.......... Operators of illegal moneypooling schemes will soon face penalties of up to three times the profit made by them, as against the current provision of a meagre fine of Rs one crore. The capital markets regulator Sebi ( Securities and Exchange Board of India) has decided to increase the monetary penalty for those running unauthorised Collective Investment Schemes ( CIS), as the existing mechanism have not proved to be sufficient to deter such illegal mobilisation of money...........
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