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  • Mumbai's posh Colaba area land (about 3800 square meters) with thecomplicity of military officers was given to a private housing societiy. Butarmy took no action in this regard because several army officials,including former army Chief Deepak Kapoor himself, had flats in thissociety. IBN7 did the special investigation on this. This 27-storey buildinghas been built in Mumbai's Colaba Navy Nagar area. But no one knowshow army gave the permission to build a housing society on this land. The building was constructed at a place where there used to be Khukripark, inaugurated by Field Marshal Cariappa. Since 2000 the army used tomaintain the park but after that some army officers attempted to grab thisland. Maharashtra Government Revenue Department issued an order in2003, in which it was written that the government has decided to handover this land occupied by the army to the housing society at a fixedgovernment rate. However, it was not stated anywhere that the army-occupied land has been

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    Mumbai's posh Colaba area land (about 3800 square meters) with thecomplicity of military officers was given to a private housing societiy. Butarmy took no action in this regard because several army officials,including former army Chief Deepak Kapoor himself, had flats in thissociety. IBN7 did the special investigation on this. This 27-storey buildinghas been built in Mumbai's Colaba Navy Nagar area. But no one knowshow army gave the permission to build a housing society on this land. The building was constructed at a place where there used to be Khukripark, inaugurated by Field Marshal Cariappa. Since 2000 the army used tomaintain the park but after that some army officers attempted to grab thisland. Maharashtra Government Revenue Department issued an order in2003, in which it was written that the government has decided to handover this land occupied by the army to the housing society at a fixedgovernment rate. However, it was not stated anywhere that the army-occupied land has been handed over to the housing society. The Adarsh society, formed in 1994, had 71 members that includedretired top Army officials and Maharashtra bureaucrats who became apart of the society with a fee of Rs 50,000 each. The society claims it hasnecessary clearances but questions are being raised as to how aresidential building with permission for 30 storeys come up near NavyNagar, essentially a cantonment and why the Army chose to maintain astoic silenceChief Minister Ashok Chavan’s kith and kin are not the only beneficiariesof the scam involving allotment of flats in the Adarsh Co-operativeHousing Society in Colaba. Three former CMs — Vilasrao Deshmukh,Sushilkumar Shinde and Narayan Rane — all of whom have been,ironically enough, potential contenders for Chavan’s post and at somepoint served as the sanctioning authority for the project, also standaccused of owning flats under ‘benami’ names in Adarsh.Deshmukh, who is currently the union minister for heavy industries,reportedly owns three apartments — each one a 3-BHK of 1,076 sq ftcarpet area — on the 15th floor. The flats (1502, 1503 and 1504) are inthe names of Uttam Ghakare, Kiran Bhadange and Amol Kharbari — realor fictitious individuals whose relationship with Deshmukh is not clear.Union power minister Sushil Kumar Shinde is said to own a 3-BHK flat inthe name of Major NW Khankhoje, while former state revenue ministerShivajirao Patil Nilengakar allegedly owns two flats in the name of Dr ArunV Dawle and Sampat R Khidse (flat no 2602). The Adarsh gravy train has more members on board: Maharashtrarevenue minister Narayan Rane too is accused of owning two 3-BHK flatson the 17th floor, in the name of Girish Pravinchandra Mehta and RupaliHarishchandra Raorane. Also, Archana Tiwari, a doctor with BombayHospital, reportedly got a flat in Adarsh by virtue of being a good friend of Ratnakar Gaikwad, commissioner of Mumbai Metropolitan RegionalDevelopment Authority (MMRDA). The project had been approved by Chavan himself in 2002 when he wasthe revenue minister. Deshmukh, as the then CM, had given the initialpermissions for the construction of Adarsh Society, while Shinde, when hewas the CM in 2004, gave the final sanction for the projectIf one looks at the initial list of society members of the Adarsh Co-operative Housing Society, it comprised 40 members and included mostlydefence personnel. Now the list stands at 103, out of which only 37members belong to the army and just three members have anything to dowith the Kargil war. Some of the bureaucrats and politicians who areaccused of fraudulently obtaining flats for themselves ortheir relatives:  Ashok Chavan, chief minister,  Maharashtra Jairaj Phatak, ex-municipal commissioner (flat in thename of his son Kanishka J Phatak)  Ramanand Tiwari, state information commissioner (in the name of son, Onkar Tiwari)  Suresh Prabhu, Shiv Sena (own name)  Pradeep Vyas, ex-collector, Mumbai ( in the name of his wife andfellow IAS officer Seema Vy

