SEBI wants single deposits’ regulator

The Securities and Exchange Board of India (SEBI), on April 2 urged the government to form a single regulator for companies taking deposits from the public in an illegal manner. 

While speaking at an investment seminar by Indian Merchants' Chamber, SEBI Chairman UK Sinha said, “There is need for a single watchdog to regulate companies taking deposits from the public in an illegal manner. We have also taken up this matter with the government so that loopholes are plugged.” 

Sinha said many countries have only one financial sector regulator.When the collective investment scheme (CIS) was brought under the SEBI Act, certain exceptions were given to Nidhi, chit funds and cooperatives. But today certain people are taking advantage of those well-thought-out, well-intentioned exceptions. The purpose of my mentioning the CIS is that the volume now is quite large. So, we all have to work together."

Source: http://cablequest.org/news/broadband-and-iptv-news/item/2032-sebi-wants-single-deposits%E2%80%99-regulator.htmlSource: http://cablequest.org/news/broadband-and-iptv-news/item/2032-sebi-wants-single-deposits%E2%80%99-regulator.html