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Foreign investors welcome, but no place for tainted money: Sebi

Foreign investors welcome, but no place for tainted money: Sebi

MUMBAI: Allaying concerns about any further misuse of Participatory Notes, market watchdog Sebi's Chairman U K Sinha has said Indians can no longer use these offshore instruments, even indirectly, and a strong safety net has been put in place to check any routing of black money. 

He also said that foreign investors have been taken "completely on board" for changes in the regulations governing Offshore Derivative Instruments (ODIs) -- commonly known as P-Notes -- and they have been consulted even for design of the reporting formats about investments through this route. 

Sebi will soon finalise reporting formats as also the revised guidelines and new circulars, for Foreign Portfolio Investors (FPIs) dealing in ODIs, after incorporating the changes approved by its board earlier this month. 

While foreign investors can register themselves as FPIs to invest directly in India , ODIs are typically market-access instruments preferred by those looking to save on time and operational costs involved with a direct registration. 

Sebi rules allow certain classes of FPIs to issue ODIs after a proper due-diligence process that has been further tightened now to address the concerns raised by the Special Investigation Team (SIT) on Black Money. 

In an interaction here, the Sebi Chairman said India wants to encourage and promote long-term investments and would prefer foreign investors to come directly, but there will be no roadblocks for genuine investments even through PNs. 

Ruling out any special concession for the investors using this route, including for hedge funds, Sinha said if some investors have a genuine reason such as 'testing the Indian waters' they can use ODIs after complying with the due KYC and other regulatolatory requirements. 

"In the past, this route was misused by some Indian nationals and Indian corporates for getting their ill-gotten money rerouted to the Indian markets . 

"The intention was also to put money into their own firms so as to manipulate the share prices. As late as 2007-2008, we found some such cases and took action," Sinha said. 

"Now, Sebi has got the information and a guarantee from the foreign investors issuing ODIs that not a single Indian has b een issued such instruments and they would not be allowed to subscribe to these instruments, directly or indirectly. 

"Earlier, there were also cases about some hedge funds camouflaging their identity and come through this route, but that is also not possible now and Sebi has got full details till the last possible end beneficial owner," he added. 

ODIs now account for investments worth Rs 2.12 lakh crore in Indian markets, which is 9.3 per cent of the overall FPI investments -- down from a peak of over 55 per cent in 2007. 

Sinha said he sees this percentage falling even further, as foreign investors are preferring the direct route and hundreds of new FPIs are getting registered every quarter. 

Even among FPIs, broad-based funds with low-risk profile account for well over 95 per cent of investments into the Indian markets at about Rs 22 lakh crore, while presence of high-risk investors such as hedge funds is very small -- both in terms of their number as well as the investments. 

Sebi classifies FPIs into three categories based on their risk profile and they are subjected to the KYC requirements accordingly. 

The Category-I FPIs mostly include central banks and sovereign funds, while the Category-II comprises of broad- based investors such as mutual funds , insurers, pension funds and banks. The Category III is the highest-risk category and includes hedge funds and other smaller investors. The third-category of investors are not allowed to deal in ODIs, while only some in the second category are permitted to issue or subscribe to these instruments. 

Sharing further details, Sinha said investments by Category-III FPIs currently stand at only about Rs 77,000 crore while their count is just about 600. In comparison, there are over 7,000 Category-II FPIs and they have invested over Rs 18,74,000 crore. There are about 300 Category I FPIs that have invested close to Rs 3,30,000 .crore in India. 

ODIs are issued abroad by FPIs as market access products against securities held by it that are listed or are proposed to be listed on a stock exchange in India, as its underlying. These underlying securities can be equity, debt, derivatives, index, a basket of securities from different jurisdictions, or a basket of all Indian securities. 

The ODIs include over-the-counter derivatives documented through a bilateral contract, as also the securitised instruments such as notes, certificates or warrants. 

Sinha said there have been two extreme sets of worries in the public's mind. 

He explained: "One is that Sebi is not doing enough to prevent the flow of black money and whether whatever Sebi has done is good enough. The worry on the other side is that are we killing this instrument and what would be the impact on the markets? 

"Even before we decided on the latest changes, there were worries that it would affect the markets. I  remember this decision was taken on a Thursday afternoon and my colleagues kept calling me the previous night and in the morning that they are worried about the markets. 

"Personally, I was not worried because we had held a series of detailed consultations with the FPIs. After the decision also, we called them, as based on these decisions we need to issue some circulars, some guidelines and also some formats need to designed. 

