Skip to main content

Sebi warns investors of barred entities

By
Regulator names 235 firms, asks investors not to be lured by their schemes
The Securities and Exchange Board of India ( Sebi) on Monday warned unlisted companies and their directors who fraudulently raised money and asked investors not to be lured by their schemes.
The market regulator has listed out 235 unlisted companies that have lured retail investors by issuing securities such as non- convertible debentures/ non- convertible preference shares in the garb of private placement. Orders against these firms were passed between April 2003 and May 2016. “ Companies are cautioned not to issue securities to public without complying with provisions of law. Failing which Sebi will be constraint to take stringent action against such companies and their directors,” Sebi noted. The companies against which action has been taken include Jeevan Suraksha Real Estate, Roofers Infra Projects, Shankalp Food and Beverages, Silicon Projects, Pious Agro Industries, Ravi Kiran Realty, Angela Agrotech, Amrit Projects, MARS Agrofarm Developers, and Golden Heaven Agro Project India. In another note, Sebi also warned investors against collective investment schemes (CIS) of entities barred by the market regulator from raising money. The regulator passed orders against 100 entities and its directors carrying on unregistered CIS. “ As part of interim directions, Sebi directs the entities and its directors to stop collecting further money under existing / new schemes, not to launch any new scheme or float any new companies/ firm to raise fresh money, not to divert or alienate any assets or money collected.” Apart from Gift Collective Investment Management Company Limited, no other entity is registered with Sebi. Hence, investors are advised to do due diligence before investing in such schemes, said Sebi in its note.
Business Standard New Delhi,07th June 2016

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more

E tailers global warehouses may come under tax net

By
E tailers  global warehouses may come under tax net Warehouses of e-commerce companies based in countries such as Australia, Japan, Italy,  Spain, the Netherlands, and Russia may not be exempted from paying the income tax in India  once the multilateral instrument (MLI) to prevent base erosion and profit shifting (BEPS)  comes into force. BEPS refers to the reporting framework mooted by the Organisation for Economic  Co-operation and Development (OECD) and signed by over 100 countries, including India, to  prevent exploiting gaps and mismatches in tax rules to shift profits by multinational  companies (MNCs) artificially to low-tax regimes. The representatives of 68 countries on June 7 this year signed an agreement (MLI) in Paris  to amend their tax treaties to bring them in alignment with measures to prevent BEPS.  However, there is still time for synchronising tax treaties with the multilateral  instrument. India has submitte...
17 comments
Read more