SEBI: Curb Risky Chit Fund Schemes..!

Indian Share market regulator SEBI (Securities and Exchange Board of India) recently has expressed concern over the mushrooming of chit funds in India, especially in the eastern region.

SEBI Chairman Mr. UK Sinha said, ''The kind of assurances some of these companies are giving are such that no legitimate business activity can provide that sort of returns. Many people are subscribing to such schemes that are risky & a strong action was needed to curb their activities.

SEBI has started proceedings against some of these companies and investigations are being made. In some cases interim orders have also been given. However, these firms are then going to courts to get relief.

We have requested the central government to introduce a new set of laws providing for a single regulator for these firms, Mr. Sinha added.

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