Wednesday, May 10, 2017

Misselling of Investment products - crime against humanity

Misselling of investment products has reached menacing level. I am illustrating my point through some paper clippings alone. Many people has lost their life savings due to misselling.
Our own Suchitra Sen has been vicitim of misselling. Even CMD of a Central PSU has lost lot of money , in-spite of his access to superior information.

I have been a victim of mis-selling myself says Hoshang Noshirwan Sinor, newly appointed chief executive officer of Association of Mutual Funds of India (Amfi)

Mis-selling is rampant despite Amfi laying down a code of conduct for funds and distributors. Is there a way out?

I have been a victim of mis-selling myself so I would know. When I took over Amfi, the first thought that came to my mind is how do we stop somebody from mis-selling or misguiding gullible investors. More and more fund houses are launching complex products that frankly even many agents would not understand properly. Not only do some of them mis-sell, they also misguide. Something needs to be done. I have no ready answer at this stage, but this is on top of my agenda.

(source : Posted: Sun, Mar 7 2010. 10:45 , Money Matters LIVEMINT.COM)

This is what has happened to the head of most important financial institution.

Few paper cuttings will illustrate my contention clearly :

See how a former banker quit banking, since his main job has been relegated to selling (misselling) insurance and destroying wealth for investors. 

Watershed article in Money Today Magazine. See how nicely people are cheated!

    What to do, if you have bought wrong policies ?

  Are Endowment & Moneyback ( both are sold either as ULIP or Traditonal or Opaque policy) policies good for you ?

Money back policy is the worst policy one can buy and it is only product which the agents sale in a missionary zeal. Almost eveRy investors ends up buying Table 14 or 18 of LIC Charts for various policies.

Can an agent say " one particular policy is giving 11% return " ?

No, completely illegal - read ....what CS Rao the head of apex body of Insurance (IRDA - which is RBI of Insurance Companies)

Buying Mutual Fund during NFO is good ? 

                  What is the actual meaning of 9% p.a. flat rate of  loan ?

Many people buy stocks directly. It is better to invest through Mutual fund with the help of expert fund manager. Very people (less than 2%) people can outperform an expert fund manager. 

Daniel Kahneman won nobel prize on Behavioural Economics in 2002, although he is a psychologists. He shows how people take irrational decision due to loss aversion etc. How people talk about winning bets and do not talk about loss. How costly is that in a long time. 
Listen to it form the master.

Friday, May 5, 2017

Gajon and Charak at Baghna-para, Burdwan - in brief


I was planning to see Gajon and Charak festival for a very long time. This year the day of Charak or Charok fell on 14.04.2017 - the day of Good Friday - which is my holiday ! 

Charak festival takes place in various places of West Bengal. It even takes place in Kolkata. To know the complete list of places - you can refer to a wonderful blog :

But probably the best one is being held at Baghnapara near Kalna - at Krishnadevpur High School, Burdwan. 

Our route by car is Kolkata - Dankuni - Singur - Gurap - Magra Gurap Road - Bhastara - Boinchi (but pronounced as Boichi) - Baidyapur  ( but pronounced as Boddipur) - Sener-danga - Take left from Kalna Hindu Milan Mandir - Krishna-devpur High school. 

Direction by train
Take any local train going to Katwa from Sealdah /Howrah. Get down either at Ambika Kalna or the next stop Baghnapara. 
From there take a local conveyance and head from Krishnadevpur High school. The ground of the school conducts the function. Head for the village temple where you will find people doing makeup to dress up as Krishna, Shiva , Radha, Kali

There is one more place where Charak takes place in Baghnapara. But do not go there. The main charak takes place in front of Krishnadevpur High school. It took around 4 hours for us to reach Baghna-para by SUV from Kolkata. We were just in time - we reached at around 4 pm. We were 7 in our group. When we reached there, it was full of photographers from Kolkata and even one from outside India !

Gajan festival is associated with deities such as Shiva, Nil and Dharmathakur. Gajan spans around a week, starting at the last week of Choitro or Chaitra continuing till the end of the bengali year. It ends with Charak Puja. Participants of this festival is known as Gajan sannyasi or Bhokta.

The word gajan in Bengali comes from the word garjan or roar that sannyasis (hermits) emit during the festivities. (source: Wiki)

In Bengal Dharmathakur is generally worshipped by the scheduled cast like Bauri, Bagdi, Hari, Dom. Dharmathakur may have been originated from Dharmaraj of Buddhism. 

Although Dharmathakur is identified by a shapeless stone (as seen in Bankura) and its Vahana is represented by terracotta horses , there have been instances where Buddha idol has been worshipped as Dharma Thakur in villages of Bankura. There are still villages where both Dharamraj and Shiva are placed with Gajan offerings.

Gajan is actually linked to persons who are related to agricultural community, directly or indirectly. They pray for the rains and better harvest. Lord Shiva is said to be closely related to this community. It may be worth noting here that Dharmathakur is actually considered to be the God of Fertility.
(source :

Charak Puja (also known as Nil Puja) is a Hindu folk festival, held in southern Bangladesh and West Bengal on the last day of the month of Chaitra . Similar festival in Maharashtra is called Bagad, while in Vizianagram, Andhra Pradesh it is called as Sirimanu utsavam.

People believe that the festival will carry prosperity by eliminating the sorrow and sufferings of the previous year. The festival is actually a festival to satisfy "Lord Shiva", the great "Debadideb" of Hindu Religion. 

Though the festival takes place on the mid night of Chaitra Song-kranti, the preparation phase usually starts before one month of the day. Chaitra Sankranti begins on 14th March of every year.

Sometimes in this festival a human "Charak" is made ready to satisfy the Lord Shiva. The "Charak" is tied with a hook (Borshi) on his back and then he is moved around a bar with a long rope.
 (source: Wiki)

Chronological order