"Even to the extent of designing these formats, we have consulted them so that they are on board and they realise what is the rationale behind it." 

Sinha said that the intention of the government and Sebi has been always clear that any inclination among genuine investors to come through PNs and not the direct FPI route must be removed. 

"That is why we have made the FPI registration process very simple and for those using PNs we have brought in more and more transparency so that the difference between the two routes becomes less and less," he said. 
Assuring that rules are strong enough to check any misuse, Sinha said PNs or ODIs still form part of an important and genuine business requirement. 

He further said: "We don't frown upon these instruments. We have seen these instruments are used all over the world and many jurisdictions allow them as many investors need these instruments as a genuine business requirement. 

"At the same time, the effort has been to remove the dichotomy between these two sets of foreign investors -- FPIs and ODIs -- and bring them together as far as legitimate investors are concerned. 

"We have focussed on making FPI registration process simple and ensure proper KYC compliance. 

"One of the worries earlier was that Sebi did not know who were the ODI holders -- In which jurisdictions they were and whether they were Indian nationals or not. 

"Over the years, Sebi has put in place a very detailed mechanism for reporting requirements of FPIs and that provided for who are the ODI holders and which jurisdictions they were in, among other things. 

"Some people may find it hard to believe, probably because of their own bad experiences in the market in the past, but Sebi now has full details about each and every ODI holder at the end of every month. 

"So, the earlier possibility of Indian nationals using the ODI route is not possible. There were a variety of routes earlier and the one such route was Protected Cell Companies which had a very opaque structures. Sebi has ensured that no such opaque structures are being used now." 

Sinha said it was not very easy to persuade the FPIs for the changes. In the past, whenever Sebi wanted to tighten the ODI rules, there used to be a serious impact on the markets. 

"So, learning from the past, we began consulting the industry on any proposal to bring in new changes. 

"There are about 8,000 FPIs registered today, out of which only 39 is sue ODIs. We consulted all of them. We had extensive consultations and we explained to them that what SIT was saying and what was the reason behind it. After convincing them, we went to our Board and it took a decision," he said. 

"The idea has been that let us make FPI process so much simple that the genuine investors are not inclined to go to this route. But there would still be some people who want to use this form genuine reasons, such as those who just want to test the Indian waters and do not want to get registered as FPIs initially. 

"FPIs and ODI issuers are also realising that it is not something which is happening only in India, but it is a global movement against black money and in favour of transparency," he said. 

The Sebi Chief said the regulator's consultations with FPIs show that more and more people have begun coming directly as FPIs as the process has been made very simple. 






2016-10-02 17:03:26

In awe of that anrews! Really cool!

2016-10-03 03:32:34

Good to see real expertise on display. Your contribution is most welcome.

2016-10-03 09:50:06

DeAnna Parton - What a precious miracle given to two of the best parents in the entire world. Gabriel could not have been given better parents. Kim and Chris are the best. Gabriel, you are a lucky little boy, remember that in your teenage years. Kim and Chris, remember the miracle he is, in his teenage years. God Bless your family!

2016-10-03 10:11:32

Hiya Lefty–Batshitcrazy Bachmann is on the first hour of Dennis Miller this morning at nine central–we carry it on our station, but I’ve been listening to Stephanie Miller via the net then. And unlike Foxinretreat, I ain’t takin’ one for the team. I don’t have the toughness that lady does!

2016-10-03 12:50:24

Ill be simple & Honest. Im not going to Waste 60$ On a CD Of HIV, COD has the worst games ever and should be ashamed for doing it year after year. Thats as as i can make it

2016-10-10 09:33:55

Beste Ger,Ik heb 1 maand geleden een 4s aangeschaft.Is de Iphone 5 het waard om de 4s te verkopen en de 5 te kopen?ik internet,twitter,facebook veel. Ik luister ook veel muziek.MVG

2016-10-10 10:35:06

I’d love to try the garlic shrimp risotto. I’m always afraid to buy frozen shrimp meals like this. My husband doesn’t eat them but I have nights where I’m home alone and this would make a great dinner for me

2016-10-10 19:59:50

Hi Katharina,You made a really lovely card for Bella and it will sure bring a smile on her face.Hope our hop will be a great succes this week.Hugs Adrina

2016-10-13 04:39:42

just as the ibo people never deem it feet to bring Ojukwu kid to do the same for them with similar things happening again in the north. Also i wonder why the ibo people refuses to vote for ojukwu when he contested the other time, that means yorubas are still fear to any one they believe in and vouch for as their leader.

