Supreme Court issues notice to Centre,SEBI on chit funds regulation

PIL sought to put in place a statutory regime for regulating chit funds in the country.

Written by Utkarsh Anand | New Delhi | Updated: February 7, 2014 11:28 am

The Supreme Court on Tuesday issued notices to Centre,SEBI,Enforcement Directorate and others on a PIL seeking to put in place a statutory regime for regulating chit funds in the country.

A bench led by Chief Justice P Sathasivam sought responses from all parties in four weeks on a PIL filed by NGO Humanity Salt Lake,which has also sought a CBI inquiry into Sarada and other chit fund scams. The petition has sought creation of a statutory authority with adequate powers to regulate chit funds.

It also sought more customer-friendly norms,besides opening of more branches of banks so that customers could deposit their money with banks.

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