The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Sebi widens fraudulent, unfair trade practices list
Genuine investments identified so far is Rs.1.08 cr out of around Rs 24,000 cr.
Sebi has decided to lay out strict timelines for completion of actions.
A preliminary report on the investigations is likely to be submitted soon by SFIO, but the final report may take little longer, Corporate Affairs Minister Sachin Pilot said.
Most companies do not provide correct and complete information to the Registrar of Companies (ROC) and Sebi.
Sebi has restrained Saiprasad Corporation from raising funds from the public through its schemes.
The news of Bengaluru-based IMA cheating thousands once again underlines the need for investors to steer clear of unregulated deposit schemes. The most important sign of a Ponzi scheme is the promise of exorbitant returns and so investors must ask how the promoter expects to earn the kind of return he is promising, says Sanjay Kumar Singh.
Efficient use of data and a great sense of timing are two things that stand out in the Sebi whole-time member's order in the matter of Reliance Petroleum
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
Sebi has been probing Prayag Group for allegedly running unauthorised collective investment scheme and for defaulting in repayments to various small investors.
Ponzi schemes have characteristics that the informed investor can spot easily.
Specific sections of the Companies Act need to be amended to empower Sebi to regulate or take penal action against an unlisted entity and its promoters for violating the insider trading and other securities norms.
NBFCs which have not met Sebi criteria will face tough action.
Sebi has prohibited firms, including Greenworld Agro Industries, Mass Infra Realty, Orchid Cultivation Projects India, Aditya Global Industries and Real Tulip, from raising funds from investors through issuance of securities.
The government on Thursday gave more powers to market regulator Securities and Exchange Board of India to crackdown on ponzi schemes, access phone call records to check insider trading and carry out search and seizure operations.
As smartphones penetrate through the country, apps are getting more and more localised, democratised.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
The number of smartphones booked during the initial hours was 30,000.
As all regulators are part of it, individuals don't need to worry about approaching the right authority
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
'If anybody defaults on something which is due for today, they have to disclose it tomorrow.' 'The accumulation of NPAs is due to asymmetry in information.' 'The investor should have real-time information.'
Making it easier for companies to raise funds through genuine equity or debt offers, Sebi unveiled a slew of measures to bring to book those running illegal money-pooling schemes and indulging in other fraudulent activities.
The new norms also seek to ensure that sufficient safeguards are put in place to avoid any misuse of its new powers and the required privacy of individuals is granted while conducting search and seizure operations.
A large number of companies, either based out of this eastern state or having a significant presence there, are being probed for running illicit 'collective investment schemes', while penal action has already been initiated by Sebi against over 20 other entities from the region.
The agency has done five advertisements so far.
Sebi has been given direct powers to freeze bank accounts, attach properties, conduct search and seizure and initiate recovery proceedings.
The strategies that the gurus adopted to build their successful business empires over the past two decades could hardly be adopted by businesses that openly claim to be businesses, points out Somasekhar Sundaresan.
Despite Sebi passing at least four orders against deposit-taking entities in the past year alone, the business seems unscathed
What perhaps turned the tide against Uber was the plight of the consumer.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
The capital markets watchdog has asked the government to empower it to carry out search and seizure operations, to attach properties and to ask for information and records for all relevant entities.
Even Delhi does not have a full-time registrar of chits.
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