Message Apps Pose Growing Risk for China Securities Regulator

Message Apps Pose Growing Risk for China Securities Regulator

A growing number of China’s retail investors are opening trading accounts on messaging and social media app WeChat, and some institutional investors are even using it to instruct brokers, making it harder for regulators to monitor trades and spot illegal activity, traders and investors told Reuters.

While using mobile messaging and social media apps for trading is not unlawful in China, regulations require reliable monitoring and recording of trades to prevent activities such as insider trading or market manipulation, and to keep on top of threats to market stability such as excessive margin trading.

China Securities Regulatory Commission (CSRC) has been clamping down on breaches, including fining four brokerages in September for failing to collect information about the identities of clients who traded stocks through external systems.

It also shut down third-party trading software used by brokers that helped traders skirt regulations by dividing one account into many sub-accounts without the need to register a name, according to local media.

Even so, using apps to buy and sell stocks over mobile phones is common in a country where retail investors account for 80 percent of share market volume.

Despite closer scrutiny from China’s regulators, brokerages including large listed firms like China Galaxy Securities and smaller entities such as Great Wall Securities, started offering WeChat share trading account services last year in a bid to access the growing pool of retail traders.

China Galaxy Securities and Great Wall Securities did not return requests for comment.

Overall account openings swelled to around 46 million in the first half of 2015, from around 2 million over the same period in 2014, according to official data.

For brokers, the advantages of using WeChat are obvious, since it is the preferred means of communication for many of its 600 million users.

But a case in Hong Kong last month highlights regulators’ concerns with the trend.

The regulator there suspended a trader for receiving a buy order on WhatsApp, a messaging app owned by Facebook Inc , in breach of the internal communication policies of the firm he then worked for, BTIG, noting that the company had no control over the recording and retention of such messages.

Growing risks
While the Hong Kong Securities and Futures Commission code of conduct does not prohibit the use of social messaging apps, it encourages the strict recording and time stamping of all communications and says the use of mobile phones for orders is “strongly discouraged”.

Some of China’s institutional investors are also using WeChat to instruct their brokers.

“In practice lots of people don’t care about compliance and take orders on WeChat,” said a Hong Kong-based institutional sales trader specialising in China.

The CSRC did not respond to requests for comment, nor did Tencent Holdings Ltd, the owner of WeChat.

Such concerns are not limited to China.

Clara Shih, chief executive and founder of Hearsay Social, Inc, a San Francisco-based social media compliance company, said messaging apps are also a potential gap in the compliance systems that US financial services firms have spent years building.

US brokerages must monitor and store copies of employees’ electronic communications for three years and have a duty to protect clients’ personal information and confidentiality, tasks made more complicated by the proliferation of social media platforms.

Technology has evolved in recent years to make it easier for companies to monitor employees’ activity on traditional social media platforms such as Facebook and Twitter. But WhatsApp and WeChat are not compatible with that technology, Shih said.

Using social media for business is a growing trend but also a growing risk for compliance, said Craig Brauff, chief executive of Erado, a social media compliance company in Renton, Washington.

“Regulations are designed to keep honest people honest. If someone really wants to be dishonest, there are lots of ways around it,” he said.

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Harsh Mander: If JNU union leader is tried for sedition, I too should be charged with the same crime

Harsh Mander: If JNU union leader is tried for sedition, I too should be charged with the same crimePhoto Credit: IANS
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It was a stirring evening of resistance, solidarity and hope.

On Saturday, I joined several thousand students, teachers and political leaders outside the office of the Vice Chancellor of Jawaharlal University in Delhi, to protest the arrest of the JNU Students’ Union President Kanhaiya Kumar, and the presence of the police on the campus. Armed security forces were visible everywhere on the campus. The university had begun to resemble a cantonment under siege.

The university management had turned off the electric power connections at the meeting site to prevent the use of the loudspeakers, in a ham-handed attempt to foil the protest. The students used makeshift battery-operated mikes instead, and the voices of the speakers still carried far because the large crowd of students was disciplined and quiet. Intermittently, students cheered each of the speakers, raised their clenched fists in slogans, and celebrated their unity and defiance. It has been a long time since I felt surrounded by the heady optimism of youth, camaraderie and idealism as I did this evening.

The campus has many students’ unions, reflecting a wide range of ideological opinion, from many shades of the Left, socialist, centrist and right-wing politics. There is usually sharp rivalry and competition between these various student groups. But after Kumar’s arrest, all these student unions came together at this protest, except the student wing of the BJP – the Akhil Bharatiya Vidyarthi Parishad. What was also unusual about the protest was that large section of the JNU teachers’ union also joined and supported the students’ protest.

