Prosecution under SEBI (CIS) Regulations, 1999

Securities and Exchange Board of India has launched criminal prosecution by filing a criminal complaint in the court of the Addl. Chief Metropolitan Magistrate, 8th Court, Esplanade, Mumbai against Pagoda Forest Ltd., for its violations of SEBI (Collective Investment Schemes) Regulations, 1999. The said company raised Rs. 65 crores from the investors under various schemes and failed either to register the said schemes with SEBI or to wind up the schemes and refund the amounts to the investors, despite several directions of SEBI to do so. The directors of the above said company are also being prosecuted.