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Malik and Indrani's transparent system to monitor broker activities

+14
smallville
bakapandithaya
Kumar
econ
arrowms
kam2011
aj
Slstock
tubal
chamith
rijayasooriya
Kithsiri
thighrokker
duke
18 posters

Go to page : 1, 2  Next

Go down  Message [Page 1 of 2]

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

If I remember correct Malik, Indrani and the SEC team were going to implement a automated real time system connecting all the brokers in a transparent manner so that all the broker transactions, credit levels could be monitored. At the moment as far as I know there is no system like that. That's why I think SEC requests reports from the brokers every month or so. And we know how honest and transparent the brokers are. I remember Malik or somebody saying the new automated system will be implemented from next year, 2012 and said after that SEC can monitor all transactions for credit level as well as manipulations and other frauds.

So the 8 billion rupee question is,
What will happen to that system Question

Is it going to be buried under the SEC? Will it going to be implemented? Anybody know anything about that? Was this a reason for Malik and Indrani to get kicked out? Before the expose silent

thighrokker


Manager - Equity Analytics
Manager - Equity Analytics

Bulls eye!

Can we no longer give + reps?

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I said before and I said again that the decisions to oust them going to haunt us soon.

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Problem of Mr.Malic and Mrs.Indrani is not their intention but their methodology.This market has been going on this manner for decades.So u can not change those things in overnight.U can not do this with a cane in hand.U should be more diplomatic.
CSE is a small market.Even one billionaire can shake the whole market if he wants.So the regulators have to be more careful.Who will suffer ultimately.....It is the retailors(They are also responsible for that to a certain extend)

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Delivery Vs Payment
http://www.cse.lk/cmt/upload_cse_announcements/7821317101794_.pdf

When a person buys a security normally the buyer's bank/agent settle the payment for the transaction at the same time. The buyer get the ownership of the security only after he settle the payment to his bank/agent.

Just google DVS and see, there are number of definitions and ways this system works.

I am looking forward to see this new system. Hopefully after this system force selling should come to an end. But if brokers get more credit they wont be able to implement the system. There should be no credit in the system to implement this new system. That was the SCE's long term plan i guess.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

duke wrote:If I remember correct Malik, Indrani and the SEC team were going to implement a automated real time system connecting all the brokers in a transparent manner so that all the broker transactions, credit levels could be monitored. At the moment as far as I know there is no system like that. That's why I think SEC requests reports from the brokers every month or so. And we know how honest and transparent the brokers are. I remember Malik or somebody saying the new automated system will be implemented from next year, 2012 and said after that SEC can monitor all transactions for credit level as well as manipulations and other frauds.

So the 8 billion rupee question is,
What will happen to that system Question

Is it going to be buried under the SEC? Will it going to be implemented? Anybody know anything about that? Was this a reason for Malik and Indrani to get kicked out? Before the expose silent

Ah Duke is back!

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Your guess is good as mine. Hope the new SEC team learns from past group mistakes but also appreciate and adopt
the good things they were planning to do/did.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

slstock wrote:Your guess is good as mine. Hope the new SEC team learns from past group mistakes but also appreciate and adopt
the good things they were planning to do/did.

But what exactly is it that the SEC did wrong? Is it failing to take strong action against manipulation, insider dealing, front running, lack of disclosure, delayed disclosure, failure submit accounts or is it something else?

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

tubal wrote:
slstock wrote:Your guess is good as mine. Hope the new SEC team learns from past group mistakes but also appreciate and adopt
the good things they were planning to do/did.

But what exactly is it that the SEC did wrong? Is it failing to take strong action against manipulation, insider dealing, front running, lack of disclosure, delayed disclosure, failure submit accounts or is it something else?

I discussed this in detail elsewhere. In summary it is the actions and deadlines they made with good intentions, specially credit clearance ( but without much analysis ) and then not sticking with it for better or worse but changing them frequently.

Initially they were too ambitious with percentages and period given for clearance. Then near the deadlines they altered it again and again. Some time when you take a decision ( thinking it is for the best) it is best to stick with it and get it done.

Just think how many retailers throught they had to clear credit and sold with big losses following the SEC deadlines to the dot. Later only to find they were changed near the deadlines and already their losses were realised. ( market picked up for a shorter period even after these announcements).

Who really made money of these alterations capitalizing on the situations ( and possible leaked news)?

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

slstock wrote:
tubal wrote:
slstock wrote:Your guess is good as mine. Hope the new SEC team learns from past group mistakes but also appreciate and adopt
the good things they were planning to do/did.

But what exactly is it that the SEC did wrong? Is it failing to take strong action against manipulation, insider dealing, front running, lack of disclosure, delayed disclosure, failure submit accounts or is it something else?

I discussed this in detail elsewhere. In summary it is the actions and deadlines they made with good intentions, specially credit clearance ( but without much analysis ) and then not sticking with it for better or worse but changing them frequently.

