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I am street photographer a beggar poet .. I shoot misery cavorting with hope I shoot original content. I am Shia Sufi Hindu all in One
Wednesday, March 21, 2012
bandra bazar road..is always forgotten soon after the elections
bandra bazar road..is always forgotten soon after the elections, a photo by firoze shakir photographerno1 on Flickr.
Nowroze Mubarak From The Shakir Family of Bandra
Nowroze Mubarak From The Shakir Family of Bandra, a photo by firoze shakir photographerno1 on Flickr.
My wife comes from an Iranian ancestry her forefathers were Qazilbash who settled in India on the plains of the Ganges they have their entire shajra.. birth records in order.. so we celebrated Nowroze with offerings of fruits and prayer yesterday at 10 am the actual Nowroze time instead of March 21.
And I shot this yesterday, Marziya will play color at home with her relative Muskan and new clothes fun and frivolity.
For us adults life goes on as usual..
In India If You Die Accidentally On The Road They Wont Even Bother To Give You a Second Look
In India If You Die Accidentally On The Road They Wont Even Bother To Give You a Second Look, a photo by firoze shakir photographerno1 on Flickr.
we were
once human
very kind
considerate good
but now thanks
to modern life
we are corrupted
beyond redemption
time tearful on
the soul of fucked
humanity stood
we give gold
silver diamonds
to a dead god
dont blame us
if we are fucked
The Silhouette of the Hijra
The Silhouette of the Hijra, a photo by firoze shakir photographerno1 on Flickr.
His eyes tell you the story of his life his faith his pain his struggle to come to terms with his sexuality and the path he has chosen to tread with the blessings of his Guru.
He needs a divinty to encourage him in his faith he chose Haji Malang Baba.
He is a devoted Muslim namazi etc.. but he is a hijra.. victim of his cosmic fate.
Its his world I chose to showcase as a poet photographer and as a photo blogger.
My stories are my own they wont ever be published in newspapers or foreign magazines but than even TV18 In .Com steal my pictures you can easily download and distribute all over the net such is the fate of a blogger , I could understand if they bought me a camera and than took my pictures but than such is attitude of people in high places.
I have no other vice but yes I am passionate about blogging , it is my high and every day about 22000 people view my pictures at Flickr.com is my only notoriety to fame.
And I am indebted to Flickr it has given me a large viewership.. from Flickr I cross blog some of my post to Blogspot Twitter or my Hijras of India at Wordpress.
My Flickr set on the Hijras of India holds over 17000 images shot in a gap of about 4 years.
All the hijra pictures poems shot every year are housed in a collection at Flickr.com
And it is 4.45 am sleep comes and goes..
On Sundays I Become a Beggar Poet and a Dam Madar Malang
On Sundays I Become a Beggar Poet and a Dam Madar Malang, a photo by firoze shakir photographerno1 on Flickr.
I move about barefeet like I did when I worked for myself now I have mortgaged my soul and my testicles .. only on weekdays I am a high end corporate fashion whore.. I spread my legs to fate that fucks and flips me over ..killing me softly with my own song.
I miss Thursdays going to Mahim Dargah sitting with the beggars sharing their food and understanding the fucke poetry of their miserable life... I know a beggar who is now a millionaire he has his own landed property and comes in white clothes to feed the same beggars he sat with.. such is my world of poetic illusions.
I know young kids who begged at Ajmer and are now hijra prostitutes .. and why blame the system that even makes politicians into crooks why envy a beggar becoming a millionaire.. but as Indians we are always envious of the others who make it big in life, we will complain about them file a fictitous PIL in court simply because God made him Sharukh Khan and so lets trouble him some more this is the Truth of the Indian Way of Life.. as I see it in my opinionated poets mind..
We breed our success on hate envy and distrust /
And honestly I hate life I would welcome Death gladly without batting an eyelid..
Though I will miss my grand kids is not the only reason to live I live because I am forced to live in a penitentiary do my time and than I shall Fuck Off from this planet of no returns ..
