Thursday, May 14, 2009
BCCP in the News! Also Sajith Kumar of JRG, our Global Alliance Partner in MENA/India!
Press Release
Appointment of Sajith Kumar P K as CEO and member of the Director Board of JRG Metals & Commodities DMCC
Dubai, May, 2009
The Board of Directors of JRG Metals & Commodities DMCC appointed Mr. Sajith Kumar P K as the CEO and Director of the company. The CEO will be fully responsible for all the day to day functions of the company. Since 2006 onwards, Mr. Sajith was holding the position as Vice President with JRG Metals & Commodities DMCC.
Sajith has 15 years experience in the financial services industry, including working with Stock Exchanges and Brokerage Houses. He holds Masters Degree in Computer Applications and Sajith started his career with Cochin Stock Exchange and joined with JRG Group in 2000 in JRG Securities Ltd., the parent company at Cochin, India. JRG obtained the Membership in Dubai Gold and Commodities Exchange (DGCX) and started operations in 2006 under the leadership of Mr. Sajith. He was holding the position as Vice President. Projects & Depository in JRG Securities Ltd. in India.
JRG Metals & Commodities DMCC is a leading Broker & Clearing Member of Dubai Gold Commodities Exchange (DGCX) and one of the subsidiary companies of JRG Securities Ltd., an India-based listed company at Bombay Stock Exchange, India.
Under Sajith’s leadership, JRG launched a highly advanced mobile trading to the global investing public via the Dubai Gold and Commodities Exchange (DGCX) trading platform. JRG initiated the world’s first delivery of steel futures contracts with DGCX.
Sajith is also a Council Member of Gerson Lehrman Group Councils (GLG Group), Austin, Global Alliance Partner of Bekker Compliance Consulting Partners, Los Angeles and acted as a strong member of Economic Affairs Panel of Confederation of Indian Industry (CII) Kerala Chapter.
HAZZA MOHAMMED
CHAIRMAN
Appointment%20of%20CEO%20-%20JRG%20Metals%20%26%20
Commodities%20DMCC%2C%20Dubai.pdf
Labels: BCCP, Bekker, commodities, DMCC, Dubai, JRG, Kumar
Wednesday, May 13, 2009
BCCP Crew in the News: John Schrier, our Director of Regulatory Compliance!
APRIL 27, 2009, 11:33 A.M. ET
COMPLIANCE WATCH: Follow Through On Marketing Promises
By Suzanne Barlyn
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--Many investment advisers explain their due diligence strategies in marketing materials as a way to attract clients. But it's important to make good on those promises to avoid unwanted attention from regulators.
A recent settlement between the Hennessee Group LLC, a New York-based hedge fund consultant, and Charles J. Gradante, its principal, and the Securities Exchange Commission, is an example of the difficulties that may surface when regulators question whether advisers have followed through on diligence procedures explained in their marketing materials.
The SEC, in an administrative proceeding, charged that Hennessee and Gradante violated securities laws by not performing a "Five Level Due Diligence Process," which they advertised, before recommending that clients invest in the Bayou hedge funds that were later discovered to be a fraud. Gradante and Hennessee consented to the SEC's order, announced April 22, without admitting or denying guilt.
Hennessee, the SEC says, told clients its due-diligence process included a detailed review and analysis of the fund's investment portfolio, an on-site visit to a fund's offices to interview key personnel, and a background check on the fund's manager. But Hennessee breached its fiduciary duty and materially misled clients, the SEC says, by not performing the portfolio analysis or verifying conflicting statements about the identity of Bayou's auditor.
Nearly 40 Hennessee clients collectively lost more than $56 million in the Bayou scam, according to the SEC.
The settlement requires Hennessee to adopt policies that ensure its client disclosures about hedge fund selection and monitoring are adequate. Hennessee and Gradante also agreed as part of the settlement to pay the SEC a $100,000 fine and $714,644 for the return of profits.
Peter D. Greene, a hedge fund attorney in New York, says advisers, as a result of the settlement, should review their written compliance procedures and marketing materials. "[They] should take a look at the policies on their shelves and ask, 'Are we doing all these things?'" he says. If not, then modify them, he says, "so they more accurately mirror reality."
Compliance professionals should also review marketing materials and written procedures with people who work on the business side of an investment adviser or brokerage, says John Schrier, an asset management and tax lawyer in New York.
A portfolio manager and trader, for example, are often best able to verify whether a written trading strategy is described accurately, he says. The extra steps will likely improve an adviser's ability to follow written procedures, and to minimize future legal problems with investors and regulators.
(Suzanne Barlyn writes Compliance Watch, a column that focuses on compliance and regulatory issues affecting financial advisers. She can be reached at 201-938-4546 or by email at
suzanne.barlyn@dowjones.com.)
Article - WSJ.com http://online.wsj.com/article_email/BT-CO-20090427-711649-kIyVDA...
1 of 2 4/27/2009 12:05 PM
COMPLIANCE WATCH: Follow Through On Marketing Promises
By Suzanne Barlyn
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--Many investment advisers explain their due diligence strategies in marketing materials as a way to attract clients. But it's important to make good on those promises to avoid unwanted attention from regulators.
