UK Tribunal ruling on UBS brings rich Indians under lens

May 31, 2012

USB_brings_rich

Mumbai, May 31: Sachin Karpe would have never imagined that an innocuous $5,000 transfer from a friend's UBS offshore bank account to his personal bank account in Mumbai would come back to haunt him and the wealth advisory business his wife, along with three others, runs in the city.

The unidentified NRI friend, who was travelling to India, had moved the money from his UBS account to Karpe's account in a European bank's Mumbai branch. This single transaction triggered investigations that backfired on UBS and pointed out how Karpe and his colleagues helped ADAG entities violate Indian securities regulations.

Also, for the first time, the role that Swiss banks play in irregular transactions in Indian stock markets came to the fore.

"The use of FII structures for Indian resident investors was commonplace within UBS and that was well known to senior management," said the UK Upper Tribunal verdict in the case Karpe vs FSA, the British regulator.

The FII structure, set up by UBS, used funds from the Swiss bank's accounts to invest in offshore derivatives issued against stocks of ADAG group companies. The tribunal ruling has deepened suspicions of sharp practices that wealthy Indians and local business houses often indulge in.

"The FII structures were in relatively widespread use within UBS; for example, there had been 14 "cells" of the fund and only one had been the subject of the present allegation of misconduct," said the tribunal.

UBS Distances Itself

Multi-cell FIIs - through which select investors could route money separately without revealing their identities - were banned a few years ago when the Indian capital market regulator had a whiff of such transactions.

But, when ET contacted UBS, the bank preferred to distance itself from these transactions. Mark Panday, a Hong Kong-based spokesman for UBS said, "The fund structures used by the former employees in London during the relevant period were not approved or permitted by UBS."

"The conduct of Ms (Laila) Karan (who worked at the Asia-II desk) and Mr Karpe was in clear breach of UBS policies and procedures. Both Ms Karan and Mr Karpe were dismissed by UBS for gross misconduct. UBS has fully co-operated with the regulatory action taken by the FSA against them and notes the decisions of the Upper Tribunal to uphold that action. We are satisfied with the outcome and this matter is now closed," he said.

Like UBS, Altamount Capital, the wealth management and family office shop that Sachin Karpe's wife Richa runs would like to distance itself from the former Swiss Bank official. "Sachin has no direct connection with Altamount Capital in any manner barring that he is a consultant with Altamount," she told ET some time back.

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News Network
May 24,2020

New Delhi, May 24: New rules for domestic travel during the lockdown were released by the government today, including advising passengers to download the Aarogya Setu application on their mobile devices and asking states to ensure thermal screening at departure point of airports, railway stations and bus terminals. The guidelines were shared by Civil Aviation Minister Hardeep Singh Puri, who also shared new rules for international travel.

The minister had recently said that international flight operations may start by mid-June or end-July if the COVID-19 virus "behaves in a predictable manner".

"Prescribed clinical protocol will be followed in case any domestic or international traveller shows symptoms of COVID-19. States can also develop their own protocol for quarantine and isolation as per their own assessment," Mr Puri said.

The guidelines come a day before the resumption of air travel after nearly two-months hiatus following lockdown to prevent the spread of coronavirus.

The Indian Railways has also issued a list of 100 pairs of trains that it will operate from June 1, putting in operation popular trains such as Durontos, Sampark Krantis, Jan Shatabdis and Poorva Express.

Dos and Don'ts shall be provided along with tickets to travellers by agencies concerned, said the Health Ministry's guidelines for domestic travel (air/train/inter-state bus travel).

Latest guidelines on domestic & international travel have been issued by @MoHFW_INDIA.

I hope travellers strictly follow these self-regulatory norms & strengthen India's hands in this fight against COVID19. Remember, each one of us is a soldier against the pandemic.@MoCA_GoIpic.twitter.com/xVbTG1K44n

— Hardeep Singh Puri (@HardeepSPuri) May 24, 2020
Travellers shall give 14-day quarantine undertaking before boarding

The states and Union Territories shall ensure that all passengers undergo thermal screening at the point of departure and only asymptomatic passengers are allowed to board the flight, train or bus. Asymptomatic passengers, however, will be permitted to travel after they give an undertaking to self-monitor for 14 days, the ministry said.

Those having moderate or severe symptoms will be admitted to dedicated COVID health facilities and managed accordingly, the guidelines said.

Those having mild symptoms will be given the option of home isolation or isolated in the COVID Care Centre (both public and private facilities) as appropriate and tested as per ICMR protocol, they said.

"If positive, they will continue in COVID Care Centre and will be managed as per clinical protocol. If negative, the passenger may be allowed to go home, isolate himself/herself and self-monitor his/her health for further 7 days," the health ministry said.

In case, any symptoms develop they shall inform the district surveillance officer or the state or the national call centre (1075), it said.

Use of face covers, following respiratory hygine during travel

During boarding and travel, all passengers shall use face covers or masks and will also follow hand hygiene, respiratory hygiene and maintain environmental hygiene, the ministry said in its guidelines.

At airports, railway stations and bus terminals, required measures to ensure social distancing shall be taken, the guidelines said.

Airports, railway stations and bus terminals to be regularly sanitised

Airports, railway stations and bus terminals should be regularly sanitised or disinfected and the availability of soaps and sanitisers shall be ensured, the health ministry said.

The ministry said that states can also develop their own protocol with regards to quarantine and isolation as per their assessment.

