The Securities and Exchange Board of India (SEBI) has taken up the job of investigating the Collective Investment Schemes (CIS) with zest. The regulator hopes to shed its negative image courtesy the Subroto Roy Sahara case. SEBI officials confess that the Sahara and Sharada scams are merely the tip of the iceberg, compared to the 600 CISs they are currently looking into. SEBI has started identifying CIS promoters and confiscating their passports before they flee abroad, as it has happened in the past. “Most regulating agencies like the RBI, MCA refuse to take responsibility when such scams come to light. The SEBI is left with the unpleasant task of cleaning the mess. Which is why we have decided to take our job seriously and are investigating the many companies expected to go bust in the near future,” says a SEBI official.
The Sunday Guardian
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