Initially they were too ambitious with percentages and period given for clearance. Then near the deadlines they altered it again and again. Some time when you take a decision ( thinking it is for the best) it is best to stick with it and get it done.

Just think how many retailers throught they had to clear credit and sold with big losses following the SEC deadlines to the dot. Later only to find they were changed near the deadlines and already their losses were realised. ( market picked up for a shorter period even after these announcements).

Who really made money of these alterations capitalizing on the situations ( and possible leaked news)?


since I myself have written along the same lines I cannot help but agree with you. But as I have mentioned here: http://tubalcse.wordpress.com/2011/12/03/a-tribute-to-sugathadasa-and-cader/ they were pretty much in uncharted territory there was no way for anyone to know before hand what the right percentages were.



Last edited by tubal on Mon Dec 05, 2011 10:30 am; edited 1 time in total (Reason for editing : fixed typo)

aj


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

So the only problem with the SEC (now deceased) was they didn't stick to the rules. I also lost money I shouldn't have if I waited until after the relaxing announcements.
I guess SEC didn't know how much credit was there. I believe brokers must have shown fake numbers to the regulators the first time. And at the first deadline we knew how much credit the brokers really had.

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

They ruined the market and went off.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

kam2011 wrote:They ruined the market and went off.

Would you please take 30 seconds of your valuable time and explain how exactly they have ruined the market
thank you very much.

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste our time on those two persons.



Last edited by kam2011 on Mon Dec 05, 2011 11:35 am; edited 1 time in total

arrowms


Manager - Equity Analytics
Manager - Equity Analytics

duke wrote:If I remember correct Malik, Indrani and the SEC team were going to implement a automated real time system connecting all the brokers in a transparent manner so that all the broker transactions, credit levels could be monitored. At the moment as far as I know there is no system like that. That's why I think SEC requests reports from the brokers every month or so. And we know how honest and transparent the brokers are. I remember Malik or somebody saying the new automated system will be implemented from next year, 2012 and said after that SEC can monitor all transactions for credit level as well as manipulations and other frauds.

So the 8 billion rupee question is,
What will happen to that system Question

Is it going to be buried under the SEC? Will it going to be implemented? Anybody know anything about that? Was this a reason for Malik and Indrani to get kicked out? Before the expose silent
Yaaa, This system is one of the main reason for complain against the Mr C and Chair Indrani made by HNWI and broker firms. They call it as over regulations. Knowing this, incoming management will not touch the new system. CSE will remain as a artificial share market driven by HNWI and brokers. Retailers must be carefull with new trends.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste four time on those two persons.

Have they? SLStock has given an explaination above? but no one else has said what exactly it is that they have done wrong. If you can't spare thirty seconds to type it out, could be so kind as to copy and paste a link to a previous post giving a detailed explaination?

thank you so much.

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

tubal wrote:
kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste four time on those two persons.

Have they? SLStock has given an explaination above? but no one else has said what exactly it is that they have done wrong. If you can't spare thirty seconds to type it out, could be so kind as to copy and paste a link to a previous post giving a detailed explaination?

thank you so much.

http://forum.srilankaequity.com/t3755-open-letter-to-sec-chairperson-and-other-officials?highlight=letter+to

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

http://forum.srilankaequity.com/t11796-sec-dg-malik-cader-out-or-in#78515

econ

econ
Global Moderator

kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste our time on those two persons.

those buggers went away. but billions of retail money(including epf money invested in market) have wiped out from the market. Those buggers did not get any punishment for their wrong policies.instead one got a promotion..lol

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

kam2011 wrote:
tubal wrote:
kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste four time on those two persons.

Have they? SLStock has given an explaination above? but no one else has said what exactly it is that they have done wrong. If you can't spare thirty seconds to type it out, could be so kind as to copy and paste a link to a previous post giving a detailed explaination?

thank you so much.

http://forum.srilankaequity.com/t3755-open-letter-to-sec-chairperson-and-other-officials?highlight=letter+to

Thank you very much, But that post like what SLStock says (and I what my own previous posts say) is a complaint about the approach to how they cleared the credit. But As described in my blog post (link above) and as agreed by others here, the issue that they were tackling is not something that anyone anywhere in the world had had to tackle before. So surely one can't expect them to get it right the first time?

Anyway consider this:

At the time that Indrani and Malik took over, the existing rule was that brokers were supposed to force sell everything on the next day if payment had not been made by T+3. Now brokers have time till T+5 to force sell (and you can't deny that it's the work of Mrs Sugathadasa and Mr Cader).!

Now if brokers have extra cash, they don't even need to force sell on T+5 they can extend the client credit! And that is also the work of those two!!

