ED probe finds funds were ploughed into group's jewellery, entertainment and hospitality businesses
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 case is related to a probe by Securities and Exchange Board of India over allegations that Rose Valley had raised money by issuing debentures without complying with the norms.
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.
Rose Valley is one of the biggest money businesses after Sahara.
ED had arrested group chairman Gautam Kundu on March 25.
Bengaluru is at a critical juncture, where its economic model, reliant on attracting and retaining skilled professionals, is directly threatened by a measurable decline in urban quality of life, point out Shishir Gupta and Rishita Sachdeva.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
Sebi had directed some of these companies to wind up their unregistered schemes and repay investors.
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.
Sahara chief Subrata Roy may not come out clean in the biggest ever investment fraud that he allegedly did few years ago.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
Despite Sebi passing at least four orders against deposit-taking entities in the past year alone, the business seems unscathed
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
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.
'Now you have a full clampdown and a huge security blanket. How long are you going to maintain that? The moment you lift it, all that suppressed protest and anger will come out.'
'Around 15 crore poor people have lost their money.'
Sandeep Mawa is a Kashmiri Pandit married to a Kashmiri Muslim, intent upon spreading the message of love and Kashmiriyat through his campaign. He wants to hug Assaduddin Owaisi, Arvind Kejriwal, Rahul Gandhi, Narendra Modi and do a pau lago to Sonia and Priyanka Gandhi.
Five inspiring women who travelled thousands of miles to Hyderabad recently to grow their business and skills share their tales of global entrepreneurship. Vaihayasi Pande Daniel listened in.
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