E {ɺ 26 {x]x E{xɪ Vɺ]b , Vxx 2500 Ec {ɪ <E_ E * x Vɺ]ɮ +ɡ E{xV |ɶx E BOESɮ {x]x Ƥvi ]] E{xɪ Eix ? Vɴɤ ʨɱ E 3800 E{xɪ * ʡ x

SEBI

E E <xE +i-{i i<B* <xɨ ]-E{xɪ lc M, Ex ix Vɮ Vn {x]x E{xɪ , V M E { <E_ EE SEE M< *

SEBI

x iɪ E x +Jɤɮ Bb]Vɨ] n n E B Vix E{xɪ , ɮ {ɺ B{Ex n, Vxx 2500 Ec {ɪ <E_ E * < ɮ ֨< <E] + ɮEɮ x = ɨɪ <x]Ex n E <x ɤ E{xɪ E ]M E< VB*

SEBI

x < ɮ M

SEBI

x.5 E ]M ʨɱ Mɪ + = E{x x BE ɱ +` Ec {B <E_ EB + { E MB MB, ɽ nx E ix Sɽi * Bxb BO E{x x 1.75 Ec {B E B{x ʱɪ, 70 J {B ]-Mc {ɮ JS EB + 90 J {B E Mɱ Jɮn* ɽ {x]x E{x E Eɱ * x |vx j V |lx E E M E { bڤ * 22 J U] M E 12 Vɮ Ec {B bڤ , E <x { E {ɺ x E E< ɴɺl * + <x |ɴvx E xE U]-U] <x] n+ nM, Ex ɺiʴEi ɽ E <x { E ɺڱ Ex E ʱB E< BEx {x xɽ *

Sɽi E ɽ ʤɱ E l Bx=x E VB* BE E{x E ɮ ɮ` ɹ i>M E E |Eɮ ʴY{x n Mɪ* ɮ` ɨlǪ BOb E{x x ʱJ l - 15 Vɮ {ɪ ɮ, < i֨ɺ, nv +xMɰ, ɱ< i֨ J x 15 Vɮ {B ɮ, +{E xɨ BE ƺ M, nv xEɱM + ɱ< +{ JɪM* l Eʨ]] ɽ l E 15 Vɮ {B ix ɱ E n +{E {ɺ ʨɱ VɪM + l ɱ nv V ɱ< xEM il =ɺ V 15 Vɮ {B E <xE M, ɽ +{E n VBM* +V < E{x E {i xɽ E ɽ E * < ʤɱ E ɨlx Ei , Ex l--l j V |lx Ei E Vɺ]ɮ +ɡ E{xV B E{xɪ E ʱɺ] M E SEM Eɪ* nx E VxEɮ E ʱB ix Sɽi , < E] E bɪɮE] E +xiMi

SEBI

x M<b<x < E + E Mɪ E Vɺ]x E ʱB B{Ex n*

Unless and until you get a licence or a registration certificate from the SEBI, you cannot collect any deposit.

< Eɨ E ʱB 60 nx E ɨɪ xʶSi E Mɪ, Ex +V 35 nx MB + BE B{Ex Vɺ]x E ʱB xɽ +< * bʮ] E J Ex E ʱB

SEBI

E +vEɮ i n , Ex =ɺ BEx]ʤʱ] {UB* nx E ix Sɽi , M < E] Vx {ɽ

SEBI

E {ɺ MB l + ʡ bƺ]x E l il Vɮ <x] ɺi {ɮ =iɮ +B l*

SEBI

+ ʮVɴ E uɮ =iiɮ n Mɪ E ɽ ɨɱ ɮ +xiMi xɽ , E E* +{ M x { MB, bڤ MB, V+ V E* <ʱB Ex Sɽi ,

There shoule be some clause for accountability.

+{E BE + =nɽh nx Sɽi * ʱɥ {x]x E{x x 24 Ec {B <E_ EB + =E n M E { nx xn E nB* = E{x E xVM bɪɮE] E BE ʮ] E ix J {ɪ x l, =E SE =x Mɪ* xVM bɪɮE] x E E ɮ {ɺ { xɽ + E{x E ʱEbx bɱ n + =E +bǮ ʨɱ Mɪ* < |Eɮ M E 24 Ec {ɪ bڤ Mɪ* +{ Vxi E ʱEbx E ɨɱ ɱ Sɱi * <ʱB +{ɺ ɽ |lx Ex SɽM E Vɺ E{x E B] + |{]V , E +{ = {ɮ EV x ɱ ? E =xE Jɱɡ Fʨxɱ BEx ʱɪ VBM?

