8 weekend LIFE

SUNDAY

THE FREE PRESSJOURNAL

APRIL 17, 2016

PIC: TRACTIO.ES

SEBI regulation of MFs

basically consists of two
functions: the regulation of
assets management and
the regulation of the
marketing of schemes,
writes TENSING
RODRIGUES.
For instance, SEBIs order to liquidate Pyramid Saimira caused huge losses to investors; a
change in management might have served the
investors interest better. This in spite of the
fact that a SEBI managercolluded with a market operator to fabricate an official SEBI letter
to Pyramid Saimira asking it to make an open
offer. According to Moneylife, documents suggest that SEBI did not act on specific information on Vijay Mallyas foreign transactions.
SEBI has been found to act selectively and in a
biased manner even when documentary evidence is available; it simply refused to follow
rules in the case of the complaint against its
own chairman. How can the investors repose

Mutual Control

EBI is mandated to regulate the mutual

funds; In exercise of the powers conferred by section 30, read with clause (c)
of sub-section (2) of section 11 of the Securities
and Exchange Board of India Act, 1992 (15 of
1992), it solemnly declares, the Securities and
Exchange Board of India hereby issues the
Mutual Funds Regulations, 1996. Though SEBI
does not categorically say that the intent of the
regulationis to protect the investor, as a mutual
fund investor, I have always believed that I
have a right to expect SEBI to protect my interest. But often I doubt my belief; I wonder
whether SEBI is protecting my interest or
whether it is running its own agenda.
SEBI regulation of MFs basically consists of
two functions: the regulation of assets management and the regulation of the marketing of
schemes. The first function is merely an extension of its primary task: the regulation of the
overall securities market. Though I would not
accept that SEBI has had a clean record in this
task, I would not deal with that here. I will only
say that it has not been entirely above board,
because of the opaque and erratic manner in
which it has dealt with the defaulters. It has
been fairly stern with the AMCs that have
erred. But it has been not so diligent with the
market players in the rest of the stock market;
the MF investors interest has therefore been
definitely hurt.

between MFs and alternative investment

options? If an investor finds that the distributor, through whom she has bought a SBI MF
scheme and a HDFC MF scheme, earned more
from the former than from the latter, can she
claim the difference as damages from the distributor? Or, can she debar the distributor from
selling her SBI MF schemes in future?
Or, can she terminate the services of the distributor for having sold her the SBI MF
scheme? Or, can she conclude that the HDFC
MF scheme is superior to the SBI MF scheme? I
can think of nothing that the investor can do
with that information, except hauling the distributor and blackmailing her to part with
some part of her extravagant income. Apparently, and with good reason, SEBI deems it
right that, as the protector of the interest of the
MF investor, it needs to enhance the investors
earnings by letting her share in the income of
the distributor, albeit in violation of its own
regulations.
Instead of such draconian but stupid norms,
SEBI could have served the interest of the
investor better if it had focused on the investor
rather than the distributor. It is a fact that many
distributors are selling wrong schemes, with
the sole purpose of earning higher remuneration. But disclosures of remuneration cannot
solve that problem. Because then the remuneration of the distributor becomes the criterion

INVESTOR IN

IT HAS BEEN FAIRLY STERN WITH

THE AMCS THAT HAVE ERRED. BUT IT
HAS BEEN NOT SO DILIGENT WITH
THE MARKET PLAYERS IN THE REST
OF THE STOCK MARKET; THE MF
INVESTORS INTEREST HAS
THEREFORE BEEN DEFINITELY HURT.

