New Delhi: With lakhs of investors believed to have been defrauded by Ponzi schemes in West Bengal, Securities and Exchange Board of India (SEBI) chairman UK Sinha on Wednesday said there should be a single regulator for all collective investment schemes, including chit funds. "Within the powers given to us, SEBI is working extremely hard to ensure that savings of small investors are not put to risk," he added.
Sinha, however, said the SEBI has some legal limitations and he would not be able to comment on specific issues concerning specific companies as there have been some court and quasi-judicial orders as well in certain cases. "I'll however like to assure you all that we are alive to the task given to us within our mandate," he said. He was replying to queries about an alleged fraud by Kolkata-based Saradha group through its investment schemes.
Sinha was speaking at a public seminar in Delhi of Asia Pacific Region Committee of IOSCO, a global body of securities regulators from across the world of which SEBI is also a member. The government is seriously considering strengthening of laws to regulate all kind of collective investment schemes (CIS), Sinha said.
SEBI has already passed an order against Saradha Realty India to close all its collective schemes and refund the money collected from investors within three months. The capital market regulator has also barred Saradha Realty India and its Managing Director Sudipta Sen from the securities markets till the time
12:28 PM, May 01, 2013
Mumbai: Market watchdog Sebi has asked the government to frame a strong central legislation to tackle the menace of companies collecting large amount of money from the public without requisite regulatory approvals and for dubious investment projects. Stating the existing legal provisions are weak and allow such companies to benefit from certain loopholes in the regulatory framework, Sebi Chairman U K Sinha said that the market regulator takes action against...
03:40 PM, Oct 24, 2012
New Delhi: The Supreme Court on Wednesday issued notices to Securities and Exchange Board of India (SEBI) Chairman UK Sinha and the Central Government on a PIL that questions the manner of his appointment as the market regulator's chief. The PIL alleges that Sinha suppressed facts pertaining to receiving remuneration from UTI-AMC before his appointment. According to the PIL as Sinha had not disclosed the facts before his appointment so...
12:14 PM, Sep 26, 2012
Gurgaon: SEBI on Monday said it will come out with new norms for Initial Public Offer (IPO) in the next few months as the capital market regulator aims at ensuring minimum price volatility on the day of listing. "May be in next few months," Securities and Exchange Board of India (SEBI) Chairman UK Sinha told reporters when asked about timeline for the new IPO norms. He was in Gurgaon to...
04:32 AM, Mar 27, 2012
New Delhi: The Supreme Court on Monday declined to entertain a plea questioning the appointment of UK Sinha as SEBI chairman, saying it is aimed against an individual under the garb of raising legal and constitutional issues. A bench headed by Chief Justice SH Kapadia said this was for the second time that the same issue has been raised before the court despite it asking the petitioner earlier to raise...
02:33 PM, Nov 21, 2011
Mumbai: Upendra Kumar Sinha on Friday took charge as market regulator SEBI's Chairman from the outgoing Chief Chandrashekar Baskar Bhave, who is said to have considerably raised the bar of the institution during his three-year tenure. As the 8th Chairman of the market watchdog, 'UK', as he is known among his friends, he has a tough task cut out for him, since his predecessor had placed the institution highly above...
05:36 PM, Feb 18, 2011