2016-10-13 13:35:53

What a pleasure to meet someone who thinks so clearly

2016-10-13 15:28:32

BÄH!!!(Nee, geht gar nicht - also selbst wenn man keinen Vergleich mit echtem Wein zieht - pur habe ich es nicht herunter bekommen, als Schorle ging's dann so. Aber nee, dann lieber Wasser!)

2016-10-21 01:25:04

ocea q para mandar un mensaje por okeyko, ahi q entrar a la web?¿ en si lo q no gastas por el costo de envio en mensajes instantaneos, lo gastas al entrar a la web para poder enviar los mensajes por okeyko!! es asi?¿

2016-10-22 10:43:53

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2016-10-22 12:17:46

Powerful and full of wisdom. I equate forgiveness to having a Master’s Degree. It takes a lot of experience, education and hard work, but if you can achieve it, there’s a lifetime of priceless rewards. As always, eloquently stated, Jeanne!

2016-10-22 17:27:22

July 7, 2011 at 9:03 amSo you’re saying if I’m irritated at someone for their behavior & ready to throw down it’s because I have those same “irritants” & I’m really just pissed at the reflection?I’m looking at certain people & how they irritate me & I can totally see this; procrastination-daughter, laziness-son & not taking better care of themselves-mom. I’m sure I get pissed at them for other things that belong to them; however, I agree with your assesment. VERY INTERESTING! Reply

2016-10-30 05:38:43

Софья, спасибо за комментарий! Прочитав его, я просто в восхищении от вашей выдержки и борьбы. Я думаю многим ваш пример поможет справиться Ñ

2016-10-30 06:48:54

I love these articles. How many words can a wordsmith smith?

2016-10-30 13:26:35

  Korak: Til og med menn i løpetights med sekk som drikker øl midt pÃ¥ dagen =)Haha! Mye rart i store byer..

2016-10-30 13:29:11

Lass Sie kommen.Hier kriegt jeder den Kopf gewaschen, ohne Haare im Ausguss – um so besser!(Nichts gegen den Boss, er kann ja soalnge seine Lieblingsperücke als Tarnkappe verwenden.)

2016-10-30 18:06:01

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2016-10-30 18:19:40

I love it when the haters say “The luckiest champions ever”. Well, they didn’t give a flying fu(k when we were the most unlucky team of the past decade. So, hell yeah, moan baby moan.Reply

2016-10-30 18:20:12

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2016-10-30 18:52:06

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2016-10-30 21:34:32

Couldn't agree more with you. I haven't bought a MMM x H&M piece (yet), because I'm really confused. On the one hand I like the pieces and I heard the quality is quite OK, but on the other hand it feels not right. It's just not what I had in mind buying my first Margiela piece. The mass production just takes away the white exclusive magic of Margiela...

2016-10-30 21:41:46

Good points all around. Truly appreciated.

2016-10-30 23:50:24

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2016-10-31 02:22:31

Comment…After I initially commented I clicked the -Notify me when new comments are added- checkbox and now every time a remark is added I get four emails with the same comment. Is there any manner you’ll be able to take away me from that service? Thanks!…

2016-10-31 02:28:49

I was seriously at DefCon 5 until I saw this post.

2016-10-31 04:43:55

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2016-10-31 05:04:42

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2016-10-31 06:11:09

Siekciu: "Gdyby pani Dykiel powiedziała, że TVN: "poszkocił" pieniędzy, albo "pokrakowiaczył" sprawy by nie było... a tak?"Gdyby powiedziała "oszwabił", chociaż znaczy to co innego, to też nie protestowaliby Szwabi Stuttgartu. Naród wybrany ma szczególną wrażliwość.Pozdarwiam

2016-10-31 06:55:17

Thank you so much for this article, it saved me time!

2016-10-31 18:49:41

Cheryl Shadday maybe you can help me with my problem. Just started a fb page for our church. When I log into it, I only see our page, no search bar, no left sidebar, no way to navigate into fb. Just the admin page. What step am I missing ??

2016-11-01 02:28:48

Bună ziua ! Am încercat să descarc RogentOS folosind BitTorrent și am fost surprins că pe site nu există un fișier .torrent oficial, de bună calitate (link-ul dat acolo nu funcționează). Ca și la celelalte distribuții GNU/Linux românești, ar fi important să existe un asemenea fișier .torrent, pentru a mări „vizibilitatea” internațională a proiectelor și a permite răspândirea facilă în rețelele peer-to-peer.

