MUMBAI, March 26: The Securities and Exchange Board of India (SEBI) is planning to take action against plantation companies which have mobilised money through collective investment schemes and other methods despite the the regulator's directive against fresh collections.SEBI is also planning to take action against those entities which have not complied with the audit checks as required by it. These actions include barring them from accessing public funds and also prosecuting them for violating the provisions of the SEBI Act.The market watchdog has been co-ordinating with the Department of Company Affairs on the issue and has identified plantation companies registered with the Registrar of Companies. They are currently in the process of classifying those companies which have mobilised money by way of new schemes. SEBI also plans to caution investors by issuing a public notice which would contain the names of those companies which have filed information about their schemes with the regulator pursuant toits directions.The markets regulator has decided to undertake a special audit of those collective investment schemes which have mobilised over Rs 5 crore from the public. This decision has been taken following the Dave panel's recommendations on regulating collective investment schemes. A panel of independent chartered accountants has been engaged for the purpose and their reports are expected to be filed shortly.The regulator has also initiated inquiries against those entities which have filed their details after the January 15 deadline as per SEBI's public notice.The public notice by SEBI saw only 460 companies file details regarding their companies with the regulator.