Born To Beg.. And Achieve a Daily Target or Get Beaten or Burnt
Born To Beg.. And Achieve a Daily Target or Get Beaten or Burnt, a photo by firoze shakir photographerno1 on Flickr.
Most of the earlier kids I shot were branded on their faces but mostly on the buttocks they told me and they had to bring in money or get severely punished ,sometimes beaten by drunk parents hands broken, and so the kids sought shelter with adult kids were used abused and if they got pregnant it wa a blessing in disguise as the new born child is a bonus more money than the bigger kids.. these are hardened kids they have lost all sense of touch or love .. some take to gambling stealing or move to other towns ..
The parents fuck, grumble and gamble fully drunk.. once this community stayed on a Mound near Rang Shards Hotel close to where I live in the open ground..
They make good money on holidays feast days and the best time is the Mount Mary fair selling flowers or begging in torn tattered clothes .. some kids are purposely made to beg nude as than people give them clothes to cover their shame , that again are sold off ..
And I am not an activist I shoot pictures that society hates too see .. and the only way they are kept at bay is charging them a fine of Rs 1200 , and they find ways to pay it and continue some of them during the Mount Mary fair make as much as 1000 a day.. a good amount by any standards.
These kids have watched the eunuchs hijras and now some of them , the women dress up as hijras and collect more loot.
Catching Up With Moving Cars For a Few Fucked Coins ..on the Soul of Her Innocence
Catching Up With Moving Cars For a Few Fucked Coins ..on the Soul of Her Innocence, a photo by firoze shakir photographerno1 on Flickr.
From the day she was born she was baptized as a beggar and she cannot will not be allowed to escape her fate , a few days old and she is on the street held drugged on the waist of another child , she mans the traffic signal that I shoot from the ricksha as I move to work..
They work all days , they are searched for hidden coins and in their clothing there is no place to hide the coins..it is accounted for by their guardians parents or the beggar mafia that controls them.
It goes without saying I am hated by the adults in their beggar society and I shot these beggar kids many years backs at the Turner Road Traffic signal my shop was on 29 th Road off Waterfield Road than I moved away and after almost 5 years I am back on the same road as my karmic destiny..the kids have vanished moved to Linking Road , grown up now with their own kids doing the same duties cores they did ..
I shoot from the ricksha and the Canon EOS 7 D is heavy but takes excellent swift shots and this is my poetic pastime..both my grand daughter Marziya Shakr 4 year old intrepid street photographer and me are getting used to Canon as we used the Nikon D 8O for a very long time.
The Muslim Woman in No Mans Land.
The Muslim Woman in No Mans Land., a photo by firoze shakir photographerno1 on Flickr.
walking on quicksand
in no mans land
his fotprints embedded
on sand a corner
of his world hands tied
mouth gagged
she stands
much before
she was born
an early marriage
her destiny planned
looming on her head
triple talaq , unquestionable
diktats her soul scanned
born fragile vulnerable
without a magic wand
the silhouette of the hijab
as pathos poetry i panned
her garb of modesty in other
lands criminalized considered
offensive exploitative
unconditionally banned
a pain as an imagery i expand
If Dr Babasaheb Ambedkar Was Alive ..
If Dr Babasaheb Ambedkar Was Alive .., a photo by firoze shakir photographerno1 on Flickr.
227,143 items / 1,894,970 views
he would not allow
india to be carved
by a hateful knife
into regions
into states
the ethos
of our birthright
if dr balasaheb ambedkar was alive
he would not build parks his own statue
or burden the exchequer with elephants
that are an eyesore megalomaniac queens
mockery of the poor man no respite
if dr balasaheb ambedkar was alive
he would not divide his country as
rich or dalit or downtrodden but
only as true indians no hindus muslims
black or white would see that as indians
among ourselves for petty arguements
we dont fight ..in a world full of
darkness we spread light..
if dr balasaheb ambedkar was alive
seeing the scams corruption political misery
the degradation of the constitution
he would be baffled sad a freedom struggle
in vain hope gone to seed.. understand
my poetic plight...my silent lips stitched tight
गुढीपाडव्याच्या हार्दिक शुभेच्छा
गुढीपाडव्याच्या हार्दिक शुभेच्छा, a photo by firoze shakir photographerno1 on Flickr.