2016-11-10 11:24:54

Salon's got a piece up on that this morning, hyping the fear. (Hey, I read Salon for Glenn Greenwald, who sticks his pitchfork in the Obama National Security State just as much as he did in the Bush National Security State.)

2016-11-10 12:50:07

disse:Informações úteis e projeto maravilhoso que tem aqui!Eu gostaria de agradecer a você por compartilharsuas idéias e colocar o tempo para os artigos que vocêpublica! Bom trabalho!

2016-11-10 12:56:14

I am astonished that those have not seen publication — probably there is some provision in a will or something, keeping them private. You’ve heard that there are actually 2 Lewis wardrobes, right? Each group claims that theirs is THE wardrobe.

2016-11-10 14:02:33

No no, zostawić mi siano w spokoju, trzeba się czymś pożywić:-). A taką nieco rozmemłaną melancholię niecałkiem słowiańskości, niecałkiem europejskości rodacy nasi mają w genach (wracajmy do Mrożkowatego i Gombrowiczowatego). Taki to kryzys, że premierami nagle (jakie to dziwne i nieoczekiwane) zostają bankierzy (przy całej mojej końskiej sympatii do Mario Montiego, jest on jedynie reprezentantem tych, co mu do garnca sypią). Trochę dystansu, a staniki rozwiązywać trzeba, dyk kto hutko bere, dołha trymaje. Grzywa mię w oczy włazi. Pozdrawiam

2016-11-10 14:06:41

very attractive…Her fantastic for the reason that a other posts: D, thanks for the purpose of posting. “A lost battle is a battle one thinks one has lost.” by Ferdinand Foch….

2016-11-19 07:31:08

Ja det är en bra fråga. Panik skulle det ju bli. Eventuellt någon form av depression. Klart att vi skulle fixa det, men vi skulle bli tvungna att flytta och greja och göra om hela vår logistik. Vi lever från hand till mun och en föräldraledighet just nu skulle vi ha skitsvårt att överleva. För att inte tala om vårdledigheten. Mycket bökigt alltså, lockar ej.

2016-11-19 07:45:16

Oui bien sûr… quand on connait un minimum l’Islam ce qui n’est clairement pas votre cas (à moins que cela soit volontaire tous les vices sont dans la nature…), on est censé savoir que Jésus et Moîse sont considérés parmi les 3 prophètes majeurs de Dieu.Alors sortez nous des films odieux pour comparaison tangible sur Jésus et Moise de la part de Musulmans.

2016-11-19 15:36:22

Hehehehe, kalo gw rasa megelli bagus…. yg jelas motor gw NSR150SP kuaaaallllaaaahhh irit…., gak usah ribut soal motor itu hak biker mau milikin motor apapun Bangga atau menyesal hanya owner yg bisa merasakan “salamrcvalvensrrider”

2016-11-27 15:09:33

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2016-11-27 15:14:50

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2016-11-27 18:35:01

This was so helpful and easy! Do you have any articles on rehab?

2016-11-27 19:20:28

Igen, fogyaszthatja. Nincs benne semmi olyan hatóanyag, amely miatt tilos lenne. Viszont nagyon lassan lehet csak a napi adagot emelni, kiskanálról evőkanálra. De azért az első két hétben figyeljék nagyon a reakciókat, a méregtelenítés miatt. (A méregtelenedés néha furcsa reakciókat produkál.)

2016-11-27 20:09:34

Danica – Now I know what baby gift you were talking about!!! We find out April 12th if we are having a little boy marathoner or girl marathoner so I will be over to Shea’s site for some shopping right afterwards!Finding out Boston week is going to be a great treat!Thanks Danica for all you do – can’t wait to hear about the race today!Best from Austin, Joe

2016-11-27 23:15:48

No começo do Campeonato, na primeira corrida, ainda sim foi liberado na pista toda a abertura da Asa, mas os próprios pilotos falaram que já tinha muita coisa pra fazer na corrida, e ficar abrindo e fechando a asa na corrida toda seria cansativo, e seria comparado como tocar piano enquanto corre (Macha, Abre asa, Kers, botão pra isso, botão pra aquilo), aí a FIA só deixa usar agora nas retas.

2016-11-27 23:39:01

That hits the target dead center! Great answer!

2016-11-28 01:10:59

Minäkin pidän tällaisista kirjoista, mutta tätä en ole lukenut. Tän pohjalta tehdyn leffan olen nähnyt, ja se oli hyvä.Oi, oletko jo kauan tehnyt opettajan työtä? Mulla meni ensimmäiset kaksi vuotta niin, että tein iltamyöhään saakka tuntisuunnitelmia ja aineiden korjauksia yms. Mutta sitten se lähti sujumaan rutiinilla ja päivät lyhenivät. Nyt kaipaan mielettömästi äikän open työtä. Joten enköhän vielä joskus tee takaisinpaluun ;) Tsemppiä ja iloa opetukseen!