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    Mumbai's posh Colaba area land (about 3800 square meters) with thecomplicity of military officers was given to a private housing societiy. Butarmy took no action in this regard because several army officials,including former army Chief Deepak Kapoor himself, had flats in thissociety. IBN7 did the special investigation on this. This 27-storey buildinghas been built in Mumbai's Colaba Navy Nagar area. But no one knowshow army gave the permission to build a housing society on this land. The building was constructed at a place where there used to be Khukripark, inaugurated by Field Marshal Cariappa. Since 2000 the army used tomaintain the park but after that some army officers attempted to grab thisland. Maharashtra Government Revenue Department issued an order in2003, in which it was written that the government has decided to handover this land occupied by the army to the housing society at a fixedgovernment rate. However, it was not stated anywhere that the army-occupied land has been handed over to the housing society. The Adarsh society, formed in 1994, had 71 members that includedretired top Army officials and Maharashtra bureaucrats who became apart of the society with a fee of Rs 50,000 each. The society claims it hasnecessary clearances but questions are being raised as to how aresidential building with permission for 30 storeys come up near NavyNagar, essentially a cantonment and why the Army chose to maintain astoic silenceChief Minister Ashok Chavan’s kith and kin are not the only beneficiariesof the scam involving allotment of flats in the Adarsh Co-operativeHousing Society in Colaba. Three former CMs — Vilasrao Deshmukh,Sushilkumar Shinde and Narayan Rane — all of whom have been,ironically enough, potential contenders for Chavan’s post and at somepoint served as the sanctioning authority for the project, also standaccused of owning flats under ‘benami’ names in Adarsh.Deshmukh, who is currently the union minister for heavy industries,reportedly owns three apartments — each one a 3-BHK of 1,076 sq ftcarpet area — on the 15th floor. The flats (1502, 1503 and 1504) are inthe names of Uttam Ghakare, Kiran Bhadange and Amol Kharbari — realor fictitious individuals whose relationship with Deshmukh is not clear.Union power minister Sushil Kumar Shinde is said to own a 3-BHK flat inthe name of Major NW Khankhoje, while former state revenue ministerShivajirao Patil Nilengakar allegedly owns two flats in the name of Dr ArunV Dawle and Sampat R Khidse (flat no 2602). The Adarsh gravy train has more members on board: Maharashtrarevenue minister Narayan Rane too is accused of owning two 3-BHK flatson the 17th floor, in the name of Girish Pravinchandra Mehta and RupaliHarishchandra Raorane. Also, Archana Tiwari, a doctor with BombayHospital, reportedly got a flat in Adarsh by virtue of being a good friend of Ratnakar Gaikwad, commissioner of Mumbai Metropolitan RegionalDevelopment Authority (MMRDA). The project had been approved by Chavan himself in 2002 when he wasthe revenue minister. Deshmukh, as the then CM, had given the initialpermissions for the construction of Adarsh Society, while Shinde, when hewas the CM in 2004, gave the final sanction for the projectIf one looks at the initial list of society members of the Adarsh Co-operative Housing Society, it comprised 40 members and included mostlydefence personnel. Now the list stands at 103, out of which only 37members belong to the army and just three members have anything to dowith the Kargil war. Some of the bureaucrats and politicians who areaccused of fraudulently obtaining flats for themselves ortheir relatives:  Ashok Chavan, chief minister,  Maharashtra Jairaj Phatak, ex-municipal commissioner (flat in thename of his son Kanishka J Phatak)  Ramanand Tiwari, state information commissioner (in the name of son, Onkar Tiwari)  Suresh Prabhu, Shiv Sena (own name)  Pradeep Vyas, ex-collector, Mumbai ( in the name of his wife andfellow IAS officer Seema Vy

