Cracks whip on ‘livestock’ scheme, bars Step Up Marketing from raising funds
23 Aug 2014 12:01 AM GMT
In a fresh crackdown on illegal ‘livestock’ investment schemes promising huge returns, Sebi today barred Step Up Marketing and its directors from raising funds from such schemes, till further directions.
The Securities and Exchange Board of India (Sebi) has prima facie found that the Haryana-based firm was carrying out ‘collective investment scheme (CIS)’ without obtaining requisite authorisation from the market regulator.
The company was found to be raising money under its schemes ‘Real Step Pashupalan and Real Step Breeding Farm’ for sale, breeding, rearing and keeping of livestock.
‘Protecting the interests of investors is the first and foremost mandate for Sebi and therefore, steps have to be taken to ensure that Step Up Marketing Private Ltd does not collect further funds under its schemes and no investors are defrauded,’ Sebi said in an order on Friday.
The Securities and Exchange Board of India (Sebi) has prima facie found that the Haryana-based firm was carrying out ‘collective investment scheme (CIS)’ without obtaining requisite authorisation from the market regulator.
The company was found to be raising money under its schemes ‘Real Step Pashupalan and Real Step Breeding Farm’ for sale, breeding, rearing and keeping of livestock.
‘Protecting the interests of investors is the first and foremost mandate for Sebi and therefore, steps have to be taken to ensure that Step Up Marketing Private Ltd does not collect further funds under its schemes and no investors are defrauded,’ Sebi said in an order on Friday.
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