DURBAR
their faith in SEBI?
The second function of SEBI is the regulation
of the marketing of schemes by the AMCs. Here
it has loaded the industry with aberrations, one
after another, and one worse than the other.
Let me begin with the latest. The SEBI circular
no.SEBI/HO/IMD/DF2/CIR/P/2016/42 dated
March 18, 2016 mandates that the Account
Statement issued to investors should include
besides the name of scheme, number of units
held and their market value, also the amount of
commission paid by the MF to the distributors
in rupees during the last half-year, including
gifts, rewards, trips, event, sponsorships, etc.
The circular also mandates that the website of

the MF should provide the names of fund managers, their monthly remuneration, designation
and remuneration of chief executive officer,
chief investment officer and chief operations
officer, and also the tdesignation and remuneration of chief executive officer (CEO), chief
investment officer (CIO) and chief operations
officer (COO. The names, designation and
remuneration received by all MF employees
who earn Rs.60 lakh and above has also been
disclosed. Surprisingly the circular does not
mandate the MF website to disclose the remuneration earned by the chairman and the
board members of SEBI, who regulate the MF
schemes, and whose action or inaction has a

direct impact on the interest of the MF

investor.
Transparency is a worthy ideal; but it is governed by norms of privacy and dignity, lest it
becomes obscene. More than that, transparency should serve a purpose. Car windows have a
tinting norm 70% transparency, according to
the 2012 judgment of the Supreme Court. But
the Supreme Court has not applied the same
norm to the glass used for the windows of residential houses; because it understands that
transparency is not anuniversal good.
What purpose can the above disclosures
serve? Can they help the MF investor to choose
between different schemes or to choose

for the choice of scheme lower the remuneration, better the scheme; that is disastrous to the
investor. Instead, SEBI should fix an absolute
limit on the expense ratio of the AMC; let it
then do what it wants with that margin, send
its distributors to Pattaya or to Patagonia. If the
distributor wishes to work for that remuneration, she works; or else she quits the trade. If
the investor is willing to part with that expense
charge, she invests in the MFs; or else she manages her assets herself.
It is high time this farce called Sebi Gondhall
stops. And even more urgent is the need for the
MF investor to put his mind where his money is,
instead of leaving his baiko to the buvas care!

R
Srotas: Body Channels
All body parts that are
hollow (dominated by the
space element), which carry
water, food, mala, dhatu,
sound and nerve impulses
are called 'srota'. They also
transport essential
materials like the dhatus
from one part of the body
to another.

he word 'srota' has been used

frequently in the preceding
pages related to the channel
systems of the body. Many of the
srota systems are equivalent to the
physiological systems of the body
like the digestive, respiratory and
nervous systems.
It should be clear by now that a
clean and healthy srota with the
proper flow of energy is necessary
for a healthy body. Srota systems
are as important as the dosas,

malas and dhatus. Srotas and their

functions are briefly described in
Table 10.
All body parts that are hollow
(dominated by the space element),
which carry water, food, mala,
dhatu, sound and nerve impulses
are called 'srota'. They also transport essential materials like the
dhatus from one part of the body
to another. Since they circulate
various substances throughout the
body, they are termed 'srotas' or
the channels'.
These hollow body parts have
different shapes and sizes. Some
are tubes, others are long, thin and
wide and others have a complex
system of branches, much like
creepers. Some srotas are visible to
the naked eye, while many others
are not. They are usually of the
same color as the substances that
they carry.

Table 10: Srotas - Causes of Vitiation, Symptoms and Treatment

S.No. Name and Function

Controlling Organs

Cause of vitiation

Symptoms

Treatment

Pranavahu xrota
(carries breath and
life -force)

Heart and alimentary

canal

Wasting, suppression
of natural urges,
eating dry foods in
excess, exercising
while hungry.

Obstructed,
shallow or
rapid breathing.
Bronchial asthma
also relates to it.

Treatment for
respiratory
problems such
as bronchial
asthma.

2.

Udakavaha srota
(carries water and
other liquids like
juices of liver and
pancreas)

Palate, pancreas

Exposure Lo heat,
heat stroke, indigestion,
excessive intoxication,
eating extremely dry
foods and remaining
thirsty.

Dry lips, tongue,

palate and throat.

Treatment for
excessive thirst.

3.

Annavaha srota
(carries food ingested
from the mouth)

Stomach, left portion

Irregular eating habits,

over-eating, eating
unhealthy food and low
digestive power.

Loss of appetite,
anorexia, vomiting,

Remedies for
ama doxa and
indigestion.
work well.

