From the last four years, securities and Exchange board of India SEBI has passed ordered against 59 companies for carrying out CIS activities without obtaining certificate of registration as a collective Investment Management company.
Minister of state for finance Jayant Sinha said, “During the last three years and current year, SEBI has found that 32 companies were opening CIS under the grab of real state without obtaining certificate of registration from SEBI as a collective investment management company.”
To a separate query, Sinha said that SEBI has taken various measures to protect the interest of investors in the securities market. These steps include reviewing the eligibility criteria for both profit making and non-profit making issuer and ensuring that only reasonable credible issuers with adequate disclosures in their offer documents are allowed to access the public issuances route.
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