The Reserve Bank of India and the Securities and Exchange Board of India have come together to prevent another Saradha scam-like episode where return seeking middle class savers are trapped by investment schemes that promise the moon and vanish leaving them poorer.
State Level Coordination Committee (SLCC) of the regulators which was moribund got a new lease of life on Thursday with securities market and banking regulator going live with a digital platform that would enable investors verify the authenticity of the companies that are offering investment products. “Fly-by-night operator who doesn't in “Fly-by-night operator who doesn't intend to repay can promise the moon and if the public don't know better, they could be fooled by investing into some of these enterprises,“ said RBI Governor Raghuram Rajan during the launch of the platform.“We have to stop fly-by-night operator before they run away with the money and that is why the SLCC is very important.“
The two launched http:www.sachet.rbi.org.in, a website on which the public can identify if an entity accepting deposits is registered with any regulator or not. Citizens can also file and track a complaint against illegal entities who have duped them.They can also share information regarding entities who are accepting public deposits illegally .
Regulators are getting more active in preventing unscrupulous businessmen exploiting the unsuspecting, financially less literate succumbing to the carrots that are dangled. Recently, the Saradha chit fund scandal in West Bengal rocked the nation with 17 lakh investors getting duped of Rs.2,000 crore.
Rajan also cautioned against the phishing and emails that are sent from distant countries like Nigeria and Tanzania promising millions dollars if bank account numbers are shared.
State Level Coordination Committee (SLCC) of the regulators which was moribund got a new lease of life on Thursday with securities market and banking regulator going live with a digital platform that would enable investors verify the authenticity of the companies that are offering investment products. “Fly-by-night operator who doesn't in “Fly-by-night operator who doesn't intend to repay can promise the moon and if the public don't know better, they could be fooled by investing into some of these enterprises,“ said RBI Governor Raghuram Rajan during the launch of the platform.“We have to stop fly-by-night operator before they run away with the money and that is why the SLCC is very important.“
The two launched http:www.sachet.rbi.org.in, a website on which the public can identify if an entity accepting deposits is registered with any regulator or not. Citizens can also file and track a complaint against illegal entities who have duped them.They can also share information regarding entities who are accepting public deposits illegally .
Regulators are getting more active in preventing unscrupulous businessmen exploiting the unsuspecting, financially less literate succumbing to the carrots that are dangled. Recently, the Saradha chit fund scandal in West Bengal rocked the nation with 17 lakh investors getting duped of Rs.2,000 crore.
Rajan also cautioned against the phishing and emails that are sent from distant countries like Nigeria and Tanzania promising millions dollars if bank account numbers are shared.
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