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SEBI should have greater accountability, especially in dealing with cases related to ponzi schemes and giving money back to small investors who are duped
A member in the Lok Sabha from Bharatiya Janata Party (BJP) on Wednesday pitched for greater accountability of regulators like the Securities and Exchange Board of India (SEBI) in dealing with cases related to ponzi schemes and said small investors who are duped should get back their money.
Resuming the discussion on Securities Laws (Amendment) Bill, Kirit Somaiya wanted to know as to how many people have been punished for running such schemes.
The BJP member cautioned that ponzi companies will find new ways to bypass the new law. He said multi-state credit cooperative societies are now being floated to "loot" investors.
He said while there is provision of investor protection education fund, not much has been utilised over the years.
Somaiya claimed that several such companies invite MPs and MLAs to their programmes and use their name to lure potential investors.
He said over Rs1 lakh crore is "trapped" in such schemes.
Kalyan Banerjee (TMC) said the authorities vested with powers to protect the interests of investors are not serious in their job.
He claimed only a handful of people have received refund of their investments.
He said the law should not create "another CBI" which could be used to further the political interests of the ruling party.
Referring to the functioning of tribunals, he said much needs to be done and their judgements should be swift.
He also demanded appointing people with clean image to head regulators and tribunals.