SC notice to Centre, RBI, SEBI on PIL on regulating chitfunds
New Delhi: The Supreme Court today issued notice to the Centre, RBI and SEBI seeking their response on a PIL for putting in place a proper mechanism to regulate functioning of chit funds in the
He submitted that chit fund companies were collecting money from the public in violation of laws and that needed to be checked.
The petitioner referred to various chit fund scams including the recent multi-crore Saradha chit fund scam in West Bengal and pleaded before the apex court for its intervention in the matter to prevent recurrence of such cases.
After hearing the submissions, the bench agreed to look into the matter.
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