Collective Investment Scheme

SEBI has ordered attachment of bank accounts as well as share and mutual fund holdings of Rose Valley Hotels and Entertainment Ltd

To strengthen the regulatory framework for collective investment schemes, markets regulator SEBI has enhanced the net worth criteria and track record requirements for entities managing such schemes.

Seeking to put in place a stricter regulatory framework for collective investment schemes, markets watchdog SEBI has decided to enhance the net worth criteria and track record requirements for entities managing such schemes.

Founded in 2006, the Saradha Group chief, Sudipta Sen's chit fund, through various collective investment schemes, mopped up Rs 3,500 crore from 17 lakh investors in investors in West Bengal, Assam, Jharkhand, Tripura and Odisha before it collapsed in April 2013.

Saradha Realty, as also its promoters and directors, were asked by markets regulator Sebi through an order in April 2013 to wind up all existing collective investment schemes (CIS) to refund the money collected from investors, with returns, within three months.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

The Securities and Exchange Board of India (Sebi) has initiated recovery proceedings against defaulters to collect more than Rs 55,000 crore, largely on account of its clampdown on illicit money-pooling schemes.

Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.

Earlier, after finding that the company had raised funds from the public in violation of the collective investment scheme regulations, Sebi had passed the refund order against Alchemist on June 21, 2013.

An initial probe by Securities and Exchange Board of India (Sebi) found that the Madhya Pradesh-based firm was running 'collective investment schemes' (CIS) without obtaining certification from the regulator.

These include over 100 cases of deemed public issues, involving an amount of over Rs 2,200 crore and more than 45 cases of illicit Collective Investment Schemes (CIS) worth over Rs 9,500 crore in the fiscal year ending this month.

Over 2,600 bank accounts which cumulatively have Rs 295 crore, have been attached by the Enforcement Directorate, or ED, in the Rose Valley ponzi scheme case. And this, according to ED sources, is the biggest ever "cash" recovery from a "collective investment scheme" company so far.

In its biggest-ever crackdown on a large-scale illicit money pooling scheme estimated at nearly Rs 50,000 crore, the Securities and Exchange Board of India (Sebi) on Friday ordered immediate closure of unauthorised collective investment schemes (CIS) run by PACL Ltd and refund of investors' money within three months.

The Securities and Exchange Board of India (Sebi) has begun coming down hard on entities raising public money illegally by issuing of 'redeemable preference shares' and similar instruments, as also through sister concerns after being barred from markets.

The company has collected around Rs 3,100 from nearly 25 lakh investors, by asking them to invest in its holiday scheme with a promise of assured return on investment.

SEBI has ordered attachment of bank accounts as well as share and mutual fund holdings of Rose Valley Hotels and Entertainment Ltd

To strengthen the regulatory framework for collective investment schemes, markets regulator SEBI has enhanced the net worth criteria and track record requirements for entities managing such schemes.

Seeking to put in place a stricter regulatory framework for collective investment schemes, markets watchdog SEBI has decided to enhance the net worth criteria and track record requirements for entities managing such schemes.

Founded in 2006, the Saradha Group chief, Sudipta Sen's chit fund, through various collective investment schemes, mopped up Rs 3,500 crore from 17 lakh investors in investors in West Bengal, Assam, Jharkhand, Tripura and Odisha before it collapsed in April 2013.

Saradha Realty, as also its promoters and directors, were asked by markets regulator Sebi through an order in April 2013 to wind up all existing collective investment schemes (CIS) to refund the money collected from investors, with returns, within three months.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

The Securities and Exchange Board of India (Sebi) has initiated recovery proceedings against defaulters to collect more than Rs 55,000 crore, largely on account of its clampdown on illicit money-pooling schemes.

Banks have collected about 1,500 kg of gold from temples and trusts under the Gold Monetisation Scheme (GMS) since its launch last November.

Earlier, after finding that the company had raised funds from the public in violation of the collective investment scheme regulations, Sebi had passed the refund order against Alchemist on June 21, 2013.

An initial probe by Securities and Exchange Board of India (Sebi) found that the Madhya Pradesh-based firm was running 'collective investment schemes' (CIS) without obtaining certification from the regulator.

These include over 100 cases of deemed public issues, involving an amount of over Rs 2,200 crore and more than 45 cases of illicit Collective Investment Schemes (CIS) worth over Rs 9,500 crore in the fiscal year ending this month.

Over 2,600 bank accounts which cumulatively have Rs 295 crore, have been attached by the Enforcement Directorate, or ED, in the Rose Valley ponzi scheme case. And this, according to ED sources, is the biggest ever "cash" recovery from a "collective investment scheme" company so far.

In its biggest-ever crackdown on a large-scale illicit money pooling scheme estimated at nearly Rs 50,000 crore, the Securities and Exchange Board of India (Sebi) on Friday ordered immediate closure of unauthorised collective investment schemes (CIS) run by PACL Ltd and refund of investors' money within three months.

The Securities and Exchange Board of India (Sebi) has begun coming down hard on entities raising public money illegally by issuing of 'redeemable preference shares' and similar instruments, as also through sister concerns after being barred from markets.

The company has collected around Rs 3,100 from nearly 25 lakh investors, by asking them to invest in its holiday scheme with a promise of assured return on investment.