|
Manohar J. Pherwani
Manohar J. Pherwani (1934-1992) was an Indian corporate executive and banker who served as Chairman of the Unit Trust of India (UTI), National Housing Bank (NHB) and Infrastructure Leasing & Financial Services (IL&FS). Under his tenure of almost a decade as the chairman of UTI, the asset base of UTI grew from ₹1 billion to about ₹176.5 billion. In 1987, he set up IL&FS to finance infrastructure projects in the country. He headed the 1991 "Expert Study Group" into the establishment of a new stock exchange (also known as the MJ Pherwani Committee) which resulted in the formation of the National Stock Exchange of India (NSE). Controversies In 1992, while serving as Chairman & Managing Director of the National Housing Bank, the bank's exposure of over 1,000 crore worth of re-purchase option (repo) based security trades to Harshad Mehta came to light. Pherwani had been regarded as Mehta's mentor. Consequently, Pherwani stepped down from NHB. He also quit as chairman of the NSE ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Trust Of India
UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a Securities and Exchange Board of India (SEBI) registered mutual fund from 1 February 2003. The Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into: Specified Undertaking of Unit Trust of India (SUUTI) and UTI Mutual Fund (UTIMF). T Rowe Price Group Inc (TRP Group), through its wholly owned subsidiary T. Rowe Price Global Investment Services Ltd. (TRP), has acquired a 26% stake in UTI Asset Management Company Limited (UTI AMC). UTI Mutual Fund is the oldest and one of the largest mutual funds in India with over 10 million investor accounts under its 230 domestic schemes/plans as of September 2017. UTI Mutual Fund has a nationwide distribution network, which is spread across the length and breadth of the country. Its distribution network comprises over 48000 AMFI/NISM certified Independent Financial Advisors and 174 Financial Centers. UTI Mutual Fund has been the pi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Housing Bank
National Housing Bank (NHB), is the apex regulatory body for overall regulation and licensing of housing finance companies in India. It is under the jurisdiction of Ministry of Finance , Government of India. It was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB is the apex financial institution for housing. NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith. The Finance Act, 2019 has amended the National Housing Bank Act, 1987. The amendment confers the powers of regulation of Housing Finance Companies (HFCs) to the Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Infrastructure Leasing & Financial Services
Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian state-funded infrastructure development and finance company. It was created by public sector banks and insurance companies. It operates through more than 250 subsidiaries including IL&FS Investment managers, IL&FS financial services and IL&FS Transportation networks India Limited (ITNL). Its projects include some of the largest infrastructure projects in India including India's longest tunnel, Dr. Syama Prasad Mookerjee Tunnel, which opened for traffic in April 2017. After the company defaulted on its loans in 2018, the Government of India took control of the company and appointed a new board. History IL&FS was formed in 1987 as an "RBI registered Core Investment Company" by three financial institutions, namely the Central Bank of India, Housing Development Finance Corporation (HDFC) and Unit Trust of India (UTI), to provide finance and loans for major infrastructure projects. Gradually, as the organisat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Stock Exchange Of India
National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Maharashtra. It is the world’s largest derivatives exchange in 2021 by number of contracts traded based on the statistics maintained by Futures Industry Association (FIA), a derivatives trade body. NSE is ranked 4th in the world in cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for the calendar year 2021. It is under the ownership of some leading financial institutions, banks, and insurance companies. NSE was established in 1992 as the first dematerialized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system that offered easy trading facilities to investors spread across the leng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harshad Mehta
Harshad Shantilal Mehta (29 July 1954 — 31 December 2001) was an Indian stockbroker and a convicted fraudster. Mehta's involvement in the 1992 Indian securities scam made him infamous as a market manipulator. Of the 27 criminal charges brought against Mehta, he was only convicted of four, before his death (by sudden heart attack) at age 47 in 2001. It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered for "ready forward" transactions between banks. Mehta was convicted by the Bombay High Court and the Supreme Court of India for his part in a financial scandal valued at which took place on the Bombay Stock Exchange (BSE). The scandal exposed the loopholes in the Indian banking system and the Bombay Stock Exchange (BSE) transaction system, and consequently the SEBI introduced new rules to cover those loopholes. He was on trial for 9 years, until he died at the end of 2001 from heart attack. Ear ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 Securities Scam
The 1992 Indian stock market scam was a market manipulation carried out by Harshad Mehta, Harshad Shantilal Mehta with other bankers and politicians on the Bombay Stock Exchange. The scam caused significant disruption to the stock market of India, defrauding investors of over ten million USD. Techniques used by Mehta involved having Corruption in India, corrupt officials Cheque forgery, signing fake cheques, misusing market loopholes, and fabrication to drive the prices of stocks up to 40 times their original price. Stock traders making good returns as a result of the scam were able to fraudulently obtain unsecured loans from banks. When the scam was discovered in April 1992, the Indian stock market (other), Indian stock market collapsed, and the same banks suddenly found themselves holding millions of INR in now useless debt. 1992 Scandal Overview The scam was the biggest money market scam ever committed in India, amounting to approximately 5000 crores. The main per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cardiac Arrest
Cardiac arrest is when the heart suddenly and unexpectedly stops beating. It is a medical emergency that, without immediate medical intervention, will result in sudden cardiac death within minutes. Cardiopulmonary resuscitation (CPR) and possibly defibrillation are needed until further treatment can be provided. Cardiac arrest results in a rapid loss of consciousness, and breathing may be abnormal or absent. While cardiac arrest may be caused by heart attack or heart failure, these are not the same, and in 15 to 25% of cases, there is a non-cardiac cause. Some individuals may experience chest pain, shortness of breath, nausea, an elevated heart rate, and a light-headed feeling immediately before entering cardiac arrest. The most common cause of cardiac arrest is an underlying heart problem like coronary artery disease that decreases the amount of oxygenated blood supplying the heart muscle. This, in turn, damages the structure of the muscle, which can alter its function. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sony LIV
SonyLIV is an Indian over-the-top freemium streaming platform owned by Culver Max Entertainment. SonyLIV was introduced in 2013 as the first OTT service in India. As a streaming service, it is carrying content from its local networks, including films, television series, live sports matches and original programming, and also featuring content licensed from third-parties in India such as Lionsgate and ITV among others. Since 2020, SonyLIV has taken more of an active role as producer and distributor for both films and television series, and to that end, offers a variety of original programming content through its online library. History SonyLIV was launched on 23 January 2013, by Culver Max Entertainment. SonyLIV has access to 18 years of content from channels that are part of Culver Max Entertainment and more than 700 movies, which means a total of 40,000+ hours of television show coverage in Hindi and English. Since its launch, SonyLIV has streamed live sports events. Anime ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
