Tuesday, October 15, 2013

SEBI notifies rules to classify illegal CIS schemes as fraud

Tightening the noose around entities running illegal collective investment schemes (CIS), SEBI
has notified new norms to classify such activities as frauds and impose penalties of up to three times
of their profits. Besides, the new rules expand the list of activities to be covered under fraudulent
and unfair trade practices to hold individuals as well as companies equally guilty for manipulations.

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