Collective Investment Schemes


Collective investment schemes (CIS), which are largely unregulated because of dispute in jurisdiction, could soon come under one principal regulator, if market regulator Securities and Exchange Board of India’s proposals are implemented. In addition, several entities like cooperatives, NBFC deposits and collection under Chit Fund Act could also come under Section 11 (AA) of the Sebi Act, which defines CIS.

Several of these entities have used these loopholes to mop up funds from gullible individuals. There are over one lakh complaints with Sebi pertaining to non-payment of dues by CIS. The regulator has also received many complaints against multi-level marketing (MLM) companies, art funds and time sharing schemes that are not under the regulatory authority. 

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