SEBI

x +vEɮ i M ʱɪ + ʴii ʴɦM x +vEɮ nx E |ɴvx E n, Ex <xE Jɱɡ BEx x E ʱB E< |ɴvx xɽ E* <ʱB ʴii j V |lx E +Mɱ x <ɨ ƶvx E +ɪ E < |Eɮ E <x] E |]E] E VBM, bɪɮE] { {ɺ ʱB VɪM + =xE Jɱɡ Fʨxɱ BEx ʱɪ VBM*

BE i + +{E vx x Sɽi * <E bʡxɶx ʨɱ xɽ E Mɪ * ]< ɮ ʮ] E xɨ {ɮ M J {B ɺڱ EB Vi * E Vi , BE J {ɪ n nVB + 25 ɱ +{ ɮ E ʮ] ɱ Sɮ-{S nx PڨE + Ei * ɺiʴEi ɽ E n ɱ E n = ʮ] E {i xɽ *

bɪɮE] i E {ɺ { xɽ * ɽ V nںɮ ʤɱ Vc =E ɮ +{E vx +Eʹi Ex SɽM* {ɽ ɽ E V +{ E B{ɱ] +lʮ] E +vEɮ gx Sɽi ,

It is good. I really welcome it and appreciate it.

ʽxnֺix Ҵɮ E{x x <xɺ<b ]bM E l + <E ʱB x =x {ɮ V֨x E* iɤ B{ɱ] +lʮ] l, =xx E +Mƺ] +bǮ n*

I welcome this Tribunal.

<ɨ +{x BE 䨤ɮ J + ɽ 䨤ɮ V<] F] lc Vxɪɮ ɱ E , ɽ ɱ] 䨤ɮ E xɽ x SʽB* <xE ]E , BE<V ]Ťxɱ * =ɨ BE Vn n , x n 䨤ɮ x SʽB + =xE E]Mɮ lc xɪɮ x SʽB, EE V E Sɮx i b{] MɴxǮ ʮVɴ E = ɱ E i * E b 䨤ɺ F] ɱ E +ʡɮ i * Eʤx] ʨxɺ] E +bǮ E +{ұ ]] ʨxɺ] x xɽ Ei, = |Eɮ F] uɮ ʱB B xhǪ E ɨx +{ұ xx E +vEɮ V<] F] E xɽ Ei <ʱB =E ɮ +{ EEx EM i Vn +SU M* nںɮ i ɽ E ʽxnֺix Ҵɮ x V {]Ҷx < E l, =ɨ ֤< <E] ɽ SV E E x V +bǮ n =E B{ɱ] +lʮ] x ] +<b E -

The SEBI cannot go to the court.

<E ʱB <xɴ] E Vx {c l, =ɨ =SS xɪɱɪ x ɮ V Sx * <ɨ +{x V |ɴvx E , +{x Ex {<] {S nJɪ , Ex 22B * j V |lx Ex SɽM E V {V xɨɮ ix 22B-EW ʱJ -

`any person aggrieved by the decision of the Security Appellate Tribunal'.

{V xɨɮ ix V Eb +b] BE] =ɨ 22B "Bx {ɮx" E n "Bx BOҴb {]" x SʽB, EE ʽxnֺix Ҵɮ x E] ɽ +M֨] EB E MɴxǨ] +lʮ] + MɴxǨ] b <xƺ ʨxɺ] E ɨx E |Eɮ +{ұ V Ei * +Mɮ x VVɨ] n i ɽ +x] VVɨ] *

If you are treating the SEBI as a separate entity,

ʡ ɽ < |Eɮ +b] Ex SʽB "Bx {ɮx" E n "Bx BOҴb {]*"