2016-11-28 11:39:02

i was trying to buy your book, the only problem is it wont let me pay with anything except paypal. But I don’t have paypal. But i used the site cause i wanted an autographed copy, so what should i do?

2016-11-28 13:00:32

What a pleasure to meet someone who thinks so clearly

2016-11-28 13:35:58

hola a todos soy andrea y soy vanatica de sueña conmigo y sumuño de clara ella sellama iza gonsales esmuy grasiosa y muy linda al gundi la conosere mu eno chauuuuuu………………………….. los amo

2016-11-28 14:15:20

Decsrierea este super atractiva care mi-a captat atentia. Titlul nu mi se pare cine stie ce, dar acum curiozitatea pur si simplu ma ucide.Mada, stii cand i se da drumul in librarii? Trebuie neaparat sa o am.Si face parte dintrr-o anume serie de carti?

2016-11-28 15:47:16

Your article perfectly shows what I needed to know, thanks!

2016-11-28 16:09:29

Was totally stuck until I read this, now back up and running.

2016-11-28 17:58:20

2012 å¹´ 10 月 11 日游戏渠道:梦宝谷版幻想精灵 区服:闪耀平原 账号:媛子 ID号:5180 角色名:媛子 我的建议/想法:1 首先我说下有个BUG是联盟里的,我是盟主,在我踢出最下面人员的时候经常提å‡

2016-11-28 18:08:48

– non, je crois qu’ il s’ agit d’ un million de dollars par famille d’ enfant contaminé (si plusieurs enfants d’ une même famille ont été contaminés je ne sais pas quelle est la règle).

2016-11-28 18:32:53

My wishes are mostly for my children these days. I hope that they grow up to become independent, loving and empathetic persons and that they get to experience true love.As for myself, I wish I get to visit New Zealand at least once in my life!

2016-11-28 18:48:25

fk crime novels..who the fkn hell them anyw ways!…if I did, I wouldnt want to SOLVE IT! the end and then let the author fk me over without perhaps giving us the ENDING..till the nEXT ONE!..yeah.. ok..

2016-11-28 21:13:37

Amen sister! And I'm sorry you and your dh get judged on your physical appearance. So wrong... Sounds like you are strong and have good coping skills though.And thanks so much for sharing your talent and ideas on your blog. It's one of my faves!!

2016-11-28 21:49:10

Thank you Lorie. I appreciate all of your kind words and supporting this blog the way you do. If I get there and hear “well done my good and faithful servant”, than the journey will be worth the struggle. Thank you again for always leaving such kind comments! You’re a blessing.

2016-11-28 22:33:36

Man kan inte göra annat än sitt bästa ;) Det behövs inte mycket för att det ska bli stor skillnad! Trångt, kanske, men jag är säker på att det är rent och fräscht i ditt badrum! :)Hoppas du mår bra nu, så vi syns på torsdag? Kraaam!

2016-11-29 00:55:07

Thanks for your personal marvelous posting! I really enjoyed reading it, you could be a great author.I will make certain to bookmark your blog and may come back down the road. I want to encourage you continue your great job, have a nice day!

2016-11-29 01:45:03

I have always wanted to make a peanut butter/chocolate cake... actually, I only buy the natural and crunchy peanut butter, is that a big problem? Is it necessary to have a smooth one?ciaoAlessandra

2016-11-29 02:14:28

I have been so bewildered in the past but now it all makes sense!

2016-11-29 02:54:03

Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you could do with a few pics to drive the message home a little bit, but instead of that, this is fantastic blog. A fantastic read. I’ll definitely be back.

2016-11-29 04:01:12

There is a movement all across this great nation that says different and please don’t take my word for it look at the polls. The changing of the guard will start in the fall of 2010 and carry into the next election. Obama will be know as the worst president with the most failed policies in the history of this country. The one positive thing about the Obama administration is he is exposing the democratic party for who they really are.

2016-11-29 04:41:22

and your own congressional representatives.To borrow a quote from Joe Biden, "This is a big fu*cking deal.The evidence of guilt of all members of Congress in, as a minimum, "misprision of treason", is becoming even more rock solid every day.Thanks

2016-11-29 06:50:37

I feel satisfied after reading that one.

