Supreme Court issues notice to Centre, SEBI on chit funds regulation

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SC sent notice in response to a PIL seeking to put in place a statutory regime for regulating chit funds in the country. (PTI) SC sent notice in response to a PIL seeking to put in place a statutory regime for regulating chit funds in the country. (PTI)
SummaryPIL sought to put in place a statutory regime for regulating chit funds in the country.

The Supreme Court on Tuesday issued notices to Centre, SEBI, Enforcement Directorate and others on a PIL seeking to put in place a statutory regime for regulating chit funds in the country.†

A bench led by Chief Justice P Sathasivam sought responses from all parties in four weeks on a PIL filed by NGO Humanity Salt Lake, which has also sought a CBI inquiry into Sarada and other chit fund scams. The petition has sought creation of a statutory authority with adequate powers to regulate chit funds.†

It also sought more customer-friendly norms, besides opening of more branches of banks so that customers could deposit their money with banks.

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