Before arrival of SEBI in 1992, the amount of premium on share was being regulated by Controllers of Capital Issues (CCI), and CCI was giving permission of taking premium of Rs.2 to 25 maximum on share having face value of Rs.10.
So at that time there was very limited scope for the companies for taking amount of premium on prices of their shares.
In 1992,the concept of free pricing of share was introduced by Government of Mr.P.V.Narsimharav (Prime minister). (People of India were knowing him as “Kaubhand Shiromani” (King of Scandals) due to his many Mega scams.
At that time Mr.Manmohan singh was finance minister. This was among most stupid decisions taken by any government in India. Perhaps this type decision was taken due to pressure of cheater industrialists lobby, so that they can rob people as they wish in high extent through public issues (IPO)
(3) By removing the limit of premium on share the Narsimharav Government had In fact opened gates for the many cheater,cunning, dishonest, fraudulent & fugitive so many Industrialist & other persons for robbing people of India in bulk by way of IPO.
(4) From 1985 to 2010 numerous companies had come with IPO, in order to rob money from people because they were receiving rupees in crores against ordinary papers (share certificates). As this was crystal clear deal of benefit for them they were keeping the size of their IPO & premium as much as possible because this was golden opportunity for them to be billionaire at money of common people. There was clear benefit for them because it was neither necessary for them to return money collected by them through IPO nor to give dividend on it. So hardly any companies give dividend to their share holders. During 1985 to 2010 so many cheaters had robbed 10,00000,0000000 (10 lac crore) from people of India. This was biggest robbery of the world. People suffered loss in 99% companies came with IPO during this period.
(5) 99% Indian companies do not even pay dividend to their share holders because they do not want to return any money to their share holder from the money collected by them through IPO.
(6) Hardly any company has taken care of sustaining price of their share in share market and hardly any companies have declared buy back scheme in interest of their share holder. 99% public limited companies have not taken care to prevent decreasing market price of their shares because of their fugitive & dishonest mentality.
(7)Any dishonest activity can not sustain for long and that is the reason of poor situation prevalent in share bazaar from many years and poor economic situation prevalent in India always. The stupid Indian Government turn blind eye toward this Mega Humbug and to the contrary they encourage this cheating activity at sake of common dupe investors. Continuous cheating activities of Indian industrialist & share brokers is the reason of worst situation of Indian share bazars. In fact they are bearing the consequences of their poor deeds. They have lost their credibility absolutely.
(8) During 1987 to 1992 storm of boom was blown in Indian share bazaars and the prices of shares were increasing at speed of rocket. At that time stupid finance minister Manmonan singh was boasting that this was due economical reformation done by him. Later the balloon of this spurious boom was burst.
In fact this terrible boom was fabricated created by cheater brokers of BSE like Harshad Mehta,Ketan Parekh,Mukesh Babu etc. They were obtaining money in bulk from many nationalized banks, private banks other finance companies /organizations and using this money for hiking shares of their interest and thus creating spurious boom.
(9) Lifting benefit of this great opportunity (horrible boom in share bazaar) numerous Indian companies had brought their public issues in size of 50 to 5000 crore soon after the ban on amount of premium was lifted by Cental Government of Congress party in 1992. This permission had opened doors for MEGA cheating with people of India by way of Public Issue & Speculation (the practice in which the promoters of the company or other syndicates called FII, brings artificial increase in the prices of specific share with help of (milibhagat) with brokers. After getting the price at high level they starts selling of shares at high price. After selling shares at high price, they then starts reverse procedure called hammering. Now they attempt to break the prices through creating artificial recession by help of brokers. After the prices come at bottom level they again purchase the same shares which they had sold at higher price. By such cycles (rotation) of malpractice they rob common people and gulls available in huge quantity in India.
This is the reason why the business of share is identified as a discredit business worse than business of prostitution. Indian share bazars are one of dirtiest places in India. Due to such dirtiness spread in Indian share bazaar 99% common investors investing their money ultimately suffer heavy loss. Some time they lose every thing they have and ultimately adopts way of suicide. Till date so many people have done suicide due to their heavy loss in share bazar. Indian Share Bazar are responsible for devastation of so many families in India.
(10)Indian share bazaars are government approved gambling house where one can cheat common people legally and that too in billions. This business is worse than Varli-Matka.
This is a gambling house where the winner are fixed (brokers, promoters & FII) and the loser (common people) are also fixed. This is a one sided cheating game which has been playing in India from last 40 years. It is hard fact that Indian Share Bazars are Big Addas of financial defalcations. The promoters of the companies by help of brokers show moon in palm to gull common people and, thus entice them for investing money in Share and finally snatch their clothes also.
Unfortunately and amazingly, till now every one in SEBI and UPA government and ministry of corporate affairs are just turning blind eye on this MEGA humbug at the sake of public because politicians in India generally do not invest their money in Share Bazar and they don’t care of interest of common people.
These guile politicians wish industrial development of India at the sake of people and their this dirty thinking is the reason why they are turning blind eye toward humbug of IPO & share bazar and avoiding to put ban on IPO, Mutual funds etc. They want to divert the risk on gull Indian people.