178,961 items / 1,404,896 views
मराठी अस्मिता, मराठी मान, मराठी परंपरेची मराठी शान,
सोन्याचा दिवस घेवून येईल तुमच्या जीवनात चैतन्याची खाण,
तुम्हा सर्वांना व सर्व नागरिकांना नववर्षाच्या व मराठी अस्मिता, मराठी मान, मराठी परंपरेची मराठी शान,
सोन्याचा दिवस घेवून येईल तुमच्या जीवनात चैतन्याची खाण,
तुम्हा सर्वांना व सर्व नागरिकांना नववर्षाच्या व गुढीपाडव्याच्या हार्दिक शुभेच्छा
the khada parsi lets out a cry..oh dont let his beloved city die
the khada parsi lets out a cry..oh dont let his beloved city die, a photo by firoze shakir photographerno1 on Flickr.
227,142 items / 1,894,773 views
neglect apathy
by the city
on the soul
of mumbai
Mourning for Imam Hussain Martyred Grandson of the Holy Prophet
Mourning for Imam Hussain Martyred Grandson of the Holy Prophet, a photo by firoze shakir photographerno1 on Flickr.
Shot By Dr Glenn Losack MD Manhattan New York.. My Best Friend and Family
since ages
for our imam
our savior
our hope
our salvation
we weep
we cut
our heads
fathomless deep
doing tandav
on the soul
of shimr
we leap
with tears
from our eyes
a pledge
to a mother
from birth
to death
we keep
the land of
our freedom
comes alive
in our sleep
Shah-e-Mardan Sher-e-Yazdan Quwat-e-Parwardigar Lafata Ila Ali La Saif Ila Zulfiqar , originally uploaded by firoze shakir photographerno1 ....
Ek Shahenshah Ne Banake Yeh Haseen Tajmahal Ham Gareebon Ki Mohabbat Ka Udaya Hai Mazak.. , a photo by firoze shakir photographerno1 on Fli...


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I see that today's Dallas Morning News is talking about the price of gasoline going down again. Here is today's' prices in Dallas.
Here in David the prices will change this Thursday. Currently the price for regular octane is $2.50. Many people comparing the price of gas in the States with Panama will probably make a mistake and not compare the equivalent octane ratings.
In Panama Regular is 91 octane. That is Premium in Texas. Texas has three grades 87/89/91. Panama has two 91/95. Why anyone buys 95 here is beyond my comprehension. The difference is substantial at the pump and you can't even buy 95 octane in the US.
So for today's prices it is $2.50 in David, Chiriqui in Panama vs. $2.30 in Texas. Not bad considering the difference in distance to the refineries.
Prices are usually at least 6 cents cheaper per gallon in Panama City than in David.
Note: Henry's Comment to this post adds information I didn't know and a more accurate comparison would be $2.50 in David vs. $2.10 in Texas.

subset: commoncrawl


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You are hereHome 🌿 Medical Cannabis News 🌿 Oklahomans to decide in two weeks on providing medical marijuana access 🌿
News Categories
Oklahomans to decide in two weeks on providing medical marijuana access
Oklahoma voters will decide on Tuesday, June 26, on State Question 788 — a statewide voter-initiated measure that permits doctors to use their discretion to recommend medical cannabis to patients.
Under the proposed plan, licensed medical marijuana patients may cultivate up to six mature plants, and may possess personal use quantities of marijuana flower, edibles, or infused concentrates.
According to polling data released in May, Oklahoma voters support the passage of State Question 788 by a margin of nearly 2 to 1. Public support for the measure has largely held steady, even in the face of growing, organized opposition from members of law enforcement and certain business leaders. State lawmakers also attempted to preempt the initiative by passing legislation to significantly limit its scope and purpose, but that effort was eventually tabled in April.
