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Sebi stops NGHI from collecting money from investors

No Comments Sub Category:Other cities,Realty News,Residential Real Estate Posted On: Jul 13, 2012

The Securities and Exchange Board of India (Sebi), has banned Jaipur-based NGHI Developers from collecting money from investors and accessing the capital market.

It passed orders saying that NGHI Developers India Ltd. shall immediately stop collecting money, directly or indirectly, from investors under the plans or schemes offered by it. It even opposed future launch of any such ‘collective investment schemes’ in violation of the provisions of the Sebi Act, 1992.

The company was collecting funds from the public for developing plots of land through its plans.

The markets and investor watchdog, SEBI, said that NGHI is related to another company – Nicer Green Forests Ltd. – which is under the regulator’s probe. It was switching Nicer Green’s investment certificates with the NGHI bonds.

It seems that NGHI promoters and directors Pipal Singh and Bakshish Singh are using the company as a vehicle to subvert the Sebi order against Nicer Green, said the regulator.

SEBI has directed NGHI to deposit the money collected from investors under various schemes in a separate bank account within 3 days from the date of the order.

To read more real estate news:

New target for property tax inspectors

Income tax dept issues notice to Swarnandhra

Source: Moneycontrol

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