How did so many get-rich-quick schemes spring up in the first place, without the approval of the Reserve Bank of India or the Securities and Exchange Board of India? If this is what you’re wondering, they have essentially exploited grey areas in laws that made SEBI the regulator for ‘securities markets’ and RBI the regulator for banks and NBFCs. As most of the money-pooling schemes collected money towards ‘units’ in plots of land, livestock, time-shares and so on, they claimed that they weren’t dealing in securities or deposits. But the high-profile Sahara and Saradha cases prompted Indian lawmakers to recently amend the SEBI Act to plug this loophole.........
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