Savers will continue to lose money in chain money schemes because the regulators are pretending not to understand the core issues
Sucheta Dalal
Over the past year, the Securities & Exchange Board of India’s (SEBI) war with the Sahara group has, at least in the public eye, imbued the market regulator with a sense of heroism. SEBI has gone after Sahara with remarkable tenacity—but only on the issue of synthetic convertible debentures issued by two Sahara group companies; it has also made a push to check MPS Greenery and sundry goat-rearing and emu farming frauds, categorised as ‘collective investment schemes’. Once the collapse of Saradha chit fund blew up into a major scandal, SEBI rushed to issue a flurry of orders against the promoters, after pussyfooting on it for three years.
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