Malik and Indrani's transparent system to monitor broker activities

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

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.

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.

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.

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.

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.

tubal here is some more;

http://forum.srilankaequity.com/t13475-sec-cancels-meeting-tomorrow-with-stock-brokers#88004

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
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Posts: 1039
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Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

tubal wrote:

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
Vice President - Equity Analytics


Posts: 1039
Points: 1726
Virtual Portfolio (Rs): 1,000,000
Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

I have already done so, there are all kinds of people saying the SEC ruined the market but no one can say anything specific - except that they changed the credit rules - which they did they made the credit rules more relaxed.

tubal wrote:

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
Vice President - Equity Analytics


Posts: 1039
Points: 1726
Virtual Portfolio (Rs): 1,000,000
Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

I have already done so, there are all kinds of people saying the SEC ruined the market but no one can say anything specific - except that they changed the credit rules - which they did they made the credit rules more relaxed.

econ wrote:tubul>

2,3 sec did not relax man.
until their intervention , brokers usually did not force sell . if they want they might but they usually did not sell. I do not know many brokers but for my broker they did not sell by force.
but after sec rule they had to do it to satisfy the sec rule.
anyway, who said we had a bubble in stock market due to broker credits?

then our vehicle market is 5 times far worse than stock market because almost all car that run on the roads are bought on credits(leasing)..lol

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.

tubal here is some more;

http://forum.srilankaequity.com/t13475-sec-cancels-meeting-tomorrow-with-stock-brokers#88004

What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

smallville wrote:We're back to the square one..

econ..
Why brokers did not force sell earlier? cuz they've given credit than they supposed to give as per initial SEC rules, clients were paying interest and keeping the credit.. now if every1 were adhering 2 rules couldn't they comply with the requirement and sell by T+3 or T+5 at least without keeping it extended?

Very few did so but the credit kept accumulating..

Leasing is not an example we can take here, its a lending business.. clients keep paying the monthly fee+interest to obtain that facility..
stocks are not on lend, u need to buy those..

Even though these two officials did some brainless stuff here and there, we wouldn't be in a big mess if the credit were cleared by June 30, 2011..
Extending the time was the devil as I see it..

aj wrote:Deviating from the current topic, but talking about the bank loans and leased vehicles,

How much work do you have to do to make get bank loan, do they just give the bank loan as soon as you enter like the brokers? They valuated the property, take it as mortgage, all sorts of insurances. After all that if you can't pay up they have the properly valued property to auction.

How about leased vehicles? Do they overvalue the vehicles or or they just give it the fair value? And if the customer doesn't pay, they have the fairly valued vehicle to auction and get the remainder.

What about stocks? How much background check, valuations do brokers do before giving credit? Each credit pushes the price up? Brokers don't have limits, ethics and brains. They only want money. We have a stock over valued at 25+ 35+ 100+ and if the customer doesn't pay the broker can sell it for 50 cents and then what?

Bank loans, property, vehicles have real concrete value. What about stocks?




See the difference?

tubal wrote:

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
Vice President - Equity Analytics


Posts: 1039
Points: 1726
Virtual Portfolio (Rs): 1,000,000
Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

I have already done so, there are all kinds of people saying the SEC ruined the market but no one can say anything specific - except that they changed the credit rules - which they did they made the credit rules more relaxed.

Rajaraam wrote:

tubal wrote:

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
Vice President - Equity Analytics


Posts: 1039
Points: 1726
Virtual Portfolio (Rs): 1,000,000
Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

I have already done so, there are all kinds of people saying the SEC ruined the market but no one can say anything specific - except that they changed the credit rules - which they did they made the credit rules more relaxed.

tubal, this is a link which you can read your own words on SEC and CSE.


http://forum.srilankaequity.com/t879-murder-at-asho-done-by-broker#5353

tubal wrote:

Rajaraam wrote:

tubal wrote:

kam2011 wrote:tubal wrote
What you mean to say the SEC cancelling the meeting is ruining the market? The forum is getting more and more like a mad house. No wonder even foreigners have started panic selling. They want to get the hell out of the mad house as quickly as possible.

_________________
You are complaining that the market which went up 375% has dropped 20% ? How much do you charge for shining a pair of shoes?
http://tubalcse.wordpress.com

tubal
Vice President - Equity Analytics


Posts: 1039
Points: 1726
Virtual Portfolio (Rs): 1,000,000
Join date: 2011-01-27

Not the topic. Could you pl. spend 30 seconds to read the posts under that.

I have already done so, there are all kinds of people saying the SEC ruined the market but no one can say anything specific - except that they changed the credit rules - which they did they made the credit rules more relaxed.

tubal, this is a link which you can read your own words on SEC and CSE.


http://forum.srilankaequity.com/t879-murder-at-asho-done-by-broker#5353

Thank you for the entertainment, That was a post I made about how SEC is failing to catch manipulators. I have been complaining about that all the time that I have been here. I am one of the few people who are doing so. People like you are complaining about the credit. Even in this thread i have asked what wrong have they done other than fail to prevent securities fraud.