Sinha talks tough on ponzi schemes as Sebi turns 25
Mumbai: Terming unauthorised raising of funds by various entities from the public as a critical area of concern, Sebi Chairman U K Sinha Friday promised strict action against such schemes and sought continuing support from the government for the benefit of the markets and investors.
Speaking on the occasion to mark Sebi's 25 years, Sinha said that the government has been supportive to the regulator throughout this journey and he expects the same to continue.
"One of the areas of critical areas Friday is unauthorised raising of funds by various entities," Sinha said, and promised appropriate action against such schemes to safeguard the interest of investors.
Sinha recalled how Sebi started functioning as an independent regulator in 1988, when its first Chairman S A Dave picked up six officers from IDBI and began functioning from IDBI's office itself. The total head-count of Sebi Friday exceeds more than 600.
These six officers and Dave himself were present Friday for Sebi's 25-year celebrations. Besides, NSE's Vice-Chairman Ravi Narain and NSE's Managing Director Chitra Ramakrishna were also present.
"In the initial years, the journey of Sebi was quite tumultuous. Sebi had to work as a change agent. These 25 years have been a great journey. Friday, we are among one of the best regulators in the world," Sinha said.