4.

Rasavaha srota
(carries chyle, lymph,
plasma)

Heart and the blood

vessels connected
with heart

Worry, diet comprising of Anorexia, nausea,

excessively heavy, cold heaviness,
and greasy foods.
drowsiness, syncope,
anemia, impotency.

5.

Raktavarui srnta
Liver, spleen
(carries blood,
especially hemoglobin)

Pungent, hot and oily

food, exposure to
excessive sun and heat.

Chronic skin
Blood-letting
diseases, intrinsic
in diseased
hemorrhage
parts.
(bleeding), abscesses,
inflammation in anus
and genital organs.

6.

Mamsavaha srota
(carries ingredients of
muscular tissues)

Sleeping immediately
after meals, frequent
intake of heavy and
gross foods in bulk.

Severe skin diseases,

palate inflamation,
g ran u lorn a, myoma,
piles, goiter, adenitis,
tonsilitis, cancers and
non-malignant growths.

Tendons, ligaments
and skin

Fasting

Surgery, heal
therapy and
ksara therapy
(local application of alkalis).
Pranayama to
strengthen the
ife force, which
can even cure
cancer and other
malignant
growths.

7.

Medovaha srata
(carries ingredients of
adipose tissues)

Kidney, adipose (fat)

tissue in the abdomen

Sleeping during the

Severe urinary
daytime, lack of exercise, disorders, diabetes.
excessive alcohol and
oil- rich diet.

Axthivaha am la
(carries nutrients that
nourish bones)

bone and tissues

Excessive exercise
involving friction of
bones, intake of food
that causes Vattt.

Cracking or distortion Pancakarma

of nails and teeth, pain foasti (enema)
in bones, bones cancer, using bitter
change in hair texture herbal medicines
(because hair is the
processed with
waste product of bone). milk and
clarified butter.

9.

Majjavahu srota
Bones and joints
(carries nutrients of
bones, joints and bone
marrow)

Incompatible food (fish

and milk, honey and hot
foods), injury to bone
marrow by crushing,
compression

Pain in joints,
giddiness, fainting,
loss of memory,
blackouts, deep
abscesses.

Using sweet and

bitter substances,
sexual activity,
exercise,
elimination of dosa
on time and in
right amount.

10.

Sukravaha srotu
(carries sperm,
ovum and their
nutrients)

Sex at improper
time, unnatural
sex, suppression or
excess of sex.

Impotence,
infertility, abortion,
defective pregnancy.

Virility and
dhatu
restorative
treatment. Use of
aphrodisiacs.

11.

Mtttravaha srota
(carries urine)

Food, drinks and sex

during urge for
urination. specially
by those suffering
from tuberculosis.

Excessive or no
urination. Frequent
urination, viscous
urine.

Same treatment
as for dysuria
(difficult
urination).

12.

Purisavaha srota
(carries fecal matter)

Suppression of urge
to defecate, intake of
food before digestion
of previous meal,
weak digestion.

Iess or excessive
excretion of fecal
matter, hard stool.

Treatment
similar to the
one given in
diarrhea, using
laxatives and
purgatives,
balanced diet
and yogasanas.

13

Svedavaha srota
(carries sweat)

Excessive exercise,
anger, grief, fear.
exposure to heat.

Absence of or
excessive perspiration,
dryness of skin.
Horripilation
(Hair erection).
Burning sensation
on the skin.

Treatment as for
fever, balanced
exercise, balanced diet and drinks
In excess
perspiration
drink juice of
tinospora
(giloya), leaves
of Bengal quince
(hilva) and Indian
rosewood
tree (xisama).

