‘22,000 firms not registered as NBFCs committing financial frauds’

.....“The RBI, as the regulator of NBFCs, should immediately penalise companies that are not registered with them as NBFCs…Unscrupulous companies pose as NBFCs to invest money in MLM schemes with promises of heavy but mathematically improbable returns on investments, particularly when persons originally enrolled in a scheme induce others to join the same scheme. Such schemes bring adverse publicity even for the companies that are engaged in bona fide businesses,” .....

Read - The Hindu