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EDITORIAL
ACTIVE TIMES
RAJAN
STUCK BY
POLITICS
W
hether Governor of
Reserve Bank of India
Raghu Rajan would
have chance to play his second
inning or not but the way he
himself disagreed to play his
second inning that could not be
considered good. Its totally in the
hands of Government that who
should be the Governor and for
what duration he could be on that
post. But in the case of Raghu
Rajan the way he was pulled in the
political dispute that can never be
considered correct. The way BJP
parliamentarian Subhramanium
Swami attacked Raghu Rajan that
not only hurt Rajan but affected
all the economic experts. And
why not? The way swami raised
finger on the work capacity of
Rajan it was very mean example
from the political point of view.
Though Swami would consider
himself as a better economic
expert but looking at the period
of Rajan’s tenure as a Governor
many remarkable work has been
done. Anybody can hardly agree
with the allegation of Swami that
Rajan ruined the Indian economy
very badly. Before Rajan twenty
two economic experts taken
over their duty as a Governor.
Which includes our earlier Prime
Minister Manmohan Singh too.
Every Governor’s manner of
working is different from every
other Governor. Everyone will
agree with the fact that Rajan has
immense contribution in lifting
the economy of India. alongwih
controlling inflation on one side
he simultaneously made effort
towards bringing ahead our
economy. Their could be personal
differences between Rajan and
Swami but to put allegations on
Rajan publicly is hurting the
prestige of a Governor. Swami
blamed Rajan for being congress
agent. But before this Swami
should tell everyone what has
happened as such which makes him
think as a congress agent? Swami
is now BJP parliamentarian so the
allegations over Rajan could be
some kind of politics behind it.
and above all BJP leadership is
also silent over the whole issue
which is more surprising. The
disadvantage of loosing Rajan
could be noticed after passing of
few time but putting allegations on
person sitting at such prestigious
post could give rise to new trend
which is not good. And oppose
is not on firm grounds but due
to political reasons. After deep
thought and brief discussion with
Government Rajan has disagreed
to continue with his second
inning. This could be his personal
decision but it is also linked with
political pressure which is not
good for the economic health of
our country.
Tuesday 21 June 2016
6
Protection of the Interest of the Investor
Regulatory Framework
At present, the five main Acts
governing the securities markets are:
(a) The SEBI Act, 1992
(b) The Companies Act, 1956,
which sets the code of conduct for
the corporate sector in relation to
issuance, allotment, and transfer of
securities, and disclosures to be made
in public issues.
(c) The Securities Contracts
(Regulation) Act, 1956, which
provides for the regulation of
transactions in securities through
control over stock exchanges.
(d) The Depositories Act, 1996 which
provides for electronic maintenance
and transfers of ownership of demat
(dematerialized) shares.
(e) The Prevention of Money
Laundering Act, 2002.
Legislations
The SEBI Act, 1992: The SEBI Act,
1992 was enacted to empower SEBI
with statutory powers for:
(a) Protecting the interests of
investors in securities,
(b) Promoting the development of the
securities market, and
(c) Regulating the securities market.
Its regulatory jurisdiction extends
over corporate in the issuance of
capital and transfer of securities, in
addition to all intermediaries and
persons associated with the securities
market.
It can conduct enquiries, audits, and
inspection of all concerned, and
adjudicate offences under the Act.
It has the powers to register and
regulate all market intermediaries,
as well as to penalize them in case
of violations of the provisions of the
Act, Rules, and Regulations made
there under. SEBI has full autonomy
and the authority to regulate and
develop an orderly securities market.
Securities Contracts (Regulation)
Act, 1956: This Act provides
for the direct and indirect
control of virtually all
aspects of securities
trading and the running
of stock exchanges, and
aims to prevent
undesirable
transactions
in securities. It gives the Central
Government regulatory jurisdiction
over:
(a) Stock exchanges through a
process of recognition and continued
supervision,
(b) Contracts in securities, and
(c) The listing of securities on the
stock exchanges.
As a condition of recognition, a
stock exchange complies with the
conditions prescribed by the Central
Government. Organized trading
activity in securities takes place on a
specified recognized stock exchange.
The stock exchanges determine their
own listing regulations, which have
to conform to the minimum listing
criteria set out in the Rules.