In a corner of the massive student gathering, a small number of students of the ABVP raised slogans and black flags supporting the police action against the student leaders. Their numbers were too small to drown out the speeches from the podium. The ABVP students’ counter-slogans formed only a kind of background score to the evening’s events, which in a strange way I did not find discordant (except when the students assaulted one of the speakers).The exercise by this small minority of students of their right to protest only further reinforced the larger student demand to defend the spaces for democratic dissent and debate inside the campus of all shades of political opinion.

Many speakers celebrated the unique place that JNU has carved out for itself in India’s public and intellectual life, and indeed in nation-building. Every tongue spoke in the vast and diverse land of India could be heard somewhere in the hostels of this university. Every community from every corner of the country has contributed students to this campus. Every colour of political opinion would find its adherents in this campus. Democratic debate is central to the university’s ethos. I have often been invited by JNU students from diverse unions for after-dinner debates, and each time I accept, I am struck by the numbers of students who voluntarily gather for these meetings, listen carefully, and engage and passionately debate with me and other speakers late into the night.

The right to dream

When my turn came to speak during Saturday’s protest, it was late into the evening. I began by declaring that a country is infinitely poorer if its young people are prevented from their free right to dream and dissent, because throughout history and across the planet, the journey of creating a more just and humane world has begun always with the dreams and also the challenges and disagreements of its young people. If Kanhaiya Kumar, the JNU Students’ Union President, is anti-national, and before him, if Rohith Vemula of the Hyderabad Central University was anti-national, then I declared that I too am anti-national.

By all credible accounts, the meeting of February 9 that set off this storm had been organised not to uphold separatist politics but to protest against the principle of the death penalty awarded to Afzal Guru, convicted for his role in the Parliament attack of 2001. I recall my own writings at the time he was marched to the gallows. At that time, I wrote in the Hindu: “The hanging of Afzal Guru on 9 February, 2013 raises a thicket of debates – ethical, legal and political – about justice, law, democracy, capital punishment, and a strong state. What is the quality of true justice? Is it enough for it to be lawful, fair and dispassionate, or must it also be tempered with mercy?”

I went on to say that the High Court’s reference in its 2003 judgment to “the collective conscience of the society” being satisfied by awarding the death penalty to Guru caused me great unease, because the only legitimate reason for a court to award any punishment should be the fair application of the law to the evidence placed before it, not the appeasement of alleged majoritarian public opinion. I also expressed my anguish at the distressing failure of official compassion and public decency in denying Afzal Guru’s wife and teenaged son the chance to meet him for the last time before his execution. The haste and secrecy of the execution also unconscionably denied him his last available legal resource, affirmed by the Supreme Court in the Kartar Singh case, to seek judicial review of the rejection of his mercy petition.

I had concluded: “Many believe that the belated execution signalled a strong and decisive state, especially to the ‘neighbouring country’. One glance at the daily reality of this neighbouring country will reflect the brutalising wages of years of “decisive” politics of militarism and public vengeance. It is not a weak, but a stable, mature and confident democracy which can display compassion even to those we may believe have most wronged the country.”

Unsurprisingly, I was attacked savagely on social media by trolls of a particular political persuasion, casting me to be “anti-national” for months. But at least I was not booked for sedition. It worries me deeply that today this same debate – that raises most fundamental questions of public ethics and law – initiated by students in a university, instead of being welcomed, is treated as criminal sedition, for which the principal organiser is at the time of writing in police remand.

A mischievous claim

There is little doubt that Kanhaiya Kumar could not have either raised or supported slogans against the Indian nation, because these were never part of his politics, or those of AISF (the All India Students’ Federation) of which he was a member in JNU or the Communist Party of India, of which AISF is the student wing. The charges against him are transparently a mischievous attempt to use untruths to stoke popular majoritarian and hyper-nationalist sentiment against both him and the university that had elected him to lead its Students’ Union.

