December 18, 2001
PR No. 217/2001

Prosecution against entities operating unregistered 
collective investment schemes

Securities and Exchange Board of India has launched criminal prosecution against Cliffwood Agro Plantations Ltd., and Miracle Farms Ltd., at Chennai for their violations of SEBI (Collective Investment Schemes) Regulations, 1999. The said companies raised several lakhs of rupees from the investors under various schemes and failed neither to register the said schemes with SEBI nor to wind up the schemes and refund the amounts to the investors, despite several directions of SEBI to do so. The directors of the said companies have also been prosecuted.


For SEBI's list, click here.