(11)From the year 1985 to 2010 people of India have lost minimum Rs.10,00,000,0000000 (Ten lac crore) due to investing their money in Indian Share Bazaar through IPO, Mutual fund, Buying share directly from secondary market etc. It is not viable to know exact figure of people’s loss due to investment in IPO & Mutual fund but approx value of same can be known by analyses of data which can be received from organizations like SEBI, Capital control board, Company Law Board, Registrars of the companies ,BSE,NSE etc.
Cheater & moralless so many Indian Industrialist have become super rich by robbing people of India through IPO & malpractice through Indian share bazar. India is heaven for white collar criminals due to corrupt atmosphere,. incapable political leaders, highly complicated, long and faulty legal system of courts and the laws are not clear and short.
The cases in courts runs for so many years and ultimately the culprits escape safely by help of cunning advocates and misinterpretation of laws. Extremely Heavy load of cases in the courts is proof of failure of laws and legal system in India and that’s why so many people dare to do white collar crime. Sahara Sharda chit fund, Satyam computer are examples of Mega cheating of with people. Cheater Share brokers Ketan Parekh and Mukesh Babu are not returning Rs.1400 crore & 535 crore respectively to Madhupura bank of Gujarat because of poor Judicial system in India. This leading bank of Gujarat was closed only due to Mega cheating done by above brokers with this bank. To close the bank was the sole option for management of the bank because Indian Government & Indian courts were incompetent to help bank for recovering money from this two Hard beaten cheaters. How this is shameful ! The case of Bank of Karad was also similar type case
(12) Many prestigious industrial groups in India are in fact sophisticated cheaters of India. Numerous Indian industrialist have become billionaire by systematic cheating with people of India through IPO or malpractice in Share bazaar.
(13) The company namely Lan Eseda had cheated approx.Rs.500 crore by bringing bogus IPO by creating bogus companies like Lan Eseda,Kavery software, Uniport computer etc. This group had successfully cheated the people by bringing minimum three IPO. The cheater promoters of these bogus companies wanted to bring Mega issue of their one more bogus company “Lan steel” but unfortunately he had not got permission from SEBI. Yet they had successfully collected so many rupees by private placement of shares of Lan steel. There are thousands of such companies who had cheated people by IPO, private placement of shares & through speculation.
(14) From the year 1998 to 2010 Five to ten thousand companies had collected money from Public of India. The consolidated amount collected by them goes above 5 to 10 lac crore. Out of these companies more than 99 % companies have given loss to their share holders/investors. Majority companies have disappeared, many companies has not even established plant (factory) for which they had collected money through public issue.
In fact it is highly required to hand over this matter to CBI for entire search and arresting all cheater who had cheated people of India by way of IPO during 1985 to 2010, forfeit the amount collected by them from people of India through public Issue and send them to the jail. This is very big operation for which Central government must proceed if they have courage, mettle, capability , honesty and off course desire which is never seen in them till date.
(15)During the year 1998 to 1995 so many (more than 1000) tree plantation companies had collected the money selling rights of ownership of teak tree plant on paper to the common people. These companies have robbed people by giving temptation that by investing Rs.500 per teak plant the investor would be able to earn Rs.25000 to 50,000 per tree when plant would become tree after few years.
(16) In the Boom found during 1980 to 1992 under leader ship of Harshad Mehta & such other brokers, many companies had sold their shares through private circulation as the cunning promoters of such bogus companies wanted to lift maximum benefit of this golden opportunity to collect money as much as possible by giving valueless piece of paper (share certificate) to stupid & greedy people available in India in bulk.
What this indicates ?- This clearly indicates that “Ham Sab Chor Hai” (we all are thieves)
This indicates that the system of IPO is absolutely failed system in India. The dishonest Indian Industrialist bring IPO only in order to cheat gull Indian investors.
(18)To protect people from cheating is moral and legal responsibility of Central Government & State Governments but dishonest, silly & low caliber Indian political leaders are neither able to give security to citizens nor able to understand the situation and that’s why this system of collecting money from people through IPO has been still continued.
By various Ads SEBI is just pretending to warn people, but not closing all the ways using which, one can cheat public. They are still not in favour of putting ban of IPO system which is the major source of cheating to public. Inspite of that recently chairman of SEBI Mr.U.K.Sharma had recommended that billions rupees of Provident fund should be invested in Share bazaar.
Role of SEBI, Finance Ministry & Indian government is like “Dhut rastra” of Mahabharat. They are turning blind eyes toward this dirty game because their intention is dirty. SEBI at one end give permission of IPO & Mutual funds but at the same time SEBI is not taking any responsibility in respect of dividend (interest) and safety of money invested by investor in IPO/Mutual fund. Why ? This also indicates how the system is rotten. The Authority (SEBI) establishment of which has been done for protection of investors but SEBI is acting reversely. In fact it helped white collar criminals for robbing gulls (investors) and due to which people of India have lost Rs.10 Lac crore (10,00,000,0000000) in last 25 years in share bazaar,Mutual fund & such other cheating schemes introduced by white collar criminals
Yet SEBI & Government of India is not putting ban of collecting money thus from public because they wants development of India at sake of gull people of India.
If SEBI & Government of India wish to help Industrialists, why they do not purchase shares and send them toward people of country for that ?
Obviously intension of SEBI & Government of India is bad.. In fact They want common people of India to be robbed by big cheater by way of IPO/Mutual fund chit funds etc . Their role is worst and full of cunningness.
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