Indian-origin woman killed, daughter injured in plane crash in US
New York (PTI): An Indian-origin woman has died while her daughter and the pilot instructor were injured in a small plane crash in the New York area when they were on a "demonstration flight", media reports said.
Roma Gupta, 63, and her daughter Reeva Gupta, 33, were on board the small plane on Sunday as its pilot reported smoke in the cockpit before crashing near Long Island homes, NBC New York TV channel reported.
Roma was killed when the four-seater single-engine Piper Cherokee plane went down in flames as it was returning to the Republic Airport on Long Island from where it had also taken off.
Her daughter Reeva and the 23-year-old pilot instructor are in hospital with severe burns, according to the report.
"The two patients critically injured, severely burned, to my knowledge they were pulled from the plane from a civilian," North Lindenhurst Fire Dept. Chief Kenny Stallone said.
Roma died in the crash. Her daughter, Reeva, is in critical condition at Stony Brook Hospital with third-degree burns. Reeva is a physician's assistant in the Mount Sinai system, whose colleagues say she has a long, painful recovery ahead.
The flight instructor operating the plane was also in critical condition Monday, according to the Danny Waizman Flight School, which owns the plane.
Oleh Dekaylo, the attorney for Danny Waizman Flight School said the pilot had all his ratings and certifications, and the plane involved in the crash had just passed two stringent inspections, the most recently last week.
"It was a demonstration flight, an introductory flight to see if people are interested" in flying lessons, Dekajlo, the lawyer for Danny Waizman Flight School, told the channel.
Suffolk County police say the pilot was on a tourist flight. The flight path shows the plane went over the South Shore beaches. Then the pilot reported smoke in the cabin, which he radioed into Republic Airport air traffic controllers, the News12 New Jersey website reported.
The attorney for the plane's owner said that the plane had gone through numerous inspections, including one just recently.
The National Transportation Safety Board will continue the investigation to determine the cause of the crash. The Federal Aviation Administration is also investigating the crash.
Federal investigators are expected to return to the crash site for a third time on Tuesday to remove the wreckage for further analysis.
Meanwhile, a GoFundMe created for the Gupta family has raised more than USD 60,000.
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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.