A recent settlement between the Hennessee Group LLC, a New York-based hedge fund consultant, and Charles J. Gradante, its principal, and the Securities Exchange Commission, is an example of the difficulties that may surface when regulators question whether advisers have followed through on diligence procedures explained in their marketing materials.
The SEC, in an administrative proceeding, charged that Hennessee and Gradante violated securities laws by not performing a "Five Level Due Diligence Process," which they advertised, before recommending that clients invest in the Bayou hedge funds that were later discovered to be a fraud. Gradante and Hennessee consented to the SEC's order, announced April 22, without admitting or denying guilt.
Hennessee, the SEC says, told clients its due-diligence process included a detailed review and analysis of the fund's investment portfolio, an on-site visit to a fund's offices to interview key personnel, and a background check on the fund's manager. But Hennessee breached its fiduciary duty and materially misled clients, the SEC says, by not performing the portfolio analysis or verifying conflicting statements about the identity of Bayou's auditor.
Nearly 40 Hennessee clients collectively lost more than $56 million in the Bayou scam, according to the SEC.
The settlement requires Hennessee to adopt policies that ensure its client disclosures about hedge fund selection and monitoring are adequate. Hennessee and Gradante also agreed as part of the settlement to pay the SEC a $100,000 fine and $714,644 for the return of profits.
Peter D. Greene, a hedge fund attorney in New York, says advisers, as a result of the settlement, should review their written compliance procedures and marketing materials. "[They] should take a look at the policies on their shelves and ask, 'Are we doing all these things?'" he says. If not, then modify them, he says, "so they more accurately mirror reality."
Compliance professionals should also review marketing materials and written procedures with people who work on the business side of an investment adviser or brokerage, says John Schrier, an asset management and tax lawyer in New York.
A portfolio manager and trader, for example, are often best able to verify whether a written trading strategy is described accurately, he says. The extra steps will likely improve an adviser's ability to follow written procedures, and to minimize future legal problems with investors and regulators.
(Suzanne Barlyn writes Compliance Watch, a column that focuses on compliance and regulatory issues affecting financial advisers. She can be reached at 201-938-4546 or by email at
suzanne.barlyn@dowjones.com.)
Article - WSJ.com http://online.wsj.com/article_email/BT-CO-20090427-711649-kIyVDA...
1 of 2 4/27/2009 12:05 PM
Labels: adviser, Bayou, due diligence, hedge fund, Hennessee, marketing, sec
Sunday, May 03, 2009
BCCP Blog: DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!
BCCP Blog: DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!: "DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!"
DMCC Gold Convention at Atlantis Hotel, The Palm Jumeirah -- April 27, 2009!
Hello, Carrie Bekker here with a special report:Last week Sajith Kumar of JRG graciously invited me to attend this very special DMCC event co-sponsored by JRG.
Please read on for details ...
Venue: Atlantis Hotel, The Palm Jumeirah
Date: April 27th 2009
Time: 2:00 - 7:00pm
"Are you a banker, a trader, an investment professional, a jeweller, a miner, a refiner or a stakeholder in the gold industry?
Have you wondered:
- How gold has held its appeal while other asset classes are experiencing serious challenges.
- Where the gold price is heading in the short and long term.
- How in the midst of the financial crisis, Dubai can continue to hold its own as the region’s premier gold hub.
If yes, then the “DMCC Gold Convention” is the perfect event for you.
Share your insights and knowledge, express your opinions, air your concerns and debate ideas with some of the best known names in the industry - the “DMCC Gold Convention” will offer an ideal platform to discuss all current gold-related issues.
You may also get a chance to walk away with a copy of one of the leading industry publications, the GFMS Gold Survey 2009, and possibly a Visions of Dubai gold coin.
The half-day event will be followed by a networking cocktail reception."
DMCC_Event-Program-DMCC-Gold-Convention-2009.pdfhttp://www.jrg.co.in/
http://www.dmcc.ae/
Labels: BCCP, Bekker, commodities, DMCC, Dubai, gold, JRG
Saturday, May 02, 2009
Spotlight: Please join me in welcoming Sajith Kumar, BCCP's Newest Global Alliance Partner!
Hey, A-Team & Friends of BCCP! Carrie Bekker here with an important announcement to make:I would like to introduce you to Sajith Kumar of JRG, BCCP's newest Global Alliance Partner!
Sajith [left] is based in Dubai. He is BCCP/BCI's representative in MENA and India. Sajith is also Vice-President and Compliance Officer of JRG Metals & Commodities DMCC, UAE, a leading Broker & Clearing Members of DGCX and one of the subsidiary companies of JRG Securities Ltd., an India based listed company at Bombay Stock Exchange, India.
Attached is Sajith's profile and professional credentials.
Please join me in welcoming Sajith as part of BCCP's A-Team and Global Alliance Partners!
Many thanks,
Carrie
sajithkumar_pk.doc
Labels: A-Team Spotlight, Dubai, Global Alliance Partner, India, JRG, UAE