2016-11-29 08:43:51

Credo che il sito esista soprattutto per oggettistica, non necessariamente legata alla lotta contro il cancro al seno... La percentuale di mammografie "regalate" con i click dei visitatori rispetto a quelle "regalate" girando parte degli introiti degli acquisti a questo scopo non mi sembra (ovvero mi sarei aspettato che le prime rappresentassero una percentuale minore del totale, rispetto a quanto invece avviene nella realtà).

2016-11-29 10:25:35

The coupons sell for .50 cents each. Rides normally take 5 coupons each. On Tuesday’s most rides will take 4 coupons. There are exceptions to the discount including the Texas Star ferris wheel.

2016-11-29 11:49:25

I have fun with, cause I discovered just what I was taking a look for. You’ve ended my four day long hunt! God Bless you man. Have a nice day. Bye

2016-11-29 12:15:42

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2016-11-29 13:23:45

23/11/2012 - 12:07pmQue bien MARCA, vamos a reirle las gracias a MOU… Yo soy la UEFA y sanción por simpatico.Así que se queje con motivo… de hecho yo creo que busca eso, así le pasa el marrón a Karanka y el va al palco VIP a comer algo.

2016-11-29 16:55:31

I find it hard to believe The Reader is worse than Crash. The only way I could see that happening is if watching The Reader gave you AIDS.

2016-11-29 18:56:51

An intelligent point of view, well expressed! Thanks!

2016-11-29 21:45:29

This shows real expertise. Thanks for the answer.

2016-11-30 11:07:29

God help me, I put aside a whole afternoon to figure this out.

2016-11-30 13:43:06

Hallo Andreas,zuerst einmal mußt du keine Angst haben, dass dir durch die Umstellung Kosten entstanden sind. Du zahlst nämlich erst, wenn du auf Buchung starten drückst. Dieses System ist das Standard BMW System und wird mittlerweile von allen Automobilherstellern in Ihren Fahrzeugen eingesetzt. Natürlich ist es eine Umstellung, wenn man noch nie BMW gefahren ist, aber um Glück hat man ja die Auswahl.Dein DriveNow Team

2016-11-30 14:35:28

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2016-11-30 21:20:11

Hi those pictures are adorable but I want to know where did u but those cute square plates. I have an order of konpeito coming in and those plates with the gobstoppers will look dashing.

2016-11-30 21:36:56

Hmmm! 15d and 28a were pretty poor.I might stop doing the Saturdays having just picked them up again.I really don’t get 4d since you can also hear them at the start.Feeling a bit 16d.

2016-11-30 23:35:09

Regression to the mean in terms of turnovers is almost inevitable. But we can beat that if the offense picks up the slack, and we stay healthy. So long as we avoid injuries, I am optimistic. Harbaugh is a hell of a coach. A full year in the system for the offense and the addition of Moss, Manningham and James offers new possibilities.

2016-12-01 00:45:39

Prezado CoronelO Noblat, na minha humilde opinião, demonstrou excessiva preocupação em relação a um único termo usado por você em seu texto.Deixando o aspecto blogueiramente correto da relação entre bloguieros, tal atitude deixa uma ponta de desconfiança neste seu Ir.`. de Or.`. e Irmão de Farda!TFA

2016-12-01 01:16:44

All of these articles have saved me a lot of headaches.

2016-12-01 01:58:28

Hey, good to find someone who agrees with me. GMTA.

2016-12-01 05:55:36

it turned out great! youre ready for the next project. I'd love to link up one of my receipes in your next challenge!come check out my blog also, im hosting my first giveaway!Thanks!

2016-12-06 23:43:57

estou com descolamento de retina e estou me sentindo como a Marta disse no começo… estou aos pedaços… preciso de ajuda para não perder a visão… será que o Dr. Moreira Júnior poderia me ajudar???

2016-12-07 18:08:05

ضد آبل انتقاماً من دعوى آبل الأخيرة التي تم بموجبها فرض غرامة تفوق المليار دولار على سامسونج.قد لا تنجح إتش تي سي وسامسونج بمنع نسخة الجيÙ

2016-12-07 18:40:02

Life is short, and this article saved valuable time on this Earth.

2016-12-07 22:00:18

“Are you guys saying that Vaccines are safe for everybody to take? That there are no “Side effects””Nice Strawman, there Cap’n. I haven’t seen that one before. I’d be interested in knowing which vaccines are “untested”, too.

