Tamil Nadu CM Stalin reaches out to migrant workers
Tirunelveli (TN) (PTI): Reaching out to the migrant workers community in Tamil Nadu, Chief Minister M K Stalin on Tuesday interacted with a group of labourers at a latex unit here.
The Chief Minister's move comes in the wake of apprehensions among the migrant workforce over alleged fake videos of attacks on some of them in the state, which had even prompted the Bihar government to depute an official delegation to take stock of the situation.
Stalin visited Kanam Latex, involved in making hand gloves, in the district and interacted with the migrant workers, enquiring about their well-being, an official release said.
He discussed with them matters like how long they were staying in Tamil Nadu, if the local people treated them well and whether they had to face any issues.
The workers told him they had a good work atmosphere, some were staying for more than five years in TN, many with their families and that the local people were treating them with brotherhood, the release added.
The workers told him they did not have any fears and that they felt safe like staying in their native places, while acknowledging the help extended by the state government, it said.
"The CM asked them not to fall for rumours and that the state government was providing workers from all states a safe work environment," the release said.
Tamil Nadu has a sizeable number of migrant worker population, with many from states like Bihar, Jharkhand and West Bengal among others being employed in various sectors including construction.
Meanwhile, the four-member Bihar government delegation met officials and workers in Chennai and expressed satisfaction over the state government's actions after the alleged fake videos emerged. It had earlier travelled to Tirupur and Coimbatore, both of which employ a large number of migrant labourers.
D Balamurugan, Bihar Rural Development Secretary, told reporters here the TN government acted after the videos started circulating.
"There were some apprehensions after the videos emerged but now things have been clarified," he added.
In Patna, senior DMK leader and MP T R Baalu called on Bihar Chief Minister Nitish Kumar and handed over a report sent by Stalin on the steps taken by the government to protect migrant workers from States including Bihar.
DMK's Deputy General Secretary A Raja hit out at Lok Janshakti Party (Ram Vilas) chief Chirag Paswan and said that the LJP leader may do his politics of being "BJP's B-Team", in Bihar and not in Tamil Nadu.
DMK chief Stalin's Dravidian model of social justice-led inclusive growth would help set up a regime of secular and progressive forces at the Centre following Lok Sabha polls next year, Raja said in a statement.
Paswan was in Chennai on March 6 and he had called on Governor R N Ravi and submitted a memorandum on the issue while demanding a thorough probe on allegations of attack on Bihar workers.
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SEBI must name 'big players' profiteering at expense of small traders in F&O trading: Rahul Gandhi
New Delhi, Sep 24: Congress leader Rahul Gandhi on Tuesday said 90 per cent of small investors have lost Rs 1.8 lakh crore in Futures and Option (F&O) trading in three years and asked the SEBI to reveal the names of the "so called big players" profiteering at their expense.
More than 91 per cent, or 73 lakh, individual traders lost money in the F&O segment in FY24 with an average net loss of Rs 1.2 lakh per person, a study conducted by markets regulator Securities and Exchange Board of India (SEBI) revealed on Monday.
Further, 93 per cent of over 1 crore individual F&O traders incurred average losses of about Rs 2 lakh per trader (inclusive of transaction costs) during the three years from FY22 to FY24. The aggregate losses of such traders exceeded Rs 1.8 lakh crore during the period.
Gandhi, who is the leader of the Opposition in the Lok Sabha, said on X, "Uncontrolled F&O trading has grown 45X in 5 years. 90% of small investors have lost ₹1.8 lakh Cr in 3 years."
"SEBI must reveal the names of the so called 'Big Players' making a killing at their expense," the former Congress chief said.
The study said in FY24 alone, individuals incurred about Rs 75,000 crore in net losses.
It found the top 3.5 per cent of loss-makers -- about 4 lakh traders -- faced an average loss of Rs 28 lakh per person over the same period, inclusive of transaction costs.
On the other hand, only 7.2 per cent of individual F&O traders made a profit over the period of three years and only 1 per cent of individual traders managed to earn profits exceeding Rs 1 lakh, after adjusting for transaction costs.
Moreover, the number of retail traders, or individual traders, has almost doubled in two years to about 96 lakh in FY24 from about 51 lakh in FY22.
Although such investors contributed about 30 per cent to the total turnover in FY24, they are a clear majority in number terms, as 99.8 per cent of total traders in the equity F&O segment are individuals.
"The availability of sophisticated trading platforms and lower transaction costs have enabled retail investors to actively trade in options and futures contracts, contributing to the surge in market liquidity," SEBI said.
The regulator said rapid growth in F&O trading activity has highlighted the need for investor education and risk management practices, as a significant proportion of retail traders continued to incur losses in the market.
Uncontrolled F&O trading has grown 45x in 5 years.
— Rahul Gandhi (@RahulGandhi) September 24, 2024
90% of small investors have lost ₹1.8 lakh Cr in 3 years.
SEBI must reveal the names of the so called “Big Players“ making a killing at their expense.
