Real estate firms cracked down by Sebi
Capital market regulator Securities and Exchange Board of India (Sebi) has cracked down on collective investment schemes operating in West Bengal.
Few real estate firms are among those being zeroed in on by the regulator.
Investments worth thousands of crores have been raised by certain companies in the state in violation of Sebi’s Collective Investment Scheme Regulations.
MPS Greenery Developers, Rose Valley Real Estate & Constructions and Sun-Plant Agro are some of the companies against whom legal action has been initiated by Sebi. The regulator has launched prosecution in 59 cases, of which one case is pending before the Supreme Court regarding the issue of jurisdiction.
Collective investment schemes have been thriving since the early 80s taking advantage of the regulatory loopholes. It prompted the government to treat these schemes as collective investment schemes under the Sebi Act.
To read more real estate news:
Over 20 Indian realtors to participate property exhibition in London
Capital market regulation, Capital market regulator, Collective Investment Scheme Regulations, collective investment schemes, MPS Greenery Developers, Rose Valley Real Estate & Constructions, Sebi Act, Securities and exchange board of India(Sebi), Sun-Plant Agro, Supreme Court, West Bengal
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