2016-12-08 02:49:31

Na verdade o Gintama já acabou né??Só que ainda não foi postado todos os episódios né ?? (:E quanto ao filme, previsão de quando vai estar disponivel?

2016-12-08 07:14:55

I never really thought about others go natural. It is a personal decision. I believe some people are doing it because others are doing it with ease. What they do not realize is that it takes maintenance, TLC and TIME to care for natural care. It is a lifestyle and the fads will only be temporary.

2016-12-08 08:19:41

Could you write about Physics so I can pass Science class?

2016-12-08 10:25:02

I saw a recipe from Emeril Lagasse yesterday that called for 1 cup cream and 1 tsp. buttermilk, mixed, left out to rest for a day or so…and he called in Creme Fraise. Interesting, in comparison to your recipe here! Would you say that what you make is like Creme Fraise?

2016-12-13 17:57:19

Perfect answer! That really gets to the heart of it!

2016-12-13 22:00:06

I have to express my admiration for your kind-heartedness giving support to those people who have the need for help on in this matter. Your personal dedication to passing the solution all over turned out to be astonishingly effective and have all the time helped many people like me to realize their targets. This invaluable guidelines indicates a great deal to me and additionally to my colleagues. Thank you; from everyone of us.

2016-12-14 05:12:23

This is what mentoring is all about. STEM education is great, but being able to apply the academic principles learned with related hands-on experience makes the entire process significantly more valuable. NASA deserves high commendation grades for allowing these students to do just that.John A. FergioneExperimental Test Pilot {Retired}

2016-12-14 08:46:47

The ability to think like that is always a joy to behold

2016-12-14 09:37:08

How long should I workout my abs a day?I am doing bicycle crunches, the plank, vertical leg crunch, and the long arm crunch. How long should I do it total ( all of the exercises in ? minutes )

2016-12-14 11:46:22

June 13, 2012 I still need to try the Ben and Jerry’s Greek Frozen Yogurt! I can’t get into regular greek yogurt…but the frozen looks delicious!I really need to get a better blender…ours smells like melting plastic when we run it…oops! Any recommendations? I’d like to do homemade smoothies!Gretchen recently posted..

2016-12-20 16:45:54

“…seguramente es un ser humano maravilloso y lleno de virtudes que simplemente no trascienden en las entrevistas en las que lo he escuchado y leído, lo lamento, es mi culpa por no andar paseándome por la condesa…”jajajajajaja, pinche kinder, no te hagas que bien que te gusta la condechi!

2016-12-21 00:45:52

disse:Good post and straight to the point. I don’t know if this is truly the best place to ask but do you folks have any ideea where to get some professional writers? Thanks in advance

2016-12-30 09:51:20

wah-wah…. informasi yang sangat manis semanis susu prawan nih…. wkwkk mantap om Infonya… thanks….. hendrik selesai posting Cara melaporkan SMS penipuan | penipuan melalui SMS

2016-12-30 10:06:55

May China always prosper and succeed and may our friendship strengthen and stand the test of time.Long live PakistanLong live ChinaLong live our friendship

2016-12-30 10:29:46

Thanks for your posting. I also think laptop computers have grown to be more and more popular these days, and now are often the only sort of computer found in a household. It is because at the same time that they’re becoming more and more affordable, their working power is growing to the point where there’re as robust as personal computers through just a few years ago.

2016-12-30 12:21:50

I was really confused, and this answered all my questions.

2016-12-30 12:43:03

At last! Someone who understands! Thanks for posting!

2017-01-04 00:50:32

Why does this have to be the ONLY reliable source? Oh well, gj!

2017-01-04 02:07:46

Føler mig helt hensat til Pingo, og hans kære "nø, nø" lyd. De er virkelig flotte! Og sikke fine farver du har lavet dem i. Må altså se at komme igang med en øveklud på det der hækling.

2017-01-04 02:46:04

It sounds like a good year, even with all the busyness from work and school! Five books from BCE — that’s quite impressive, almost 10% of your entire year! And ten books in translation — also impressive.

2017-01-04 03:20:36

Me gustaría me informasen acerca de donde puedo adquirir los multibandas Tecsun, así como su precio y condiciónes de venta. Muchas gracias. Por favor, contéstenme en español. Gracias.

2017-01-04 04:23:05

I simply want to say I am just very new to weblog and seriously savored your blog. Probably I’m want to bookmark your blog . You really have terrific articles and reviews. Thanks for sharing with us your blog site.

2017-01-04 05:40:57

We need a lot more insights like this!

