Twitter did not appear before Review Committee over takedown orders: Centre to Karnataka HC
Bengaluru, Mar 6: The Central government on Monday submitted its arguments against the petition challenging the blocking orders filed by Twitter in the Karnataka High Court.
Additional Solicitor General R Sankaranarayanan placed the arguments before the single judge bench of Justice Krishna S Dixit.
On behalf of Twitter, senior advocates Arvind Datar and Ashok Haranahalli had presented the arguments in December 2022.
The arguments for the Central government was delayed due to time sought by the Centre's counsels.
The ASG informed the court on Monday that Twitter had not appeared before the Review Committee to challenge the blocking orders but instead approached the High Court.
The Central government submitted details of the responsibilities of intermediaries like Twitter and the difference between the laws regarding intermediaries in India and the United Kingdom.
The court was also given details of the account holders whose Twitter handles were blocked for objectionable content.
The format of the notices issued to Twitter was also submitted to the court. The ASG sought time to present more analysis and details following which the court adjourned the hearing to March 26.
The petition was filed by Twitter in June 2022 against the take-down orders issued by the Ministry of Electronics and Information Technology (MeitY).
The social media company has claimed that the government was required to issue notice to the owners of the Twitter handles against whom blocking orders are issued.
Twitter had said that it was barred from informing the account holders about the takedown orders of the government.
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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.
