State govt. to extend service of CS Rathna Prabha for three months
CM seeks centre’s approval for extension
Bengaluru, June 18: Amidst speculations about the next candidate to head the executive, the state government has decided to extend the service of the Chief Secretary of Karnataka government, K Rathna Prabha for further period of three months, for which Chief Minister HD Kumaraswamy sent a letter to the Central government to approve the extension of the service of the officer.
In his letter written to the central government on June 18, the Chief Minister said that Ratna Prabha is under extension service till June, 2018. As she has an exemplary track record with immense experience in the state administration about multitude of central and state government sponsored schemes and there are several issues of governance and administration that need to be dealt with, the newly formed government is needed an officer of her caliber and experience to assist it. Therefore, the government of Karnataka has decided to extend the service of K Ratna Prabha, Chief Secretary to the government of Karnataka for the period of three months- till September 2018 for the smooth functioning of the incumbent government, he said and requested the central government to approve the extension of the service of K Ratna Prabha, a 1981 batch IAS officer, for further period of three months with effect from July 1, 2018.
It is noted that this will be her second extension in the service. She was appointed as Chief Secretary to the government of Karnataka on November 28, 2017 and her term was supposed to end on March 31, 2018. In view of the Assembly elections in Karnataka, the state government had written to the centre seeking extension of her tenure for three months and the centre had approved the extension. Even the extension of her service was to end on June 30, 2018. Once again, the state government has asked the centre to approve the extension of her service for further three months now.
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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.