2017-01-04 05:56:15

prometto di riprendere l’argomento. @anonimo9. Quello che stiamo facendo è esattamente un lavoro di ricerca (o ricostruzione) collettiva del senso. @anonimo8. Ecco. L’hai scritto. Rimane.

2017-01-04 06:52:29

I didnt find this the toughest this week for some reason even though i failed on 11a.Very enjoyable nonetheless. I particularly liked 13, 21 and 27/28a but favourites were 6d and 7d.

2017-01-04 07:35:55

Surprising to think of something like that

2017-01-04 08:26:49

Leslie Knope is a great role model–and she has awesome premarital sex in which she and Ben role play as famous political leaders!

2017-01-04 10:12:41

Hi! I could have sworn I’ve been to this website before but after reading through some of the post I realized it’s new to me. Nonetheless, I’m definitely delighted I found it and I’ll be bookmarking and checking back frequently!

2017-01-04 11:30:17

zum rat von (Derwisch) na ganz so einfach geht das ja nun wieder auch nicht , viellleichthat LEONARD auch verschiedene mütter und weiss nicht welche fragen soll.

2017-01-04 12:17:22

I feel like his "Death is going to die" didn't refer specifically to what Lyra and Will did, because he had no way of knowing that. But arguably the worst thing the Authority has done was set up the World of the Dead, so it's entirely possible that he thought that by overthrowing the Authority he could free the dead himself. I mean, he already managed to cut a hole to a universe to build his own republic, why not go for broke?

2017-01-04 13:20:53

When a business is looking to build a new WordPress website, what are the plugins or features most useful to most companies? I can list a ton of them here, but what in your experience are the best?.

2017-01-11 23:15:28


2017-01-25 09:55:36

Thanks Sharon — Francis took me out for my “make up” birthday last night, and although I did not get a mediterranean cruise, I got a nice pair of running shoes and a set of antique oars I’ve had my eye on. Not too shabby…

2017-01-25 14:38:13


2017-01-25 15:25:24

jlmutabazi dit :LOL on se croirait dans une film humoristique …Moi perso comme l’auteur de cet article je n’ai que des ramentissements parfois hazardeuses des chargements d’images et flux mais par contre je ne sais pas comment vous avez des problemes de publication d’image, moi ça marches parfaitement et ce depuis que j’ai l’application facebook +2 ans sur galaxy spica et depuis fin janvier 2012 sur xperia Arc S …

2017-01-25 17:52:15

I see, I suppose that would have to be the case.

2017-01-25 18:31:49

Acerca de este tema lin que algúns científicos cren que pode haber organismos extraterrestres no glaciar Taylor, eu non sei si é posible ou certo iso pero si o fose penso que sería moi interesante a algo sorprendente.

2017-01-25 19:00:08

Tu as tout à fait le droit d’aimer ce que tu aime et je n’ai jamais dis le contraire. Tout ça a commencé par la notion de VRAI mâle et de « réussite ».Maintenant, on passe à autre chose. Deal?

2017-01-25 21:45:11

Hello my loved one! I wish to say that this post is amazing, great written and include approximately all significant infos. I would like to peer more posts like this .

2017-01-25 22:42:50

Lot of smarts in that posting!

2017-01-25 22:43:46

Det var et utrolig stilig bilde. Hadde sikkert vært spennende i svart/hvit også. Kommer kanskje senere?En riktig god jul til deg og dine RuneE.

2017-01-25 23:26:36

I am forever indebted to you for this information.

2017-01-26 00:18:54

I see, I suppose that would have to be the case.

2017-01-26 01:20:59

People get my last name wrong a weird amount of the time. My P.E. teacher at school refused to pronounce it correctly no matter how many times I corrected him. We hated each other. It’s pronounced “Peert”.

2017-01-26 01:33:31

A imprensa coloca da destaque Padre, porque é uma coisa que choca as pessoas e vende mais. Um bom exemplo de atitude anti ética. Eu já vi um filme uma vez sobre pedofilia dentro da Igreja, onde sacerdote por um tempo acobertou outro porque acreditou que ele poderia mudar. Se passou nos EUA, e acho que era baseado em fatos reais. Mas mesmo se presumindo a inocencia desse padre, não é melhor ele ser afastado até se averiguar todos os fatos?

2017-01-26 05:35:40

You could definitely see your enthusiasm in the work you write. The arena hopes for even more passionate writers like you who are not afraid to say how they believe. Always go after your heart. “Faith in the ability of a leader is of slight service unless it be united with faith in his justice.” by George Goethals.

2017-01-26 09:17:02

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2017-01-26 09:24:11

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