However, it is important to add that even if there were some Kashmiri students who did raise slogans expressing disaffection against India and in support of independence for Kashmir, the fitting response to this would only have been open public debate in which students and teachers heard their views and challenged these, not to charge these students with the grave colonial crime of sedition that could result in their imprisonment for up to 10 years. Universities are places where young people must feel free to challenge the received wisdom of the times they live in. Their minds and hearts must be freed of the fetters of fear and the obligation to conform to powerful or dominant opinion. It is in universities that students the world over have fought colonialism, unjust wars, tyranny, hate and unequal social orders. Governments and indeed majority opinion may be pitted powerfully against their views, but a democracy requires the stout defence of their right to profess and debate these ideas, even by those who are opposed to these ideas. Universities in a democracy cannot be allowed to become places where the institution’s leadership allows police to walk in and arrest students at will, and where dissent by students or indeed teachers is demonised and criminalised.

It is for these reasons that I declared that if Kanhaiya Kumar is charged with sedition, I demand that I be tried for the same crime. And I know that I am not alone in this demand.

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Three love poems by Ghalib for every day of the year

Three love poems by Ghalib for every day of the year
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In translation or in the original, these ghazals transcend the commercialisation of a day dedicated to conventional and commonplace romance:

Play

Let’s Live In That Place

Let’s live in that place where there’s no one, let’s go,
Where no one knows our tongue, there’s no one to speak to.
We’d build a house without doors and walls,
Have no neighbours, watchmen forego.
In sickness no one to nurse us, enquire,
If we died, no one to mourn us, no!

Rahiye ab aisi jagah

rahiye ab aisī jagah chal kar jahāñ koī na ho
ham-suķhan koī na ho aur ham-zabāñ koī na ho

be-dar-o-dīvār sā ik ghar banāyā chāhiye
koī ham-sāya na ho aur pāsbāñ koī na ho

padiye gar bīmār to koī na ho tīmārdār
aur agar mar jāiye to nauha-ķhvāñ koī na ho

~~~

Play

At Every Little Thing

At every little thing you say, “Who art thou?”
Is this the way you talk to one, anyhow?

In flame not this miracle, in lightning not this art,
Tell me what’s behind her bold, impulsive glow?

This jealousy is there that he confers with you
Else, what fear of the enemy’s influence now?

With blood, my shirt sticks to the body,
What need of any darning does it allow?

Where the body’s burnt, the heart would’ve too.
Raking the ashes, what do you seek now?

We are not convinced of simply running in the veins,
What blood that which from the eyes did not flow?

That thing for which we esteem Eden so high,
What is it but wine of the flower, musk of blossoms, mellow?

When it comes to drinks I see through a few barrels,
Why then in glass, goblet, or pitchers wallow?

Gone’s the power of speech, and even if it
Stayed, on what hope would I, my hopes, show?

Become the king’s protégé, he struts about,
Else, what shall be Ghalib’s fame in this town?

Har ik baat pe…

har ek bāt pah kahte ho tum kih tū kyā hai
tumhīñ kaho kih yih andāz-e-guftagū kyā hai

nah shole meñ yih karishma nah barq meñ ye adā
koʾī batāʾo ke vo shoḳh-e-tund-ḳhū kyā hai

ye rashk hai ke vo hotā hai ham-suḳhan tum se
vagarnah ḳhauf-e-bad-āmozī-e-adū kyā hai

chipak rahā hai badan par lahū se pairāhan
hamāre jeb ko ab ḥājat-e-rafū kyā hai

jalā hai jism jahāñ dil bhī jal gayā hogā
kuredte ho jo ab rākh justajū kyā hai

ragoñ meñ dauṛte phirne ke ham nahīñ qā’il
jab āñkh se hī na ṭapkā to phir lahū kyā hai

vo chīz jis ke liye ham ko ho bihisht ʿazīz
sivā-e-bādah-e-gul-fām-e-mushk-bū kyā hai

piyūñ sharāb agar ḳhum bhī dekh lūñ do char
ye shīshah-o-qadaḥ-o-kūzah-o-sabū kyā hai

rahī na t̤āqat-e-guftār aur agar ho bhī
to kis umīd pah kahye ke ārzū kyā hai

huā hai shah kā muṣāḥib phire hai itrātā
vagarnah shahr meñ ġhālib kī ābrū kyā hai

~~~

Thousands of Desires Such

Thousands of desires, such, that for every wish I’d die,
My many hopes came true, but many more did defy.

Should my killer be scared? Will it hang upon his neck?
– that blood which dropped lifelong from my ever-brimming eye.

We’d always heard of Adam’s exile from Eden, but,
When we left, we left your street so disgraced, all awry.

The myth would come undone, O tyrant, of your growth in
stature, were the coils of your turban uncoiled, let fly.

