National Conference on Capital Market Frauds and Malpractices

Our MD, Shriram Subramanian, was a panel member at the National Conference on Capital Market Frauds and Malpractices organized by the PHD Chamber of Commerce and Industry in New Delhi on 10th October 2013. The Agenda is below:

PHD Chamber

 National Conference

Capital Market Frauds and Malpractices

Genesis, Resolution and Prevention

10th October, 2013, 4/2, Siri Institutional Area, Asian Games Village Road, New Delhi

Organized by PHDCCI CAPITAL Markets Committee

The growing number and size of capital market frauds are now a great cause of worry to the regulators, as besides hurting the investors, these harm the economy significantly. There are various kinds of frauds in defiance of the laws. But there are also malpractices, primarily designed at the enrichment of the promoters, which comply with the law in letter but not in spirit or that exploit regulatory gaps, often causing huge harm to minority shareholders/small investors. Over the recent years, SEBI has come down heavily on the fraudsters. Going forward, some paradigm developments in the recent past including greater empowerment of SEBI, the Companies Act 2013 and the proposed Indian Financial Code are likely to not only act as deterrents but also deal with frauds more effectively. This Conference will discuss and analyze various aspects of capital market frauds, and elicit views on containing these in the future.

0900-0930 Registration ofDelegates

Inaugural Session

0930-0935 Welcome Address Mr. Suman Jyoti KhaitanPresident, PHD Chamber
0935-0945 Theme Address Mr. Prithvi HaldeaChairman, PHDCCI Capital Markets Committee

(Chairman, PRIME Database)

0945-1000  Theme Paper-Analytical Overview of Frauds Mr. Amit TandonManaging Director, Institutional Investors Advisory Services Pvt. Ltd. (Knowledge Partner)


1000-1010  Overview: Company and Investor-caused Frauds Mr. Ashishkumar Chauhan Managing Director & CEO, BSE Ltd.
1010-1020 Overview: Intermediaries-caused Frauds Ms. Chitra RamkrishnaManaging Director & CEO, National Stock Exchange of India Ltd.
1020-1035 Special Address: Investor Compensation Mr. M. S. SahooSecretary, Institute of Company Secretaries of India            (Ex Whole Time Member, Securities and Exchange Board of India)
1035-1105 Address by Chief Guest Mr. U.K. SinhaChairman, Securities and Exchange Board of India
1105-1110 Vote of Thanks  Mr. Sharad JaipuriaSr.Vice President, PHD Chamber


1110-1130 Tea  

First Technical Session: PRIMARY MARKET FRAUDS

Analysis of Cases/SEBI Orders on:IPOs/FPOs-Wrong Disclosures, Manipulated Subscriptions, Misutilization of Issue Funds, Overpricing, Mis-Selling/Inducing Investors through Misleading Representations, Malpractices by Mutual Funds/Insurance Companies, Illegal Investment Schemes/Ponzi Schemes ( Sahara/Saradha), Plight of PE/VC Investors

1130–1230  Moderator 


Some Case Studies





Mr. Vivek LawEditor, Bloomberg TV-India


Mr. Prithvi Haldea

Chairman, PRIME Database


Mr. Yash J. Ashar

Partner, Amarchand & Mangaldas & Suresh A. Shroff & Co.


Mr. Ramesh Krishnamurthi

Director-Primary Markets, Dept of Economic Affairs, Ministry of Finance


Mr. S.Ramesh

Jt. Managing Director, Kotak Mahindra Capital Co.


Mr. Atul Sharma

Managing Partner, Link Legal


Mr. Sundeep Sikka

President & CEO, Reliance Mutual Fund


Second Technical Session: SECONDARY MARKET FRAUDS

Analysis of Cases/SEBI Orders on: Insider Trading, Fraudulent Practices and Market Manipulation, Accounting Frauds/Improper Accounting Practices, Broker/Operator Nexus, Inducing Investors through False/Misleading Representations, Non-compliance of Listing Agreement-Shareholding Pattern, Poor Continuing Disclosures, Corporate Governance, Delistings and Buybacks, Takeovers, Mergers, Demergers and Acquisitions





Some Case Studies






Mr. Sunil JainManaging Editor, Financial Express


Mr. J. N. Gupta

Managing Director, Stakeholder Empowerment Services Pvt. Ltd.


Mr Suveer Khanna



Dr. V.R.Narasimhan

Chief of Regulatory Affairs, National Stock Exchange of India Ltd.


Mr. Sandeep Parekh

Partner, Finsec Law Advisors


Mr. Shriram Subramanian

Managing Director, InGovern Research Services


Mr. Pavan Kumar Vijay

Managing Director, Corporate Professionals (India) Pvt. Ltd.




Market Surveillance Systems at SEBI and Stock Exchanges, Consent Order Mechanism, New powers of SEBI of search and seizure, raid/arrest defaulters, attachment and order disgorgement; call data records; seek information from domestic/foreign regulators, SAT, Role of Independent Directors and Auditors, Shareholder Activism-Proxy Advisory Firms/Voting by Mutual Funds/Class Action, SFIO, Fast Track Courts, Indian Financial Code







Dr. Ajay ShahProfessor, National Institute of Public Finance & Policy


Mr. Kaushik Dutta

Managing Director, Thought Arbitrage Research Institute


Mr. J. Ranganayakulu

Executive Director-Legal Affairs, Securities and Exchange Board of India


Mr. G.V. Nageswara Rao

Managing Director, National Securities Depository Ltd.


Ms. Pradnya Saravade

Inspector General of Police (Planning), Maharashtra (Ex Executive Director, Securities and Exchange Board of India)


Mr. Somasekhar Sundaresan

Partner, J. Sagar Associates


Mr. Nehal Vora

Chief Regulatory Officer, BSE Ltd.


Some photographs of the conference panel discussions:


PHDCCI conference

PHDCCI conference