ɽ |lx Ex SɽM E < ʴɹɪ E E V xʶM E{xW , V E] BESV { E Mɪɤ Vi * MɦM 3500 B E{xɪ V 10,000 Ec {B Vn {B <E_ EE Mɪɤ M< * E{x E EU {i xɽ , +ʡ n MB * n-ix-{S Ec {B E M M< <ʱB <xE >{ɮ +V xɽ i ʡ E vx nx SʽB* +V ֤ɽ x BE +x ʴɹɪ +{E ɨx J l "<b|Eɶ S+ b EҨ E* " E +vE +vEɮ SʽB Ex E +vEɮ E E< ={ɪM Ei xɽ + +bǮ ni i =E <{Ҩ] MɴxǨ] E xxɱ<W E Ei * =E ʱB +{ BE] E |ʴVx EM* <bx E x S+ b xEɱ, =xx 1992 E] ] E + E E <bx E E S+ b <b|Eɶ E n {B E BE x] E i ɱ E n 30 xɴɨɮ, 1999 E 30 {B ʨɱM* +V i ɱ E n <bx E x E n E + +{E 30 {B E n ʺɡ 17 {B ʨɱM*

The net loss would be Rs. 70 crore which belong to the small investors.

ɽ Vxx SɽM E 1992-93-94-95-96 E <xɴ]] E |Eɮ +* <bx E S+ b x { E bɱ, E S+ b x |ʡ] E* +{E VxEɮ E ʱB ix Sɽi E 1995-96 Exɮ E + ]] E E < |Eɮ S+ b E EҨ + l Ex MɴxǨ] { nx M* ɽ V <bx E E S+ b EҨ =E { n VB* +V +{E ɨx BE +x ʴɹɪ ={ʺli Ex SɽM, E Ei , Mֱ] bW, ʮVɴ E, <xƺ ʨxɺ] + Vɺ]ɮ + E{xW E Ei * +{E VxEɮ E ʱB {]x E{xɪ E ʱB Vɺ]x E ʱB E |ʺWɮ - xlM*

n {S {ɪ =E Һ *

You can get a registration certificate across the counter.

= +Jɤɮ U{ɴ ni , ɮ bɱ ni E Vɺ]ɮ + E{xV x E Vɺ]x n n * Vɺ]x x E ʱB Vɺ]ɮ + E{xV E {ɺ ʱʨ]b E{x Vɺ]b Ex E ʱB +{E E< |ڡ nx E Vɰi xɽ * Ex +Mɮ +{E ɶx Eb x i l ]ʡE], Eڱ Ucx E ]ʡE], {ɽ Vɽ i l =E |ڡ + ] SʽB* Ex {]x E xɨ {ɮ E{x Vɺ]b Ex E ʱB + Vɺ]b EE {S {xp Ec <E_ Ex E ʱB +{E E |ڡ E +ɴɶEi xɽ *

+{E BE =nɽh nx Sɽi * ɴɱ {Ux Sɽi E x n nx {ɽ EǺE E +n n E i֨ <bx E S+ b E 30 {ɪ n* <E ɮ E EɮǴ< M, EE ɨx EɮǴ< M, EU {i xɽ* nںɮ EǺE O{ E EǺE <xƺ Bb VM E{x * <xx U]-U] 60 Vɮ <x] E {ɺ 105 Ec {ɪ <E_ E + Vxɴɮ 1999 M E ʮ{] n E n* ʡ +| 1999 V nx n E n* < 1999 =xx +xE VMɽ EɪDZɪ J l n E n + Vɤ x =xE +|S E i E x E{x S n * x <, Vx + Vֱ< ʶEɪi E + +ɶSɪ E i E Vֱ< ɽx 105 Ec {ɪ Vɺ E{x x <E_ E ɽ Sɨ{ɴi ɱ EE +nɤn E E< {ʮɮ VɺE EǺE O{ x E{x S n + =E Ph iɤ < Vɤ x =xE ɨx +nx E* + n nx {ɽ =E Ph < * ɽ S{ɴi ɱ E , EU xɽ , E< E-O>b xɽ , Bx..B.. xM Ex E E< +x֦ɴ xɽ * +V Z {i Sɱ E Sɨ{ɴi ɱ x Vɺ]ɮ + E{xV E Si E n E EǺE E {x + Mʱɪɮ V +ʡ ɽ n E + +nɤn ʶɡ] E * <ix xɽ, =xx E{x E xɨ nx E Ph E n * <x] E VBM? = 105 Ec {ɪ E E +? E ʴii j V < ʴɹɪ vx nM* Ex SɽM E E{x E ɮ jɱɪ E Vɺ]ɮ + E{xV + nںɮ jɱɪ E l ʨɱE BE ]M BEx O{ E Sx Ex SʽB* ʡ E VxEɮ nM E <x] E 1992 1999 iE, n i E .+ɮ. ƺɱ iE il Bx..B. E BE J {Sɺ Vɮ Ec {ɪ ƺ Mɪ bڤ Mɪ * ɽ E< U] E xɽ * +{E xE iVV֤ M E Eֱ ʨɱE 386 E{xV x ʮVɴ E E {ɺ Vxɴɮ 1997 iE Vɺ]x Eɪ* ix ɱ i Mɪ Ex 38 Vɮ ʮVɴ E x ʺɡ x Vɮ B{Ex ҡ< E * E ʮVɴ E E< Vɴɤ {UM* <ix Ex Sɽi E xxҪ ɶɴi ʺx V Vɤ-Vɤ ʨɱ, =xx U]-U] <x] E ɽi ɨlx E * BE E i BE Exx E + * <ʱB ɮEɮ E +ʦxnx Ei E V En =` U] <x] E ʱB =` * <x nx ʤɱ E ɨlx Ei *