Depositories Act, 1996: The
Depositories Act, 1996 provides for
the establishment of depositories
in securities with the objective
of ensuring free transferability of
securities with speed, accuracy, and
security by:
(a) Making securities of public
limited companies freely transferable,
subject to certain exceptions.
(b) Dematerializing the
securities in the
depository mode.
(c) Providing for
the maintenance
of ownership
records in a book
entry form.
In order to
streamline the settlement process,
the Act envisages the transfer of
ownership of securities electronically
by book entry, without making
the securities move from person
to person. The Act has made the
securities of all public limited
companies freely transferable,
restricting the company’s right to use
discretion in effecting the transfer
of securities, and the transfer deed
and other procedural requirements
under the Companies Act have been
dispensed with.
Companies Act, 1956: It deals with
the issue, allotment, and transfer of
securities, as well as various aspects
relating to company management. It
provides the standard of disclosure in
public issues of capital, particularly
in the fields of company management
and projects, information about other
listed companies under the same
management, and the management’s
perception of risk factors. It also
regulates underwriting, the use of
premium and discounts on issues,
rights, and bonus issues, the payment
of interest and dividends, the
supply of annual reports, and other
information.
Prevention of Money Laundering Act,
2002: The primary objective of this
Act is to prevent money laundering,
and to allow the confiscation of
property derived from or involved in
money laundering. According to the
definition of “money laundering,”
anyone who acquires, owns, possess,
or transfers any proceeds of crime, or
knowingly enters into any transaction
that is related to the proceeds of
crime either directly or indirectly, or
conceals or aids in the concealment
of the proceeds or gains of crime
within India or outside India commits
the offence of money laundering.
Besides prescribing the punishment
for this offence, the Act provides
other measures for the prevention of
money laundering. The Act also casts
an obligation on the intermediaries,
the banking companies, etc. to furnish
information of such prescribed
transactions to the Financial
Intelligence Unit-India, to appoint a
principal officer, to maintain certain
records, etc.
...Continuation
KANHERI CAVE
COMPLEX
K
anheri cave complex is situated inside the
Sanjay Gandhi National Park in the Borivali
region of Mumbai. Before the merge of
seven isles, after land reclamation during 19th and
20th century CE, this area was known as the Salsette
island. This is one of the most populated island in the
world. This island is bounded by Vasai Creek on the
north, Ulhas River on the north-east, Thane Creek and
Bombay Harbor on the east and by the Arabian Sea on
the south and west.
Present high population density has very different
reasons altogether however it appears that this island
would have been quite populated in the ancient and
medieval times. This can be derived from the number
of caves, monasteries and shrines excavated on the
single hill of Kanheri and similar complexes nearby
like that of Jogeshwari, Mahakali and Mandapeshvar.
The island would have presented an ideal location for
the settlement of the Buddhist community during those
times.
The hill in which these caves are excavated was
variously known as Krishna-giri, Kanha-giri etc. as
evident from inscriptions found here. J Stevenson
mentions that the hill was called as Kanha, and later
with its Marathi appellation Kanheri. The location of
the hill lying over an ancient trade route would have
provided an opportunity for the merchant community
to come into contact of the Buddhist monks. This
resulted in continuous patronage from the merchant
guilds for quite a long period.
It is widely accepted that these excavation were started
during the Hinayana period. With few exceptions,
Kanheri caves are mostly small excavations consisting
of a porch or verandah followed by a hall. The hall
usually has cells on lateral or back wall. Stone benches
are usually provided in the porch and in the cells. J
Burgess mentions that stone benches in cells are
elsewhere found in Hinayana excavations. The caves
were extensively remodeled and sculpted during the
Mahayana period.
It has always perplexed me that how scholars find out
whether an art work is contemporary with the original
scheme or is a later addition. Scholars unanimously
agree that the sculptures on the caves at Kanheri were
added during the Mahayana phase. One argument
might come from the iconographic development. It
is widely accepted that the Buddhist iconography was
evolved during the Mahayana phase. In this context,
large and advance sculptures could not be executed
before that phase.
Leese mentions that sculptures in bold relief could
be considered contemporary however sculptures in
niche create a doubt if these are of later additions.
However this is not always true. Donor couples and
large Buddha sculptures in the Chaitya cave at Kanheri
are all done in niche, however the former is considered
of the Hinyana period while the latter is said to be that
of the Mahayana.