Under state law, the possession of any amount of cannabis is classified as a criminal offense — punishable by up to a year in prison. Engaging in cannabis sales is punishable by up to life in prison. According to a study released earlier this week, Oklahoma's incarceration rate is 1,079 per 100,000 people — the highest rate in the United States.
If Oklahoma voters pass SQ 788 in two weeks, it will become the 31st state to legalize the possession and use of cannabis by authorized patients.
420 Intel is Your Source for Marijuana News
420 Intel is the leading source for cannabis news from around the world. Get the latest updates on cannabis legalization, politics and technology, as well as developments in medical and recreational marijuana news. Our commitment is to bring you the most important cannabis news stories every day of the week.
At 420 Intel we understand that effective marijuana industry news coverage is a constant endeavor. Every day stories develop regarding cannabis legalization, technological developments, and the medicinal benefits of marijuana use. Each new development carries the potential to impact the marijuana industry regionally, nationally, and internationally. 420 Intel is the marijuana industry news outlet that will keep you up to date on these developments and how they impact the world around you.
With the marijuana industry constantly evolving, you need a cannabis news outlet to keep you abreast of the pertinent information. At 420 Intel, we cover marijuana legalization news throughout the world, offer reliable information for cannabis business owners, detail technological advances that impact the marijuana industry, cover marijuana rallies from across the globe, and everything in between.
You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you're always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.


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Notebook: CCSF win gives ARC momentum heading into San Mateo game
September 30, 2015
After defeating City College of San Francisco, ranked No. 3 ranked in the state on Sept. 21, American River College's football team will head back out on the road to play College of San Mateo, formerly ranked No. 2 in the state, this Saturday.
San Mateo (3-1) is coming off a 43-30 loss against San Joaquin Delta College.
San Mateo is ranked No. 2 in the state in total points scored at 172 points through four games, and is ranked No. 3 in points per game with 43 points per game.
"The game of football goes back and forth. To use an analogy it's a pendulum. (It's an) extremely tough challenge next week against San Mateo," said ARC head coach Jon Osterhout.
San Mateo's offense is led by freshman quarterback Dru Brown, who is averaging 11.2 yards per attempt and wide receiver Johnny Niupalu's 21.8 yards per catch on 15 catches.
It has also rushed for an average of 232 yards per game, led by freshman running backs Joey Wood and Isiah Williams who have rushed for 267 and 236 yards on the season respectively.
Williams is coming off a three touchdown performance in his team's loss at SJDC.
Vercher catching fire through four weeks
Since he was pulled from the game in a week one loss at Modesto Junior College, ARC quarterback Jihad Vercher has thrown for 9 touchdowns, 768 yards and no interceptions.
Four games into the 2015 season, his state-wide rankings put him at No. 10 in touchdowns with 10, No. 11 with 1,027 yards and No. 14 with 256.8 yards per game.
Against CCSF, who ranked No. 15 in the state defensively and allowed 19.5 points per game, Vercher threw for 269 yards, his second highest total of the season.
Vercher said that going forward, the win over CCSF will be huge for the team's confidence.
"I get emotional talking about it because these dudes, they work so hard everyday." said Vercher.
"For us to come out here and beat a team like San Francisco City, No. 3 in the state, that's a big deal for not just me, (but) for everybody on this team all 114 guys and it feels good to be able to put this win together against all odds," he continued.
Keil's game-winning boosts his confidence, bonding moment for team
Sam Keil said the thoughts crossing his mind were he needed to "just focus, keep my head down, do my regular routine, and everything will be fine if I do that," during the timeout called prior to his game-winning 25-yard field goal Saturday at City College of San Francisco.
Keil said it was the first game-winner of his career.
"First one and it feels good," he said of the kick.
After struggling to find a rhythm during training camp, Keil appears to have turned it around.
