Sebi order against dairy CIS

The Securities and Exchange Board of India (Sebi) has asked HBN Dairies and Allied Limited, a collective investment scheme (CIS) which sought to generate returns from dairy operations, from raising any further capital or disposing of any property other than to return money to investors.

It also asked it to provide a proposal for winding up its schemes.

The company had sought time from the regulator to wind down its schemes which had raised over Rs 1,000 crore.