-The Hindu The Saradha group's spectacular failure has inflicted severe pain not only on its gullible depositors and agents but in a real sense on India's financial regulators and the State government as well. There is a law and order problem in West Bengal. Very soon, public attention will shift to regulation or the lack of it. The crisis, it appears, will not be confined to one state. In the worst...
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In story of Saradha's crores, Bengal's forgotten hundreds -Madhuparna Das
-The Indian Express West Bengal is not new to chit fund scams. What is unique to the Saradha Group scandal is how it targeted the poorest and the most marginalised, leaving them on the verge of devastation. From 17-year-old agents who raised money from depositors to 50-year-old widows who invested money, the Saradha Group didn't discriminate in roping them in. Since the house of cards started collapsing, two agents and two...
More »Can legal measures root out chit fund frauds? - No -Pratim Ranjan Bose
-The Hindu Business Line There can be no denying the need for a legal framework to ensure that the likes of Saradha do not take the entire financial system for a ride. But that said, there will always be greedy investors, willing to be taken in by the tall promises of unscrupulous operators. The latter's task is made easier by loopholes in the law. Hence, Ponzi operators used the legal loopholes...
More »Normal monsoon may give UPA some help
-The Times of India Rains could bring some relief to the UPA in the pre-election year with the meteorological department on Friday projecting a countrywide normal monsoon for 2013. The forecast should allay government's fears of food inflation jumping again over the 10% mark after being only partially tamed in the last quarter of the financial year. The weather office said that rainfall would be within the normal range - 98% of...
More »Can legal measures root out chit fund frauds? - Yes -Ramesh K. Vaidyanathan and Anumeha Iyer
-The Hindu Business Line Chit funds, one of India's oldest indigenous financial institutions, are regulated by the Chit Funds Act, 1982, a central statute, and various State-specific regulations. Further, the Securities and Exchange Board of India (SEBI) regulates the operation of ‘collective investment schemes' (Collective Investment Schemes) through the SEBI 1999 Regulations (CIS Regulations). However, Section 11 AA of the Securities and Exchange Board of India Act, 1992 specifically excludes a...
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