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States should monitor chit fund firms, says SEBI

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Kolkata: Market regulator Securities and Exchange Board of India (SEBI) on Thursday said the state governments need to play a pivotal role to control and monitor the spread of chit fund and ponzi firms.

“This is a matter which cannot be controlled by one central agency – there is a three-tier approach required. The first level has to be state government. It is not possible for RBI or SEBI or any other agency,” SEBI chairman U.K. Sinha told media persons here.

He was speaking on the sidelines of an event organised by Bharat Chamber of Commerce.

He said the state governments in various parts of the country have passed their own legislations on depositor protection to safeguard their interest and prevent any malicious acts from any chit fund firms.

“In that act, they have given wide powers to the district magistrate and the superintendent of police,” he said.

Sinha referred to the recently amended act in Odisha, which has made it compulsory for the firms to get registered with the district magistrates before raising any money.

“If you are defaulting, then the district magistrate can impound all the assets, they can even issue arrest warrants and things like that,” he said.

Sinha said a total of 20 states have enacted such laws to contain and monitor chit fund firms.

He said collections or fund raising exceeding Rs.100 crore from these firms needs to be monitored by the SEBI while collections less than Rs.100 crore need monitoring by the state governments.

“It is not possible for RBI or SEBI or any other agency. SEBI has got 700 employees and how can we work in close to 700 districts of the country?” he said.

Sinha also said there has to be coordination between the central agencies like the Reserve Bank of India or SEBI and the state government.

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Casino Days Reveal Internal Data on Most Popular Smartphones

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CasinoDays India

International online casino Casino Days has published a report sharing their internal data on what types and brands of devices are used to play on the platform by users from the South Asian region.

Such aggregate data analyses allow the operator to optimise their website for the brands and models of devices people are actually using.

The insights gained through the research also help Casino Days tailor their services based on the better understanding of their clients and their needs.

Desktops and Tablets Lose the Battle vs Mobile

The primary data samples analysed by Casino Days reveal that mobile connections dominate the market in South Asia and are responsible for a whopping 96.6% of gaming sessions, while computers and tablets have negligible shares of 2.9% and 0.5% respectively.

CasinoDays India

The authors of the study point out that historically, playing online casino was exclusively done on computers, and attribute thе major shift to mobile that has unfolded over time to the wide spread of cheaper smartphones and mobile data plans in South Asia.

“Some of the reasons behind this massive difference in device type are affordability, technical advantages, as well as cheaper and more obtainable internet plans for mobiles than those for computers,” the researchers comment.

Xiaomi and Vivo Outperform Samsung, Apple Way Down in Rankings

Chinese brands Xiaomi and Vivo were used by 21.9% and 20.79% of Casino Days players from South Asia respectively, and together with the positioned in third place with a 18.1% share South Korean brand Samsung dominate the market among real money gamers in the region.

 

CasinoDays India

Cupertino, California-based Apple is way down in seventh with a user share of just 2.29%, overshadowed by Chinese brands Realme (11.43%), OPPO (11.23%), and OnePlus (4.07%).

Huawei is at the very bottom of the chart with a tiny share just below the single percent mark, trailing behind mobile devices by Motorola, Google, and Infinix.

The data on actual phone usage provided by Casino Days, even though limited to the gaming parts of the population of South Asia, paints a different picture from global statistics on smartphone shipments by vendors.

Apple and Samsung have been sharing the worldwide lead for over a decade, while current regional leader Xiaomi secured their third position globally just a couple of years ago.

Striking Android Dominance among South Asian Real Money Gaming Communities

The shifted market share patterns of the world’s top smartphone brands in South Asia observed by the Casino Days research paper reveal a striking dominance of Android devices at the expense of iOS-powered phones.

On the global level, Android enjoys a comfortable lead with a sizable 68.79% share which grows to nearly 79% when we look at the whole continent of Asia. The data on South Asian real money gaming communities suggests that Android’s dominance grows even higher and is north of the 90% mark.

Among the major factors behind these figures, the authors of the study point to the relative affordability of and greater availability of Android devices in the region, especially when manufactured locally in countries like India and Vietnam.

“And, with influencers and tech reviews putting emphasis on Android devices, the choice of mobile phone brand and OS becomes easy; Android has a much wider range of products and caters to the Asian online casino market in ways that Apple can’t due to technical limitations,” the researchers add.

The far better integration achieved by Google Pay compared to its counterpart Apple Pay has also played a crucial role in shaping the existing smartphone market trends.

 

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