Monday, April 22, 2013

Court takes on ‘deposit’ firms

......The letter stated that according to the KMSS’s estimate, in the past few years, these companies had “illegally” collected around Rs 5,000 crore from investors in Assam. None of these, however, had the mandatory permission from any competent authority, be it Reserve Bank of India, Securities and Exchange Board of India (Sebi) or Insurance and Regulatory Development Authority (IRDA), to accept public deposits, it had alleged. The development assumes significance as it comes at a time when Saradha Group is facing the ire of depositors in Bengal and Bengal police are on the lookout for Sen, who has gone missing...........

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