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This is an archive article published on May 20, 2013

Sebi cautions investors against two ponzi firms

Continuing the heat on ponzi firms in the wake of the Saradha scam,Securities and Exchange Board of India (Sebi) Sunday issued caution advertisements against two West Bengal-based companies that have been raising funds under the collective investment schemes.

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Continuing the heat on ponzi firms in the wake of the Saradha scam,Securities and Exchange Board of India (Sebi) Sunday issued caution advertisements against two West Bengal-based companies that have been raising funds under the collective investment schemes.

In the advertisement carried in leading national and local dailies,Sebi warned the public against investing in Rose Valley Real Estate and Construction and MPS Greenery Developers Ltd.

Stating that neither Rose Valley nor MPS Greenery has the certificate of registration to run a CIS,Sebi advised against investing in them and said the onus of investing in such schemes would lie with the investors only.

Sebi had earlier passed an order against one of the companies of Rose Valley directing it not to collect any money from investors or launch a scheme,not dispose/alienate any of its assets and not divert any fund raised from the public.

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