(Excerpted from the book

A Practical Approach To The Science Of Ayurveda: A Comprehensive
Guide For Healthy Living authored
by Acharya Balkrishna)

w w w. f r e e p r e s s j o u r n a l . i n

Weight reduction
remedies or
anti-obesity
treatment,
lightning therapy
fasting, yoga
and exercise.

ajendra Goles studio

in Kandivilis Charkop
is inviting, with
antique chairs in the foyer
and melodious Hindi film
music playing in the background. In the first floor of
the studio where he makes
the impossible possible, is
the pungent smell of fabric
paint.
Many times people doubt
whether the work is actually
made of paper, so I have to
give them a live demo, says
Rajendra Gole. A 1989 J.J.
School pass out, Gole has
been making miniature
paper sculptures for over 25
years. His exhibitions at the
citys leading art galleries
have got tremendous
response.
Given the kind of shapes
that paper takes in his skilled
hands, the doubtful people
among us cannot be blamed.
While sometimes it becomes
a cheetah, sometimes a monkey, then takes the avatar of
the beautiful Anarkali from
the film Mughal-e-Azam, but
mostly it becomes flowers
and ferns.
He uses the most unlikely of
tools, among them the Japanese noodle sticks, instruments
used in making Kolhapuri
chappal designs, the goldsmiths instruments, the dentists tools, a nail cutter and a
tongue cleaner cut in half
through its bend! I dont
restrict myself with tools.
When I go to the market, I
buy small things. Many of
them come useful for my
work, he says, showing an
incense stick holder and childrens toys which he uses to
make shapes such as pots in
his miniature sculptures. We
just have to look at things differently, he says.
Hailing from Akola, his work
has an undeniable influence
of nature, green being a dominant colour in his work. At
home we had peacocks,
ducks, pigeons, chickens and
dogs. My parents were both
fond in gardening, he says.
Now I keep them in this
way, he says, laughing, show-

The paper
magician
BHAVNA UCHIL meets Rajendra Gole, an artist
who creates life-like art-work.
ing a wine glass with miniature birds and animals in it.
This is made of paper, he
says, showing a brown bullock cart miniature. One
could swear it is wooden!
Gole was interested in paper
craft since class 1. I remember my teacher called my
father to school, telling him I
dont take interest in studies.
But she was not complaining.
She asked my father to admit
me to J.J. school when the
time comes, he recounts. His
father, who Gole credits for
his achievements, did not forget the teachers advice.

Gole made his first paper

sculpture in 1983. I dont use
any kind of reference for my
work nor do I make an initial
sketch. Its all straight from
imagination, he says, showing the Chardham temple, his
first piece, which he has given
a pride of place in his studio.
His work is intricate and
detailed, each petal and each
blade of grass carefully cut
and assembled using adhesive. On an average, he puts
in 13-14 hours of work a day
for one-and-a-half months
for every piece. His work sells
in square-inch rates starting
from Rs.75,000 for the smallest going up to Rs. 12 lakh,
depending on the more
intricate the work.
Since paper is a flat
medium, to turn into
sculpture is difficult. It
took me a lot of

experimentation over the

years to learn the techniques, says Gole, who is
largely self-taught in his niche
field of art. I use imported
handmade paper and German Alabaster paper or executive bond paper for the
work, he says, showing the
folds in Anarkalis dress for
which he used tissue paper.
Only tissue paper can give
such folds, he adds,emphasising that innovation is key.
I put a lot of thought into
how the designs in each piece
should complement the
theme, he says. When a
woman gets ready for a wedding, she puts thought into
matching her dressing with
jewellery, these works have to
be designed with the same
care, he explains. For
instance, while there are
climbers in the miniature, the
wall also has designs of
climbers, he says, showing
one of his works. It is important that even a layman
should be able to appreciate
the art, such should be its
appeal, he says.
Most of his clients are collectors and corporates and
once he exhibits his work,
while most pieces are sold in
the first few days, he is kept
busy for the next two years
making pieces to order. A
client of his, who gave Gole a
photograph of their home in
Satara to make into a miniature, had been carrying the
piece along whenever he got
transferred. The piece was a
gift to his wife.Thankfully he
didnt chop off my hand, says
Gole, laughing, referring to
the myth that Emperor Shah
Jahanhad chopped off hands
of architect Ahmed Lahauri
who built the Taj Mahal.
Paper has a lot of scope. I
want art students to learn and
practise this art, paper has to
be taken beyond just craft,
he says.

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