-The Indian Express Chit fund scams shine the light on the need to overhaul the financial regulatory architecture Cases of semi-regulated or unregulated entities making unrealistic promises to consumers are roiling the financial landscape. It is high time the government sees the pattern and undertakes fundamental change. The search for a solution must factor in two realities. The first is the failure of the formal regulated financial system. The breakdown of present...

-The Indian Express Kolkata: As the investigation into the Saradha chit fund scam threatens to reach the doorstep of the Trinamool Congress, the markets watchdog is learnt to have warned of a larger, more frightening scenario: similar Ponzi schemes run by at least five other companies in West Bengal, involving over Rs 4,000 crore of small investors' money. In its latest communication sent to the state government, the Securities and Exchange Board...

-PTI Following direction from Finance minister P Chidambaram, banks have initiated the process of linking account with Aadhaar number for cash transfer of LPG and other subsidies. Banks have started informing customers through different mode of communication including SMS about linking of Aadhaar number with the account number to facilitate subsidy transfer. "For getting LPG, MGNREGA and other subsidies direct to your account, please get your account linked with Aadhaar number," Canara Bank...

-PTI On the back foot over the chit fund scam in West Bengal, Trinamool Congress on Thursday raised questions over the role of a senior Chennai-based lawyer who happens to be wife of the Union Finance minister. Sudipta Sen, chairman of the scandal-ridden Saradha group, who was arrested two days ago, has said in a purported letter to CBI that politicians, journalists and lawyers had blackmailed him and taken money assuring him...

-PTI The corporate affairs ministry is likely to order a probe into functioning of Saradha group companies amid growing controversy over the Kolkata-based entity allegedly duping thousands of investors. Corporate affairs minister Sachin Pilot along with senior ministry officials would hold a meeting on Thursday to look into the functioning of various chit funds including issues related to Saradha group companies. A senior official said the ministry is likely to order a probe...