Guidelines for International Travel

The guidelines for international travel include mandatory undertaking for quarrantine for 14 days. "Only for exceptional and compelling reasons such as cases of human distress, pregnancy, death in family, serious illness and parent(s) accompanied by children below 10 yrs, as assessed by the receiving states, home quarantine may be permitted for international travellers for 14 days," the Civil Aviation minister said.

Asymptomatic travelers will be allowed to board flight/ship

At the time of boarding the flight or ship, only asymptomatic travellers will be allowed to board after thermal screening, the health ministry said.. Passengers arriving through land borders will also have to undergo the same procedure, it said.

"Self-declaration form in duplicate shall be filled by the person in the flight/ship and a copy of the same will be given to Health and immigration officials present at the airport/seaport/landport. The form will be made available through the Aarogya Setu app," the new order said.

Passengers found to be symtomatic during screening shall be immediately isolated and taken to medical facility as per health protocol. "These passengers will be kept under institutional quarrantine for a minimum period of 7 days and should undergo necessary tests as per ICMR protocol," the guidelines said.

Sanitisation and disinfection must inside flights

Authorities must take adequate measures to such as environmental sanitation and disinfection at the airports as well as within the flights, the guideline said.Suitable announcement about COVID-19 including precautionary measures to be followed shall be made at airports/ports, it added.

While on board flight, ships, passengers and crew required precautions such as wearing of masks, environmental hygiene, respiratory hygiene, hand hygiene, the ministry said.

This morning, India registered the biggest-single day jump in the number of coronavirus cases as 6,767 new patients were reported in the last 24 hours. This is the third consecutive day that India has reported more than 6,000 COVID-19 cases with a record number of new patients each day. The county has officially logged 1,31,868 cases, 3,867 deaths linked to the highly infectious illness since the pandemic began. Of these, 147 patients died in the last 24 hours. The global number of novel coronavirus cases has passed 5.25 million with more than 339,000 deaths. Since the outbreak first emerged in China in December, 5,260,970 cases have been recorded across 196 countries and territories, with 339,758 deaths attributed to the virus.

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News Network
February 5,2020

New Delhi, Feb 5: Taking on Delhi Chief Minister Arvind Kejriwal after Shaheen Bagh shooter Kapil Baisala was identified as an AAP worker by police, BJP chief J P Nadda on Tuesday said it exposed the party and Kejriwal who were playing with the country's security.

The Aam Aadmi Party hit back, questioning the police investigation.

In a series of tweets, Nadda said people of the country and Delhi today have seen the "dirty face" of AAP.

"For political longing, Kejriwal and his people even sold the security of the country. Earlier, Kejriwal used to insult the Army and advocate terrorists, but today relations with those who carry out their terrorist activities came to light," he said.

Nadda said he wanted to make it clear to Kejriwal that this country is bigger than any election, any government, and "this nation will not forgive those who play with its security. Kejriwal and his entire team have been exposed. The people of Delhi will give a befitting reply".

He claimed the entire country has seen "photos of Imam Hussain, the MLA and former minister of the Delhi government, with a radical terrorist organisation, PFI".

Days before Delhi goes to polls, police claimed that Baisala is a member of the Aam Aadmi Party. They said Baisala joined the party in early 2019 along with his father.

Police said it had photos of Baisala purportedly joining AAP along with his father Gaje Singh last year.

AAP's Rajya Sabha MP Sanjay Singh alleged that photos which were part of investigation were leaked to the BJP. He also said the party will approach the Election Commission to raise this issue, which has cropped up four days before the polling date.

"On whose instance, the police is giving statement? How did the photos which were part of the investigation reach the BJP? Before the news came out, Manoj Tiwari in the morning stated that the accused was from AAP. How did Manoj Tiwari get this news," Singh questioned in a press conference.

Union minister and BJP's in-charge for the Delhi polls, Prakash Javadekar, in a press conference alleged that "their (AAP's) designs are very clear from the beginning and they are trying every trick".

The whole conspiracy of AAP is to "divide society, cause fear in a community and create a vote bank," he charged.

Javadekar also claimed that photos of Baisala were recovered by police from his mobile phone although they were erased.

He also claimed that Baisala and his father were welcomed by Sanjay Singh at their joining of AAP.

"This proves AAP misleads youth and pushes them on the wrong path. AAP's strategy is to divide two communities, they want to instigate riots in Delhi," Javadekar alleged.

He further alleged that AAP leader Sanjay Singh had said violence would take place in Delhi. Their "conspiracy has been exposed by Delhi Police," he claimed.

"We condemn this politics of AAP," he said.

Javadekar also claimed this was "not an isolated incident" as AAP member Amanatullah Khan made a "very provocative speech" and the party supported Shaheen Bagh and did not give permission for the prosecution of members of the "tukde-tukde gang".

He hinted the BJP could approach the Election Commission against AAP over the issue.

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News Network
April 14,2020

New Delhi, Apr 14: With 1,211 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in the country has reached 10,363 including 339 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Tuesday.

As many as 1,036 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "In one day, 179 people were diagnosed and found cured," he added.

"A total of 10,363 confirmed cases have been reported in India including 339 deaths and 1,036 people, who were COVID-19 positive have recovered. Out of the total deaths, 31 deaths have been reported in the last 24 hours," said Aggarwal.

Aggarwal said that an evaluation of each district and city will be done till April 20.

"An evaluation of each district and city will be done till April 20 in which it will be evaluated what measures did that authorities take in these cities and districts to combat COVID-19," he said.

"Based on the results of this litmus test approach, permission will be granted for some selective activities to those districts and cities which controlled the situation effectively. Detailed guidelines will be issued soon," he added.

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