who invests anything more 50,000 rupees you have to comply with KYC norms. KYC, means know your customer. You have to go to a bank branch with your id proof and residence proof and PAN card. The bank is now sure that you as a customer exist and has all your records. So, if with all the hard earned money that you have, if you are part of some scam, the government will come to your doorstep with full force. The spider web is set for us insects.

But guess what, if you had sufficient money (of any colour, currency) to get the money through an FII (register it in any place, Cayman islands for instance) in the form of a P-note, there is no KYC. At all. You can be anonymous. The government does not even want to know you. And best of all, you need not even own the shares. Play all you like. The FIIs move the markets, the aam investor gets screwed. SEBI had moved a draft bill preventing this, but the government with all its wisdom has decided to repeal it.

Wonder who is "influencing" the government to do this?

Previously the government has been "influenced" enough to not demand bank records from Liechtenstein, "influenced" enough to let an Italian fugitive get away, "influenced" enough to let the conspirator behind the Parliament attack live despite a sentence awarded by the highest court.

1 comment:

malayalee said...

ലോകമെമ്പാടുമുള്ള 1000കണക്കിന്‌ മലയാളീകളെ കണ്ടെടുക്കുക

നിങ്ങള്‍ ആഗ്രഹിക്കുന്നുവെങ്കില്‍ നമുക്ക് ഒന്നായി ചേര്‍ന്ന് ഒറ്റ സമൂഹമായി ഒരു കുടക്കീഴില്‍ അണിചേര്‍ന്നിടാം. നിങ്ങളുടെ ചിന്തകളും വികാരങ്ങളും പരസ്പരം പങ്കു വയ്ക്കാന്‍ ആഗ്രഹിക്കുന്നുവോ ? ദയവായി ഇവിടെ ക്ലിക് ചെയ്യുക

ഇതിന്‌ ഒപ്പമായി മലയാളീകളുടെ കൂട്ടായ്മയും ഇവിടെ വീക്ഷിക്കാം