"That's the most nerve-wracking kick you can do in a game ever," he said. "After I made that, everything else is just a breeze."
ARC getting ahead big early on
ARC 's offense has come out of the gates firing in two of its last three games, scoring 33 points in the first half against SJDC and 31 in the first half against De Anza College.
The majority of these first half points came from Vercher, as he threw for seven touchdowns and ran for one more in wins over De Anza and SJDC.
Kevin is a co-editor for the sports section. This is his third semester writing for the Current and he hopes to transfer to Sac State when he is done at...


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Where were you born and where do you call home? I was actually born in Nashville, Tennessee. I spent a good deal of time there as a teenager, as well. Home? Well, that's a different story. I'm a bit of a wanderer. Right now, I'm hanging out in East Texas, but I hope someday to …
Tag: Hope Ryan
Jun 04
Release Day Review: THE GEEK AND HIS ARTIST by Hope Ryan
- By Mistress Anya in #contemporaryromance, #gayromance, #yaromance, Anya's Reading Corner, Blog Tours
Can Simon let go of his fear and have love, family, and a normal life with Jimmy? Title: The Geek and His Artist Author: Hope Ryan Genre: M/M Contemporary Young Adult Romance Publisher: Harmony Ink Press Release Date: June 4, 2015 Length: 320 pgs Add To Goodreads Book Links: Harmony Ink | Dreamspinner Press | …
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Without giving too much away, The Cosmetic Institute is continuing to expand, grow & help patients, just like you. At each step of the way, we've carefully listened to the requests of our clients. Soon, we'll be answering one particular question that continues to arise, time after time.
So don't miss out. Keep informed on our social networking platforms & get ready for something big!
Facebook | Instagram


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1st June - 30th June '18
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About Ahmedabad
Located on the banks of Sabarmati River, it is the largest and the former capital city of Gujarat. Ahmedabad is also known as Amdavad. Ahmedabad has been selected as one of the hundred Indian cities to be developed as a smart city under Government of India's flagship Smart Cities Mission. This city is an important economic and industrial hub in India with being the second largest producer of cotton in India. The firm effects of liberalization of the Indian economy has led the growth of the city towards commerce, communication and construction. In 2010, it was ranked third in Forbes's list of fastest growing cities of the decade and The Times of India, in 2012 chose Ahmadabad as India's best city to live in.
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In the Kingdom, the first shall be last, and the last shall be first. Matthew 20:16
Do you not know that in a race all the runners run, but only one gets the prize? Run in such a way as to get the prize. 1 Cor 9:25
Who won the 400m at the 1992 Olympics in Barcelona?
Obviously, Derek Redmond lost his chance at getting an Olympic medal, unlike the other competitors. Even though he came last, he got a standing ovation from 65,000 people in the stands.
Everyone who competes in the games goes into strict training. They do it to get a crown that will not last, but we do it to get a crown that will last forever. 1 Cor 9:25
Therefore, since we are surrounded by such a great cloud of witnesses, let us throw off everything that hinders and the sin that so easily entangles. And let us run with perseverance the race marked out for us, fixing our eyes on Jesus, the pioneer and perfecter of faith. Hebrews 12
As he limps along crying, the man's father came out of the stands to hold him up. Has God done that for you? He is the Father of compassion and the God of all comfort, who comforts us in all our troubles. 2 Corinthians 1:3-4
He did it for me, and He will do it for you if you let him. We just have to call him Father, and trust Him.
Yet to all who did receive him, to those who believed in his name, he gave the right to become children of God. 1 John 1:12


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Firefighters respond to roadside brush fire in Shelton
Huntington Fire Company crews responded to a small brush fire on the side of Bridgeport Avenue in Shelton at about 1 p.m. on Friday.
Earlier, a man who had been driving by the location pulled over, got out of his car and started putting out the fire. By the time fire crews arrived, most of the fire already was extinguished.
The fire on Bridgeport Avenue was across the street from Bertucci's restaurant and in front of the United Illuminating facility.
