Corporate Affairs Minister Arun Jaitley has informed Parliament that the Securities and Exchange Board of India (SEBI) has not published any list of more than 100 benami, bogus ponzy scheme companies.
He said in a written reply to the Lok Sabha that chit funds are regulated under the Chit Funds Act, 1982 and require previous sanction of the state governments.
He also said that the Prize Chit and Money Circulation (Banning) Act, 1978 bans prize chits and money circulation activities is enforced by state governments.
Collective Investment Schemes (CIS) as defined under section 11AA of the SEBI Act, 1992 are regulated by SEBI and it has passed 73 interim and 23 final orders in CIS cases during the last three years.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app