Complainants hail HC order dismissing CM's petition challenging Guv's order
Bengaluru (PTI): The complainants, who were granted sanction by the Karnataka Governor Thaawarchand Gehlot after they sought an order for probe from the special court against the Chief Minister Siddaramaiah in a site allotment case, on Tuesday hailed the High Court's verdict dismissing his petition challenging the approval.
The Chief Minister had challenged the approval given by Gehlot for an investigation against him in the alleged irregularities in the allotment of 14 sites to his wife by the Mysuru Urban Development Authority (MUDA) in a prime locality.
The Governor on August 16 accorded sanction under Section 17A of the Prevention of Corruption Act, 1988 and Section 218 of the Bharatiya Nagarik Suraksha Sanhita, 2023 for the commission of the alleged offences as mentioned in the petitions submitted to him by the three complainants -- Abraham T J, Snehamayi Krishna and Pradeep Kumar S P.
“We had petitioned in the High Court seeking the dismissal of Siddaramaiah's plea. Whatever objections we had filed, the order has come accordingly, which is a matter of pleasure for us,” Abraham told reporters soon after a single judge bench of Justice M Nagaprasanna dismissed Siddaramaiah’s petition.
When told that the Chief Minister may challenge the order in the division bench, Abraham said: “Let him challenge in the division bench. He will use his legal rights. Since he is moving the (High Court's) division bench, we are filing a caveat there.”
Krishna said: “We had brought to the notice of the High Court that Siddaramaiah’s role is there in the irregularities. Accordingly, the Honourable Court gave its order.”
Krishna claimed that there was "unshakable" documentary evidence available against the Chief Minister. “He will lose whichever court he goes to."
After completing the hearings on the petition in six sittings from August 19, Justice Nagaprasanna on September 12 reserved the verdict.
On August 19, Siddaramaiah moved the High Court challenging the legality of the Governor's order.
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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.
