Sebi orders sub-broker to refund money in 7 days
21 Jan 2015 1:45 AM GMT
Cracking down on an illegal money pooling activity running into an estimated Rs 5,000 crore, Sebi on Tuesday barred an individual broker from mobilising funds from public while also asking him to refund investors money within a period of seven days.
Sameer S Joshi, a sub-broker with trade name Shreesurya Investments, has also been restrained from dealing in the securities market, till further directions. A preliminary probe by Securities and Exchange Board of India (Sebi) found that Joshi was soliciting money from clients under various schemes by making "unrealistic claims of high returns".
Shreesurya Investments has allegedly cornered more than Rs 5,000 crores from 6,000 investors. According to the regulator's findings, Joshi was promising investors in Nagpur to double their money within 15-28 months or pay 50 per cent interest rate per annum on quarterly basis besides providing free foreign trips. "In the instant case, Sameer has solicited, enticed and induced investors and also collected funds and deposits from them through misrepresentation and allurement of high returns to such investors through various schemes when in reality Sameer had defaulted in making repayments/refunds to his investors," Sebi said in an order on Tuesday.
Govt amends rules under companies law
New Delhi: Amending rules under the Companies Law, government has exempted unlisted firms having overseas subsidiaries from preparing consolidated financial statement for the current financial year.
The Corporate Affairs Ministry has amended rules pertaining to Corporate Social Responsibility (CSR) policy as well.
Sameer S Joshi, a sub-broker with trade name Shreesurya Investments, has also been restrained from dealing in the securities market, till further directions. A preliminary probe by Securities and Exchange Board of India (Sebi) found that Joshi was soliciting money from clients under various schemes by making "unrealistic claims of high returns".
Shreesurya Investments has allegedly cornered more than Rs 5,000 crores from 6,000 investors. According to the regulator's findings, Joshi was promising investors in Nagpur to double their money within 15-28 months or pay 50 per cent interest rate per annum on quarterly basis besides providing free foreign trips. "In the instant case, Sameer has solicited, enticed and induced investors and also collected funds and deposits from them through misrepresentation and allurement of high returns to such investors through various schemes when in reality Sameer had defaulted in making repayments/refunds to his investors," Sebi said in an order on Tuesday.
Govt amends rules under companies law
New Delhi: Amending rules under the Companies Law, government has exempted unlisted firms having overseas subsidiaries from preparing consolidated financial statement for the current financial year.
The Corporate Affairs Ministry has amended rules pertaining to Corporate Social Responsibility (CSR) policy as well.
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