When disaster strikes, cash is really king
January 12, 2016
The Chennai floods offer lessons to help plan your personal finances When natural disasters strike, most of us imagine that these are one-off events that can happen only to others. But the torrential rains in Chennai, which saw people across economic strata suffer massive losses, call for a rethink in the way many of us plan our finances. Here are the financial planning lessons from some real-life experiences in Chennai (names have been changed). Protect before investing As flood waters entered his ground floor flat in the early hours of December 3, Paul Samuel, a resident of Velachery, had just enough time to collect his mobile phone, a few clothes and essential food items, as he and his family sought
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Ensure loans don’t put you in a spot!
January 12, 2016
Instant loans are so easy that you may end up borrowing more than you need Today, taking a loan has become as easy as shopping. In the days to come, all you may have to do is walk to the nearest ATM, check your loan offer, and get instant cash. While such instant loans, or ‘spot loans’, may appear an innovative banking facility, are they really a smart idea for borrowers? Let’s see. Just like instant coffee and instant food, instant loans are the next big thing in banking. While the concept of spot approvals is not new, and spot loans have been offered under festive schemes for personal loans, car loans and home loans, these new ‘loans on the
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Sebi orders Greentouch Projects, directors to refund investor money
January 12, 2016
Moreover, they have been ordered to refund the money along with 15 per cent annual interest Markets regulator Sebi has ordered Greentouch Projects and its four directors to refund the investors’ money it had illegally raised by issuing securities. These five entities have also been barred from the securities market with immediate effect and the ban would be in place till the expiry of four years from the date of completion of refunds to the investors. Moreover, they have been ordered to refund the money along with 15 per cent annual interest. The regulator found that Greentouch Projects had raised Rs 56 crore through non-convertible redeemable debentures to 20,549 persons without complying with public issued norms. However, the company claimed
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SEBI impounds Pearls Agro assets
January 12, 2016
Action follows firm failing to repay investorsRs.49,100 cr Equities and commodities market regulator SEBI has initiated recovery proceedings against Pearls Agrotech Corporation (PACL) for failing to refund Rs.49,100 crore to investors. The action has been taken against 10 entities, including PACL and its promoters/directors. Under the recovery proceedings, SEBI has attached all bank and demat accounts, as well as mutual funds folios of the above entities with immediate effect and communicated the same to all banks, depositories and mutual fund houses. The company collected money from customers promising them land. However, no sale deeds have been signed with the investors. Last week, BusinessLine had reported that harried investors of Pearls Agrotech Corporation had urged SEBI to seize the bank accounts
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Don’t borrow and trade
October 5, 2015
Ashish KR Joshi from Valsad district, located on the Gujarat-Maharashtra border is a private wealth manager. He has closely observed all the three major crashes — 1992, 2000 and 2008. “The 1992 crash was spurred by excessive leverage; people even pledged their homes to play in stocks. Greed was at its peak then,” he recounts. “They were not ready to listen! In the end, they lost money, faith in the system and many tried to end their lives also! Even today I see the aftershocks of 1992.” Ashish is well placed to comment on the 1992 crash since he hails from a region where many are passionate about the stock market. He thinks that both in 1992 as well as
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