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Sebi passed 96 orders in illegal money pooling cases: Govt


New Delhi: Capital market regulator Sebi has passed 96 orders against various entities during the past three years for running illegal collective investment schemes, Parliament was informed today.

Collective investment scheme (CIS) need to be registered with the Securities and Exchange Board of India (Sebi).

“During the past three years, Sebi has passed interim orders against 73 entities and final orders against 23 entities for carrying out CIS activities without obtaining registration from Sebi…,” Minister of State for Finance Jayant Sinha said in a written reply to Lok Sabha.

Through 73 interim orders, Sebi has directed the entities, their directors and promoters “not to collect further money, not to dispose of any property, not to alienate any property or to encumber any assets of the company”, the Minister said.

In the 23 final orders passed, the entities, their promoters/directors have been inter-alia directed to refund the monies collected from the investors, Sinha said.

Sebi has been clamping down on illegal money pooling activities that dupe investors.

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