Ponzi schemes: Sebi seeks quarterly meetings of state panels

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Market watchdog Sebi has sought meetings of state-level coordination committees every quarter to tackle the menace of illegal fund pooling activities.

At the inauguration of Sebi's local office at Ranchi today, the capital market regulator's chairman UK Sinha said the periodicity of 'State-level Coordination Committee' meetings should be increased to once a quarter to deal with illegal fund mobilisation activities by unscrupulous firms.

The Sebi chairman also said that such committees should be chaired by the Chief Secretary of a state.

Sebi's Ranchi office was today inaugurated by Jharkhand Chief Secretary RS Sharma. The office would work towards spreading financial literacy and redressing investor grievance in the region.

Sharma laid emphasis on the need for the public financial institutions and regulators to work towards financial inclusion at the grassroot level, a statement by Securities and Exchange Board of India (Sebi) said.

"He stressed the need for innovative products from the banks and insurance companies which are low in value and easily accessible to common man," the statement added.

Speaking on the occasion, Sinha said Sebi had decided to open its local office in 16 places in the past two years.

The office at the Ranchi would be the "Sebi-investor interface to address issues at local level," he added.

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