SEBI cracks down on infra scheme

Mumbai: Clamping down on an illegal scheme assuring high returns to investors for investment in land, Sebi has barred HNC Infrastructures & Shares India and its directors from raising any funds from public as well as from floating any new schemes.

 

The Securities and Exchange Board of India  found that the Madhya Pradesh-based company was running a ‘collective investment scheme’ without requisite approvals and registration from the market regulator. As per Sebi order dated August 5, as many as 10,528 investors were found to have been offered the scheme.