Last but not least, the old rule was that failure to make payment on the third day had to be reported the SEC. Now that rule is not in force either!!!

so if credit is what the market desparately needs, surely this is the most market friendly SEC that there has ever been

econ

econ
Global Moderator

tubal wrote:
kam2011 wrote:
tubal wrote:
kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste four time on those two persons.

Have they? SLStock has given an explaination above? but no one else has said what exactly it is that they have done wrong. If you can't spare thirty seconds to type it out, could be so kind as to copy and paste a link to a previous post giving a detailed explaination?

thank you so much.

http://forum.srilankaequity.com/t3755-open-letter-to-sec-chairperson-and-other-officials?highlight=letter+to

Thank you very much, But that post like what SLStock says (and I what my own previous posts say) is a complaint about the approach to how they cleared the credit. But As described in my blog post (link above) and as agreed by others here, the issue that they were tackling is not something that anyone anywhere in the world had had to tackle before. So surely one can't expect them to get it right the first time?

Anyway consider this:

At the time that Indrani and Malik took over, the existing rule was that brokers were supposed to force sell everything on the next day if payment had not been made by T+3. Now brokers have time till T+5 to force sell (and you can't deny that it's the work of Mrs Sugathadasa and Mr Cader).!

Now if brokers have extra cash, they don't even need to force sell on T+5 they can extend the client credit! And that is also the work of those two!!

Last but not least, the old rule was that failure to make payment on the third day had to be reported the SEC. Now that rule is not in force either!!!

so if credit is what the market desparately needs, surely this is the most market friendly SEC that there has ever been


no before those buggers change the rules, brokers gave credit without force selling,, they just take interest but no forced selling. at least for my broker I know for sure.

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics

econ wrote:
tubal wrote:
kam2011 wrote:
tubal wrote:
kam2011 wrote:Many members have already explained. I dont think that you have not read them. Sorry tubal,It is not worth to waste four time on those two persons.

Have they? SLStock has given an explaination above? but no one else has said what exactly it is that they have done wrong. If you can't spare thirty seconds to type it out, could be so kind as to copy and paste a link to a previous post giving a detailed explaination?

thank you so much.

http://forum.srilankaequity.com/t3755-open-letter-to-sec-chairperson-and-other-officials?highlight=letter+to

Thank you very much, But that post like what SLStock says (and I what my own previous posts say) is a complaint about the approach to how they cleared the credit. But As described in my blog post (link above) and as agreed by others here, the issue that they were tackling is not something that anyone anywhere in the world had had to tackle before. So surely one can't expect them to get it right the first time?

Anyway consider this:

At the time that Indrani and Malik took over, the existing rule was that brokers were supposed to force sell everything on the next day if payment had not been made by T+3. Now brokers have time till T+5 to force sell (and you can't deny that it's the work of Mrs Sugathadasa and Mr Cader).!

Now if brokers have extra cash, they don't even need to force sell on T+5 they can extend the client credit! And that is also the work of those two!!

Last but not least, the old rule was that failure to make payment on the third day had to be reported the SEC. Now that rule is not in force either!!!

so if credit is what the market desparately needs, surely this is the most market friendly SEC that there has ever been


no before those buggers change the rules, brokers gave credit without force selling,, they just take interest but no forced selling. at least for my broker I know for sure.

No econ, that's where everyone has got it so wrong!!

The rules were all in place. Since about 2008 the brokers started breaking them with impunity with utter disregard for the financial system that they were placing in peril.

The brokers broke the rules. The outgoing SEC bosses amended them to be more favorable to the brokers.

I

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

My dad personally experienced force selling by his broker in 1992 September.
The brokers at that time were charging interest for the credit.
But market went down after some political problem. (Ex - President Premadasa Impeachment case )
Everybody were panicking.
He lost more than Rs. 132,000, then.

kam2011


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Kumar wrote:My dad personally experienced force selling by his broker in 1992 September.
The brokers at that time were charging interest for the credit.
But market went down after some political problem. (Ex - President Premadasa Impeachment case )
Everybody were panicking.
He lost more than Rs. 132,000, then.

If someone do not settle by way of credit(those days provided by broker himself) or cash one day brokers will have to sell.But still they used to inform the client several times and given extended period.



Last edited by kam2011 on Mon Dec 05, 2011 3:11 pm; edited 1 time in total

bakapandithaya

bakapandithaya
Vice President - Equity Analytics
Vice President - Equity Analytics

kam2011 wrote:
Kumar wrote:My dad personally experienced force selling by his broker in 1992 September.
The brokers at that time were charging interest for the credit.
But market went down after some political problem. (Ex - President Premadasa Impeachment case )
Everybody were panicking.
He lost more than Rs. 132,000, then.

If someone do not settle by way of credit(those days provided by broker himself) or cash one day brokers will have to sell.But still they used to inform the client sveral times and given extended period.

Yes, CTSmith informing

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