December 2016 Current Affairs

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Banned Ponzi schemes not under regulatory purview: SEBI to SC

Banned Ponzi schemes not under regulatory purview: SEBI to SC
09 August 2016 Current Affairs: The Securities and Exchange Board of India (SEBI) told the Supreme Court that banned Ponzi schemes do not fall under its regulatory purview. This announcement was made after the apex court had asked government and SEBI, the stock market regulator about measures undertaken by them to check the menace of ponzi schemes. 

SC had asked for their response while hearing on PIL filed against menace of ponzi scheme running across the country in various forms which robbed the poor and small investors of their hard-earned money. The PIL was filed by NGO ‘Humanity Salt Lake’ alleging inaction on the part of the government in regulating chit funds (Ponzi schemes) which has resulted in multiple scams across country.

SEBI’s Response : Ponzi schemes do not fall under the regulatory purview of SEBI and the state government concerned is the enforcement agency. They are banned under the Prize Chit and Money Circulation (Banning) Act, 1978. Though it is a Central Act but the respective State governments are the enforcement agency of this law. SEBI also mentioned that only Collective Investment Schemes (CIS) are under its jurisdiction and these too can be stopped if not registered.

Ponzi scheme :  A Ponzi scheme is an investment fraud where clients are promised a large profit in short term at little or no risk at all. Companies engaged in a Ponzi schemes mainly focus all of their energies into attracting new clients to make investments. This new investments (income) are used to pay original investors their returns, marked as a profit from a legitimate transaction. Ponzi schemes working mainly rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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