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    Mumbai's posh Colaba area land (about 3800 square meters) with thecomplicity of military officers was given to a private housing societiy. Butarmy took no action in this regard because several army officials,including former army Chief Deepak Kapoor himself, had flats in thissociety. IBN7 did the special investigation on this. This 27-storey buildinghas been built in Mumbai's Colaba Navy Nagar area. But no one knowshow army gave the permission to build a housing society on this land. The building was constructed at a place where there used to be Khukripark, inaugurated by Field Marshal Cariappa. Since 2000 the army used tomaintain the park but after that some army officers attempted to grab thisland. Maharashtra Government Revenue Department issued an order in2003, in which it was written that the government has decided to handover this land occupied by the army to the housing society at a fixedgovernment rate. However, it was not stated anywhere that the army-occupied land has been

    Uploaded by

    187190
    Mumbai's posh Colaba area land (about 3800 square meters) with thecomplicity of military officers was given to a private housing societiy. Butarmy took no action in this regard because several army officials,including former army Chief Deepak Kapoor himself, had flats in thissociety. IBN7 did the special investigation on this. This 27-storey buildinghas been built in Mumbai's Colaba Navy Nagar area. But no one knowshow army gave the permission to build a housing society on this land. The building was constructed at a place where there used to be Khukripark, inaugurated by Field Marshal Cariappa. Since 2000 the army used tomaintain the park but after that some army officers attempted to grab thisland. Maharashtra Government Revenue Department issued an order in2003, in which it was written that the government has decided to handover this land occupied by the army to the housing society at a fixedgovernment rate. However, it was not stated anywhere that the army-occupied land has been handed over to the housing society. The Adarsh society, formed in 1994, had 71 members that includedretired top Army officials and Maharashtra bureaucrats who became apart of the society with a fee of Rs 50,000 each. The society claims it hasnecessary clearances but questions are being raised as to how aresidential building with permission for 30 storeys come up near NavyNagar, essentially a cantonment and why the Army chose to maintain astoic silenceChief Minister Ashok Chavan’s kith and kin are not the only beneficiariesof the scam involving allotment of flats in the Adarsh Co-operativeHousing Society in Colaba. Three former CMs — Vilasrao Deshmukh,Sushilkumar Shinde and Narayan Rane — all of whom have been,ironically enough, potential contenders for Chavan’s post and at somepoint served as the sanctioning authority for the project, also standaccused of owning flats under ‘benami’ names in Adarsh.Deshmukh, who is currently the union minister for heavy industries,reportedly owns three apartments — each one a 3-BHK of 1,076 sq ftcarpet area — on the 15th floor. The flats (1502, 1503 and 1504) are inthe names of Uttam Ghakare, Kiran Bhadange and Amol Kharbari — realor fictitious individuals whose relationship with Deshmukh is not clear.Union power minister Sushil Kumar Shinde is said to own a 3-BHK flat inthe name of Major NW Khankhoje, while former state revenue ministerShivajirao Patil Nilengakar allegedly owns two flats in the name of Dr ArunV Dawle and Sampat R Khidse (flat no 2602). The Adarsh gravy train has more members on board: Maharashtrarevenue minister Narayan Rane too is accused of owning two 3-BHK flatson the 17th floor, in the name of Girish Pravinchandra Mehta and RupaliHarishchandra Raorane. Also, Archana Tiwari, a doctor with BombayHospital, reportedly got a flat in Adarsh by virtue of being a good friend of Ratnakar Gaikwad, commissioner of Mumbai Metropolitan RegionalDevelopment Authority (MMRDA). The project had been approved by Chavan himself in 2002 when he wasthe revenue minister. Deshmukh, as the then CM, had given the initialpermissions for the construction of Adarsh Society, while Shinde, when hewas the CM in 2004, gave the final sanction for the projectIf one looks at the initial list of society members of the Adarsh Co-operative Housing Society, it comprised 40 members and included mostlydefence personnel. Now the list stands at 103, out of which only 37members belong to the army and just three members have anything to dowith the Kargil war. Some of the bureaucrats and politicians who areaccused of fraudulently obtaining flats for themselves ortheir relatives:  Ashok Chavan, chief minister,  Maharashtra Jairaj Phatak, ex-municipal commissioner (flat in thename of his son Kanishka J Phatak)  Ramanand Tiwari, state information commissioner (in the name of son, Onkar Tiwari)  Suresh Prabhu, Shiv Sena (own name)  Pradeep Vyas, ex-collector, Mumbai ( in the name of his wife andfellow IAS officer Seema Vy