About the artists or superintendent of these excavations,
J Stevenson points to a name ‘Dhenuka-kata’ which is
found in Kanheri and Karle inscriptions. Inscription
No 11 of Bird’s list in Karle inscriptions, Dhenuka-kata
is mentioned to be a Yavan (Greek) while inscription
No 7 of Stevenson’s list of Kanheri inscriptions he is
called just an artist. Stevenson thinks that Dhekukakata stands for Xenocrates. This however is a wrong
interpretation. Inscription of the Chaitya cave (No 5 of
Gokhale) mentions that the excavation is supervised
by a Buddhist monk Seumala and executed by monk
Bodhika.
There has been an interesting story related to the tooth
relic of Buddha. J Stevenson interprets an inscription
and tells that it reads ‘Buddha tooth cave’. He suggests
that the cave where the inscription is found was
excavated temporarily while the stupa, in which the
tooth relic was to be kept permanently, was under
construction. The final resting place of the tooth relic
was in the stupa opposite the great temple cave, which
was excavated by Dr. Bird as evident from a copper
plate grant found during this excavation. However no
tooth was discovered during Bird’s excavation as the
stupa was already opened and emptied before his time.
Bhagvanlal Indraji translated the copper-plate however
did not mention any reference to the tooth relic. V V
Mirashi who later translated the same charter, mentions
that the last line of the charter reads, ‘a canine tooth’.
However this tooth could not be the famous Buddha
tooth relic which at present is kept in a stupa in Sri
Lanka. Mirashi mentions that this tooth relic would be
of the Buddhist monk in whose owner that stupa was
erected as evident from the copper-plate charter.
Being a Buddhist site, Kanheri could not have avoided
its comparison with the other famous sites like Ellora,
Ajanta and Nasik etc. Scholars have tried in the past
to establish some kind of relationship between these
Buddhist centers. Ellora has clear evidences suggesting
the influence of Vajrayana Buddhism in later periods.
Presence of female companions with Avalokiteshvara
on few sculptures at Kanheri instigated scholars to
suggest Vajrayana influence over Kanheri. Dulari
Qureshi is among the recent ones to advocate this
hypothesis. However, Debala Mitra is not in full
support of it as he mentions that though we find female
divinities in company of Bodhisattvas however fullfledged deities of the typical Vajrayana pantheon like
those of Ellora are absent at Kanheri.
Kanheri’s advantage of location – Various inscriptions
at Kanheri refers to gifts of caves, cisterns etc. from
the merchants and businessmen hailing from nearby
trade centers like Sopara, Kalyan, Nasik, Paithan etc.
Antiquity of Sopara, Nasik, Kalyan and Paithan is well
established. Kanheri was well within approachable
reach to the ancient ports of Sopara, Kalyan and
Chaul which would have provided an opportunity for
the merchant and traders to come into contact of the
Buddhist brotherhood.
Numerous inscriptions at Kanheri refers to gifts and
endowments from traders hailing from these ancient
sea-ports. Kanheri was also fortunate in being connected
to other inland trade centers via road. An ancient traderoute connected it Paithan via Nasik and Junnar, all
well known ancient trade centers, as suggested by Dr
Pandit. Ancient trade routes connected Sopara to north
Indian centers like Ujjain and Bharuch. Such a location
for Kanheri would have provided ample advantages in
getting patronage from the rich community of traders.
It would not be incorrect that this factor would have
been instrumental in keeping this complex functional
till 11th-12th century CE since its advent.
Water System at Kanheri – It is a fact that almost all
visitors of early 19th and 20th century appreciated the
water system of this cave complex. Dr. Suraj Pandit
writes that Kanheri had developed its own peculiarities
like a well-developed water system, its own
agricultural land, satellite settlements and resources
for subsistence. There are water-cisterns provided
at the entrance of almost each cave at Kanheri. An
inscription also mentions the construction of a dam, of
course to maintain the water resources.
Dr. Pandit has carried extensive studies about the waterconservation and connectivity at Kanheri complex. He
tells that these caves are located on three hills. A water
stream flows between northern ans southern hill and
collect water into a tank at the eastern end. Ancient
engineers converted this catchment area into a small
reservoir by constructing two small walls. At some
later time, this catchment area was taken by Hindus
who constructed a temple and a matha dedicated to
Shiva.