Dry leaves and brush caught on fire, most likely ignited by a cigarette tossed by someone in a passing car.
The fire response was expected to be quick because the fire was so small. A firefighter temporarily directed vehicle traffic on Bridgeport Avenue due to the response, which involved one fire truck and at least one other fire vehicle.
Firefighters used a shovel and a hose on the area that caught on fire. No flames were visible by the time they arrived, but flames could be seen earlier when the man who had been driving by started moving leaves, sticks and brush out of the path of the fire.
Unrelated car accident nearby
At just about the exact same time, a two-vehicle accident occurred on Bridgeport Avenue at the intersection with Trap Falls Road/Armstrong Road (near Panera Bread).
One car appeared to rear-end another vehicle at the intersection (the drivers were both on Bridgeport Avenue heading south). The accident appeared minor although there was some damage.
The drivers were outside of their cars waiting for the police to respond as of about 1:05.


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Getting There
Buses leave Chongqing for Dazu from the Caiyuanba Long-Distance Bus Station (next to the railway station) every 20 minutes. The earliest bus is at 5:30am; the last return bus is scheduled to leave at 6pm. It's best to be at the Dazu bus station by 5pm for the return trip to Chongqing. The 1 1/2-hour drive from Chongqing to Dazu Xian Bus Station costs ¥40. From the Dazu Bus Station, catch a minibus for Baoding Shan. Buses depart every half-hour and cost ¥3.50 to ¥4.50 each way. Buses also depart from the small bus station in the north part of town for ¥4.50. A taxi from Dazu Xian to Baoding Shan is about ¥30.
Taking the train to Dazu is slow and requires first going to Youting; from Youting, transfer to a bus going to the bus station. From the station, transfer to another bus to the grottoes. Whether coming from Chengdu or Chongqing, the bus is considerably faster and more convenient.
Tours & Guides
Guided trips to Baoding Shan can be arranged at Chongqing CITS, Zaozi Lanya Zheng Jie 120, second floor (tel. 023/6385-0693; fax 023/6385-0196; firstname.lastname@example.com). The ¥1,300 fee for one or two people includes admission to Baoding and Bei Shan, a guide, transportation, and lunch. Alternately, English-language books give brief explanations of the more important carvings.
Fast Facts
There are no useful services for visitors in Dazu. Exchange money before you leave Chongqing.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.


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Please note that this product is made to order by a factory in Italy. Please contact us to order.
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Nowadays Cantoni make up stations are utilized for all over the world by the most famous brands and make up artists. Their clients include Yves Saint Lauren, Helena Rubinstein, Lancôme, GmbH and many, many more.


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AceShowbiz - Singer Tinashe has reportedly parted ways with bosses at record label Sony Music.
The "2 On" hitmaker signed with the company's subsidiary, RCA Records, in 2012, but fans have since noticed her information has been removed from the label's website.
Tinashe and Sony Music bosses have not commented on the split rumours, but she has spoken out about clashes she has had in the past with music executives. In 2017, she told actress Lena Dunham that a music executive told her to "go home" after she said she did not want to record a particular song.
"He turned to me and said, 'Well, then we can just go home'," she said during an interview with the Women of the Hour podcast. "At this point, I burst into tears."


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SEBI Board Meeting
The SEBI Board met in Mumbai today and took the following important decisions:
I. Amendment to SEBI (Alternative Investment Funds) Regulations, 2012 regarding Angel Funds
In order to further develop the alternative investment industry and the startup ecosystem in India, SEBI, in March 2015, constituted a Committee of experts drawn from the across market participants called the "Alternative Investment Policy Advisory Committee" ("AIPAC") under the chairmanship of Shri. N.R. Narayana Murthy.
