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Fraudulous chit funds back to haunt Bengal in agricultural schemes avatar

Fraudulous chit funds back to haunt Bengal in agricultural schemes avatar

The consumer affairs department has started a campaign against these chit funds which are operating on a small scale in various parts of Bengal.

'Wrong perception impacting chit funds business'

Distancing themselves from illicit money pooling schemes, an apex body of chit funds on Tuesday said their business has taken a big beating because of the wrong 'perception' that all deposit-taking activities are illegal.

RBI allows NRIs to invest in chit funds

The Reserve Bank Thursday allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.

Chit Funds reappearing across Bengal: Minister

After a gap of more than a year, the chit fund companies have started reappearing in West Bengal, especially in the rural areas, a state minister said Monday.

SC notice to Centre, RBI, SEBI on PIL on regulating chitfunds

The Supreme Court on Tuesday issued notice to the Centre, RBI and SEBI seeking their response on a PIL for putting in place a proper mechanism to regulate functioning of chit funds in the country.

Regulators set up forum to rein in chit funds

In view of a series of chit fund frauds, financial regulators Wednesday decided to set up a separate forum for coordination and sharing information to rein in such investment schemes.

Parl panel to submit report on ponzi schemes in Monsoon session

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in West Bengal, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.

SEBI for clamp down on risky chit funds

"The type of promises (some of) these companies are giving are such that no legitimate business activity can provide that sort of returns," SEBI Chairman U K Sinha said.

All agencies geared to curb illegal fund-raising: Pilot

The corporate affairs ministry has also planned to tie up with Google, IndiaPost and BSNL for spreading information about securities investments, Pilot said.

Govt inspecting 87 chit-funds, multi-level marketing cos: MCA

As many as 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulation in the garb of multi-level marketing, the government said Monday.