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    of 3

    Few Basic Strategies for Derivative Trading

    Example A. On 01 March An investor feels the market will rise. Buys 1 contract of March ABC Ltd. Futures at Rs. 260 (market lot : 300) 09 March ABC Ltd. Futures price has risen to Rs. 280. Sells off the position at Rs. 280. Makes a profit of Rs.6000 (300*20). Example B. On 01 March An investor feels the market will fall. Sells 1 contract of March ABC Ltd. Futures at Rs. 260 (market lot : 300) 09 March ABC Ltd. Futures price has fallen to Rs. 240. Squares off the position at Rs. 240 Makes a profit of Rs.6000 (300*20) Example C Assumption: Bullish on the market over the short term Possible Action by you: Buy Nifty calls Example: Current Nifty is 3880. You buy one contract (lot size 50) of Nifty near month calls for Rs.20 each. The strike price is 3900. The premium paid by you : (Rs.20 * 50) Rs.1000. Given these, your break-even Nifty level is 3920 (3900+20). If at expiration Nifty advances to 3974, then Nifty expiration level 3974 Less Strike Price 3900 Option value 74.00 (3974-3900) Less Purchase price 20.00 Profit per Nifty 54.00

    Profit on the contract Rs. 2,700 (Rs. 54* 50)

    Note: 1) If Nifty is at or below 3900 at expiration, the call holder would not find it profitable to exercise the option and would loose the premium, i.e. Rs.1000. If at expiration, Nifty is between 3900 (the strike price) and 3920 (breakeven), the holder could exercise the calls and receive the amount by which the index level exceeds the strike price. This would offset some of the cost (premium). 2) The holder, depending on the market condition and his perception, may sell the call even before expiry. Example D. Assumption: Bearish on the market over the short term Possible Action by you: Buy Nifty puts Example: Current Nifty is 3880. You buy one contract (lot size 50) of Nifty near month puts for Rs.17 each. The strike price is 3840. The premium paid by you will be Rs.850 (17*50). Given these, your breakeven Nifty level is 3823 (i.e. strike price less the premium). If at expiration Nifty declines to 3786, then Put Strike Price 3840 Nifty expiration level 3786 Option value 54 (3840-3786) Less Purchase price 17 Profit per Nifty 37 Profit on the contract Rs.1850 (Rs.37* 50) Note: 1) If Nifty is at or above the strike price 3840 at expiration, the put holder would not find it profitable to exercise the option and would loose the premium, i.e. Rs.850. If at expiration, Nifty is between 3840 (the strike price) and 3823 (breakeven), the holder could exercise the puts and receive the amount by which the strike price exceeds the index level. This would offset some of the cost (premium).

    3) The holder, depending on the market condition and his perception, may sell the put even before expiry. Example E. Use Put as a portfolio Hedge? Assumption: You are concerned about a downturn in the short term in the market and its effect on your portfolio. The portfolio has performed well and you expect it to continue to appreciate over the long term but would like to protect existing profits or prevent further losses. Possible Action: Buy Nifty puts. Example: You hold a portfolio of 5000 shares of ABC Ltd. Ltd. valued at Rs. 10 Lakhs (@ Rs.200 each share). Beta of ABC Ltd. is 1. Current Nifty is at 4250. You wish to protect your portfolio from a drop of more than 10% in value (i.e. Rs. 9,00,000). Nifty near month puts of strike price 3825 (10% away from 4250 index value) is trading at Rs. 2. To hedge, you buy 5 puts, i.e. 250 Nifties, equivalent to Rs.10 lakhs*1 (Beta of ABC Ltd) /4250 or Rs. 1130000/4250. The premium paid by you is Rs.500, (i.e.250 * 2). If at expiration Nifty declines to 3500, and ABC Ltd. falls to Rs.164.70, then Put Strike Price 3825 Nifty expiration level 3500 Option value (per Nifty) 325 (3825-3500) Less Purchase price (per Nifty) 2 Profit per Nifty 323 Profit on the contract Rs.80,750 (Rs.323* 250) ABC Ltd. shares value Rs.8,23,500 Profit on the Nity put contracts Rs.80,750 Total value Rs.9,04,250 Rs. 9,04,250 is approx. 10% lower than the original value of the portfolio. Without hedging using puts the investor would have lost more than 10% of the value.

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