Thanks to all my Friends & Well wishers who have given me VALUABLE INPUTS regarding " DABBA TRADING " in Mulund & Mumbai Area-------> Reference to my Letter to Prime Minister, Finance Minister & SEBI. Also Recieved Reply from PM Manmohan Singhji, Finance Minister & also From SEBI that the Compalint is Forwarded to the Director General Of Police ( DGP ) Maharashtra for further investigation. Thank You once again for your valuable inputs. Janak Keshriya. REFERNCE :----------- APPEAL TO PRIME MINISTER OF INDIA. To, Mr. Manmohan Singhji, The Hon’ble Prime Minister Of India 7, Race Course Road, New Delhi. Sub : “ Regarding DABBA TRADING flourishing in MULUND & MUMBAI AREA “. Respected Sir, I would like to bring to your kind attention, as an NGO against Corruption, found some Interesting & very shocking Truth about “ DABBA TRADING “ OR “ BUCKETING “ mushrooming in Mumbai & our Mulund Area without any kind of fear of S.E.B.I. or the Local Police and they are doing Excellent business running in Crores of Rupees per day causing great amount of loss to S.E.B.I. and our Nation. Sir let me give you a brief details about how DABBA TRADERS work : Dabba Trading also known as “ Bucketing “ is the process used by Brokers to Route their Client Trades outside the Stock/Commodity Exchange. In such trading, the Broker either does not Execute any Trade or Matches & Executes trades on its own Terminal. His Office is the Replica of any Brokers Office having number of Customers Executing the Trades on the Terminals linked to the Exchange showing Market/Trades. A DABBA OPERATOR Flouts Rules & Regulations relating to Client Protection, which includes Registration, Margins, Transaction, Execution & Settlements. Not only he evades the Income Tax Regulations, which prohibits dealings in Cash, but also Service Tax Rules requirements. Sir let me come to the point, in Mulund area alone there are around 20-25 DABBA Traders which are doing brisk business running into several hundred Crores per day and you can imagine how much DABBA Traders will be operating in Mumbai, the amount of Transactions they must be doing is UNIMAGINABLE OR YOU CAN SAY SEVERAL THOUSAND CRORES PER DAY causing a Revenue loss to SECURITIES EXCHANGE BOARD OF INDIA AND ALSO REVENUE LOSS IN WAY OF TAXES which should be collected by MINISTRY OF FINANCE. We would request you to please investigate the above matter on a Priority Basis and Nail the DABBA TRADERS and also Cancel & Suspend their Licences who are operating in such Illegal Activity which is causing our Nation a huge Revenue loss. Also take appropriate Action on Brokers who are Encouraging DABBA TRADING for their personal gains or We as an NGO against Corruption will be forced to approach the Honourable Court’s with “ PUBLIC INTEREST LITIGATION ( P.I.L. ) “ case filed in an appropriate manner. We humbly request you to take immediate action & reply me in details at the earliest. Thanking you, Janak S. Keshriya ( President ). C.C. : 1. Mr. P. Chidambaram, The Hon’ble Finance Minister of India. 2. Chairman, SEBI.
Posted on: Sun, 16 Jun 2013 14:38:19 +0000
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