Sebi launches prosecution in 568 CIS cases, 1,100 others

Source: The Hitavada      Date: 30 Dec 2016 09:21:50


Dec 29,


MARKETS regulator Sebi has launched as many as 568 prosecution cases against those collecting public money through illegal investment schemes and nearly 1,100 other cases for violation of securities norms. The entities have garnered funds through fraudulent investment schemes with promise of huge returns to investors.

Sebi has clamped down on a number of illegal collective investment schemes (CIS) on entities including PACL, Dhanolty Developers, Saradha, Sai Prasad, HBN, Alchemist Infra, Maitreyi and Rose Valley groups. Till Dec 15, it has launched 568 prosecution cases for violation of CIS regulations, as per latest update available with Sebi. Besides, Sebi has launched prosecution in 1,084 cases including Sunheaven Agro India, Sunplant Forgings, Unickon Securities, Pyramid Saimira Theatre, NVD Solar, Kolkata Weir Ind for violation of other capital market norms. These proceedings include attachment of bank and demat accounts, attachment of movable and immovable properties and appointment of receivers for management of attached properties. Sebi has been granted more powers, through amendments in Sebi Act, to pass attachment orders and launch recovery proceedings against fraudsters and market manipulators.