Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
In a fresh ponzi clampdown, Sebi on Wednesday barred Kolkata-based Rose Valley group from raising public money in the name of 'holiday membership' scheme, through which it is estimated to have garnered over Rs 1,000 crore (Rs 10 billion) without necessary regulatory approvals.
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He said that between 2000 and 2014, not a single entity got registered under the Collective Investment Scheme (CIS) regulations, which was introduced in 2000.
Sebi on Monday decided to declare illegal mobilisation of funds as a "fraudulent and unfair trade practice".
The Finance Ministry said that complaints against seven of them are being examined by Sebi, while the markets regulator has prima facie found two other firms to be running Collective Investment Scheme (CIS) and suitable actions are being taken against them.
At least 10 companies are currently being probed for possible violation of CIS regulations of Sebi, the official said, while adding that role of Sen and other top executives associated with these entities was also being investigated.
Market regulator Sebi on Tuesday ordered Kolkata-based Saradha Realty India to close all its collective schemes and refund the money collected from investors within three months, amid continuing protests against the alleged fraudulent activities of the group.
The capital market regulator is looking into whether its Collective Investment Scheme regulations were violated while raising funds from the public, a senior official said.
With an aim to safeguard the investors from possible frauds involving collective investment schemes, the government has proposed a high-level committee of members from Reserve Bank, Sebi, Corporate Affairs Ministry and Economic Office Wing of state police departments.
Multi-crore ponzi schemes are mushrooming in West Bengal and government is not taking any action despite they are out in the open.
70 per cent of the total ad market in the state was driven by these companies.
Claiming to have large goat-rearing farms in northern parts of the country, Beetal Livestock & Farm (P) Ltd had solicited investments from the public with a promise of 2 per cent monthly returns, and doubling of money in 3-4 years.
Sebi considers investment funds focussed on art works, antiques, coins and stamps as 'collective investment schemes', which come under the ambit of the capital market regulator.
While Rose Valley claimed that it was mobilising funds for real estate business, Sebi came to the conclusion that the company was in fact running a Collective Investment Scheme and did not seek market regulator's permission, mandatory for these products.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
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Securities and Exchange Board of India has proposed participation of industry bodies, stock exchanges and depositories in the market regulator's programmes on investor education and awareness.
Until now, the penalty was Rs 1 crore only.
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
SBI Capital, Axis Capital, GMR Holdings, United Breweries, Alpic Finance (a Cipla group unit), Saradha Realty, United Bank of India and Trident India are among the prominent entities named in the list.
The agency, which looks into white collar crimes and violations of companies law, investigated more than 60 companies in this regard.
'It could tempt investors to pick stocks that are not fundamentally sound.'
In another retrospective change, which forms part of the Securities Laws Amendment Ordinance promulgated by the President of India last week, the individuals and companies being probed by Sebi can settle their pending investigations.
Sebi will e-auction next month, 48 jewellery and ornaments of gold (3.21 kg) of Sai Prasad group
Markets regulator Sebi on Friday imposed a fine of Rs 2 crore on Saradha Realty, its chief Sudipta Sen and two directors, Hemanta Pradhan and Monoj Kumar Nagel, for failing to comply with its earlier directions to wind up illicit money-pooling schemes and refund the investors.
The information containing relevant client details and photograph made available from UIDAI as a result of e-KYC process shall be treated as sufficient proof of Identity and address of the client.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
Finance Minister P Chidambaram on Monday slammed "unregulated" players in the financial market saying their activities have adversely impacted large number of consumers.
In a public notice, the Securities and Exchange Board of India observed that some companies or entities are illegally mobilising funds from the public by making false promises of exorbitant rates of return under various schemes.
In its complaint, Sebi had alleged that despite a public notice of December 18, 1997, accused had failed to get the CIS registered with Sebi or wind up the schemes or repay the amount collected from investors in terms of CIS regulations.
The central bank's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
Sebi had directed some of these companies to wind up their unregistered schemes and repay investors.
Currently, most crowdfunding platforms neither operate with proper authorisation nor are governed under any law.
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