AIPAC had submitted its report to SEBI with various recommendations including certain recommendations relating to Angel Funds. Considering the recommendations in the report and public comments thereon, the SEBI Board has approved following amendments to SEBI (Alternative Investment Funds) Regulations, 2012 with respect to 'Angel Funds':
i) The upper limit for number of angel investors in a scheme is increased from forty nine to two hundred.
ii) The definition of start-up for Angel Funds investments be similar to definition of DIPP as given in their start-up policy. Accordingly, Angel Funds will be allowed to invest in start-ups incorporated within five years, which was earlier 3 years.
iii) The requirements of minimum investment amount by an Angel Fund in any venture capital undertaking is reduced from fifty lakhs to twenty five lakhs.
iv) The lock-in requirements of investment made by Angel Funds in the venture capital undertaking is reduced from three years to one year.
v) Angel Funds are allowed to invest in overseas venture capital undertakings upto 25% of their investible corpus in line with other AIFs.
II. Amendment to SEBI (Foreign Portfolio Investors) Regulations, 2014 to permit FPIs to invest in unlisted Non-Convertible debentures and securitised debt instruments
As per the extant SEBI (Foreign Portfolio Investor) Regulations, 2014, investment in unlisted debt securities is permitted only in case of companies in the infrastructure sector. Further, investment by FPIs in securitised debt instruments is currently not permitted.
The Board decided that in order to enhance the investor base in unlisted debt securities and securitised debt instruments, FPIs shall be permitted to invest in the following:
i) Unlisted corporate debt securities in the form of non-convertible debentures/bonds issued by an Indian pulic or private company subject to the guidelines issued by the Ministry of Corporate Affairs from time to time. Investments in the unlisted corporate debt securities shall subject to minimum residual maturity of three years and end use-restriction on investment in real estate business, capital market and purchase of land. The expression 'Real Estate Business' shall have the same meaning as assigned to it in Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 Notification No.FEMA.362/2016-RB dated February 15, 2016.
ii) Securitised debt instruments, including (i) any certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset/s with banks, FIs or NBFCs as originators; and/or (ii) any certificate or instrument issued and listed in terms of the SEBI (Public Offer and Listing of Securitised Debt Instruments),2008.
Investment by FPIs in the unlisted corporate debt securities and securitised debt instruments shall not exceed INR 35,000 cr within the extant investment limits prescribed for corporate bond from time to time which currently is INR 2,44,323 cr. Further, investment by FPIs in securitised debt instruments shall not be subject to the minimum 3-year residual maturity requirement.
The above proposal shall be implemented through amendment of SEBI (Foreign Portfolio Investors) Regulations, 2014 and issue of circular.
III. Corporate Governance Issues in Compensation Agreements
The Board, in its meeting held on September 23, 2016, had deliberated the concerns related to private equity funds entering into compensation agreements to incentivize promoters, directors and key managerial personnel of listed investee companies which could potentially lead to unfair practices. Accordingly, it approved the proposal for initiation of public consultation process in this regard. The said consultation paper was issued on October 04, 2016 inviting public comments. Subsequently, comments/ suggestions have been received from the public.
Based on the consultative paper and the comments received thereon, the SEBI Board today approved the proposal to amend Listing Regulations to enforce disclosures and shareholder approval for all such agreements including existing agreements that extend beyond the date of the amendment. The revised norms for such disclosures and shareholder approvals are as under:
i) No employee including key managerial personnel, director or promoter of a listed entity shall enter into any agreement for himself or on behalf of any other person, with any shareholder or any other third party with regard to compensation or profit sharing unless prior approval has been obtained from the Board as well as public shareholders.
ii) All such agreements entered during the past three years from the date of notification shall be informed to the stock exchanges for public dissemination including those which may not be currently valid.
iii) Existing agreements entered into prior to the date of notification and which may continue to be valid beyond such date shall be informed to the stock exchanges and approval shall be obtained from public shareholders by way of an ordinary resolution in the forthcoming general meeting. The term 'public' shall carry the same meaning as defined under Rule 2 of Securities Contracts (Regulation) Rules, 1957.
iv) Interested persons involved in the transactions shall abstain from voting on the said resolution.
November 23, 2016