Zee Media Bureau/Dipu Rai
New Delhi: Continuing with its strong will to take on the perpetrators of illegal money collection schemes Markets regulator Securities and Exchange Board of India (Sebi) has banned another ponzi scheme in Madhya Pradesh.
Sebi has banned HCN infrastructure and share companies' ponzi scheme. It has also banned the company's directors' account scheme.
Stating that HCN infra's collective scheme is illegal, the market regulator has asked the company to give details of all its property.
The company had laid out a get-rich-quick schemes that increases deposits by selling of plots. It gave 34 percent commission to its agents.
An ordinance to empower Sebi to deal with ponzi schemes was recently introduced to deal with ponzi schemes while providing safeguards to ensure the powers are not misused.
Besides, the market watchdog would get increased powers to crack the whip on illegal investment schemes.
The Bill aims to protect investors as well as curb fraudulent investment schemes thriving at the expense of gullible investors.