SHRI E.M. SUDARSANA NATCHIAPPAN (SIVAGANGA): Sir, in this Bill we find that the Government is having ad hoc policy of amending the Acts on the command of some other agencies. I think the international agencies are compelling the Government and to satisfy the foreign investors, small amendments are being made. But at the same time the common man is not protected. They are exposed. I would like to suggest an amendment to Section 11 where new definition is given and collective investment scheme is mentioned. The collective investment scheme is having exemption also under Clause 3 notwithstanding anything contained in Sub-section 2 any scheme or arrangement made or offered by a cooperative society registered under the Cooperative Societies Act, etc.

Actually bodies registered under the Cooperative Societies Act cannot be controlled by the Securities and Exchange Board of India. In the same way, non-banking financial companies are shown in another clause, contract of insurance is shown, then providing for any Scheme, Pension Scheme or the Insurance Scheme is also shown. The fifth point says that deposits are accepted under section 58A of the Companies Act, 1956. The sixth point says that deposits are accepted by a company declared as a Nidhi or a mutual benefit society under section 620A of the Companies Act, 1956. The seventh point talks of Chit business. The eighth point is a broad one under which contributions made are in the nature of subscription to a mutual fund. All these shall not be a collective investment scheme.

Why this type of exemptions are given? What is the need of this? Seven clauses are shown as exempted clauses. Why? Is there any protection given for this type of people who are cheating the mass? In Tamil Nadu you can see each and every day many Nidhis and mutual funds closing. Hundreds of people who are having an earning of one hundred or two hundred rupees are putting their money in the mutual funds. But they are not protected. They are just going here and there. They are going to the police station, but they are told that a new police officer is being deputed and they can have their grievance settled. No court appreciates this. Only IPC clause 420 is there to initiate proceedings against them. People are aggrieved because of this type of definition of Collective Investment Scheme. Crores of people are exploited by these schemes.

How are these people exempted? Unnecessarily they are included as exempted class. There is no need for this. That means there is some other meaning given for these bodies like `you are protected, you can go on like this'. There should be some law to protect the mass who are ignorant, who are evaded by the market, who are carried away by advertisements. Every day we see so many advertisements like, if you put one hundred rupees, you will get one thousand rupees within ten years, you will get ten thousand rupees, you will get a pension of Rs.250 every month. There is no protection for these people. But there is a protection given by unnecessarily including an amendment. Therefore, I submit that the hon. Finance Minister may exclude this clause, so that there is no necessity at all to bring this provision into this particular section.

The very important thing on which this particular amendment is made is only to make the market available for the ordinary people. But the SEBI has not protected the ordinary people. Only ten shares are purchased by monthly salaried people, but they are not protected. They are sending petitions, telegrams, notices and criminal proceedings are also started. Even then companies are not giving them money. They are just dragging on asking them to wait for one year or six months. The SEBI is not listening to them. Therefore, there should be some summary proceedings in such cases just like a small cause court is available for trying offences not exceeding a certain amount, say, one thousand rupees to ten thousand rupees. There is no need for any proceedings. Straightway there can be a decree and there can be execution. In that way there should be a procedure. There should be such a clause by which small investors are protected by summary proceedings. There should not be any waiting for appeal or revision. This point should be taken into consideration.


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