SEBI initiates proceeding against entities in ponzi schemes
With the restoration of additional powers to take on fraudsters and market manipulators, SEBI has initiated proceedings against entities suspected to have indulged in ponzi-related schemes in >West Bengal and other parts of the country. With direct powers restored after a gap of two months, SEBI is also initiating prosecution and recovery proceedings in cases where wrongful activities had already been established and orders passed. Besides restoring the powers granted earlier, the third ordinance allows the regulator to enhance its own penalty against defaulters within three months and seek services of the police and central government officers in search and seizure operations. While the ordinance was in force, SEBI had started more than 300 attachment proceedings in about 65 cases for the recovery of close to Rs 2,000 crore from defaulters and fraudsters, including those who raised money through illicit money-pooling activities.
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