If a letter to her be commissioned, we’ll write that,
Come every morning, a quill on our ear we supply.

In that age was established, my habit for wine,
Once again the days for the jar of Jum to ply.

Those who we hoped would harken to our woes,
Were more woebegone under the cruel sword’s sway.

In love there is no difference in living and dying,
We live looking at our idol that takes our breath away.

For God’s sake do not remove the veil from the Kaaba,
O Tyrant! What if here too is my beloved idol’s stay?

Whither the way to the bar, Ghālib, and where the preacher,
Yet, we know that yesterday, thither he went, as we’d stray.

Play

Hazaron Khwahishein Aisi

hazāroñ ķhvāhisheñ aisī ki har ķhvāhish pe dam nikle
bahut nikle mire armān lekin phir bhī kam nikle

Dare kyūñ merā qātil kyā rahegā us kī gardan par
vo ķhūñ jo chashm-e-tar se umr bhar yūñ dam-ba-dam nikle

nikalnā ķhuld se ādam kā sunte āe haiñ lekin
bahut be-ābrū ho kar tire kūche se ham nikle

bharam khul jāe zālim tere qāmat kī darāzī kā
agar us turra-e-pur-pech-o-ķham kā pech-o-ķham nikle

magar likhvāe koī us ko ķhat to ham se likhvāe
huī subh aur ghar se kān par rakh kar qalam nikle

huī is daur meñ mansūb mujh se bāda-ashāmī
phir āya vo zamāna jo jahāñ meñ jaam-e-jam nikle

huī jin se tavaqqo ķhastagī kī dād pāne kī
vo ham se bhī ziyāda ķhasta-e-teġh-e-sitam nikle

mohabbat meñ nahīñ hai farq jīne aur marne kā
usī ko dekh kar jīte haiñ jis kāfir pe dam nikle

ķhudā ke vāste parda na kābe se uțhā vāiz
kahīñ aisā na ho yāñ bhi vahī kāfir sanam nikle

kahāñ maiķhāne kā darvāza ġhālib aur kahāñ vāiz
par itnā jānte haiñ kal vo jātā thā ki ham nikle

Translated from the Urdu by Maaz Bin Bilal

Maaz Bin Bilal recently earned his PhD in English from Queen’s University Belfast for his thesis on the Politics of Friendship in EM Forster’s work. He teaches at Ashoka University. He is an avid translator and a poet.

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Amazon Faces US Fine for Failing to Report Injuries

Amazon Faces US Fine for Failing to Report Injuries

Amazon.com Inc. failed to report at least 26 work-related illnesses and injuries in a New Jersey warehouse last year, a federal agency said, the latest indication that low-wage employees who rush to fetch online orders often bear the pain of the speedy, convenient delivery of goods.

The Seattle-based Web retailer faces a $7,000 (roughly Rs. 4.6 lakhs) fine and demands to change its warehouse work environment, according to a citation. The action stems from a July inspection by the Occupational Safety and Health Administration that Amazon failed to report workplace injuries and exposed employees to amputation risks and failed to provide protective gear. Medical personnel hired by Amazon also provided services beyond their expertise when tending to workers’ medical needs.

As Amazon’s online sales have grown analysts project revenue will climb 20 percent to $107.2 billion this year so has its need to expand its network of fulfillment centers and hire more workers to complete online orders. During the latest holiday shopping season, the Web retailer added more than 100,000 extra staff, who pick items in warehouses as large as several football fields. In 2013, a temporary worker at an Amazon warehouse in New Jersey was crushed to death in a package-sorting conveyor system.

“Failure to properly record occupational illnesses and injuries is hazardous to workers,” said Paula Dixon-Roderick, director of OSHA’s Marlton Area Office. “The lack of accurate data can mask patterns of injuries and illnesses that could help uncover conditions with the potential of putting workers at risk. In addition to keeping accurate records, Amazon should address the potential dangers identified in the hazard-alert letters to ensure the safety and health of its fulfillment center employees.”

Craig Berman, a spokesman for Amazon, didn’t immediately respond to a request for comment.

The federal agency said warehouse workers are exposed to stress from repeated bending at the waist during shifts lasting 10 hours or more and that the “on-site medical unit provided medical care beyond what is allowed by their licensing and certification, without the supervision of a board-certified qualified medical professional licensed to practice independently.”

The citation gives Amazon 15 business days to pay the fine and comply with OSHA’s requests, seek an informal conference with the agency or contest the findings before the Occupational Safety and Health Review Commission.

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