Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Rising displeasure: Demanding speedy action, clients of BMA Wealth staged a protest in front of the SEBI office in Mumbai - Shashi Ashiwal
Suspended stock broker BMA Wealth has diverted client money worth several crores for buying personal real estate and was running 13 companies, which were used to move money, investor complaints with SEBI reveal.
Investors told BusinessLine that they had gathered information on various companies of BMA Wealth’s promoter from government offices such as the Registrar of Companies. Complainants also said they came to know that BMA Wealth’s promoter had a multi-crore residence in Mumbai’s Bandra Kurla complex.
They said that BMA was involved in pledging client shares worth crores, which have now been sold, a copy of the complaint letter with BusinessLine show.
BusinessLine is also in possession of a police complaint filed by clients of BMA Wealth in Kolkata.
Clients of BMA Wealth have also sent the copy of their complaints to the Finance Ministry and PMO.
“Anubhav Bhatter, Director, BMA Wealth, used client money to fund personal properties in Mumbai and even fund insurance business in the name of RDB and AB Insurance so that he could live happily from the annuity income,” the complainants have told SEBI and the police.
BMA Wealth was suspended in October by the NSE and SEBI following client default complaints. But investors are awaiting further action. Recently, many investors had gathered at the SEBI office to protest and demanded that the regulator take Karvy-like action against the broker.
Clients of BMA Wealth have provided SEBI and the police with a list of companies where BMA’s promoters diverted their money.
They said these companies had dummy directors but the monetary benefits flowed to BMA Wealth’s promoters.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
High valuation and stiff competition from larger players are a dampener
₹1503 • HDFC Bank S1S2R1R2COMMENT 1500148015101525 As the stock has broken out of resistance at ₹1,500, ...
The stock of Kajaria Ceramics Limited, after witnessing a fresh breakout, on Tuesday hit a fresh 52-week high ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Writer Narendra’s latest book, rich with vignettes from Bastar and his native village in Uttar Pradesh, ...
On the eve of his 86th birthday, a peek into an interview-based book that reveals the actor’s many moods, ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor