SEBI asks Saradha to wind up schemes, return money to depositors | ummid.com
"Since the noticee (Saradha Realty India Ltd) has launched 'collective investment schemes' without obtaining certificate of registration from SEBI, it has contravened provisions of section 12(1B) of the SEBI Act and regulation 3 of the CIS Regulations," the order said, on a day Sen was arrested from Jammu and Kashmir.
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