Mumbai: Securities and Exchange Board of India (SEBI) has started examining the schemes of Sahara Q shop schemes under the SEBI Act. This fact was brought in the counter-affidavit filed by SEBI in the Writ petition of IPS officer Amitabh Thakur and his wife Nutan before the Allahabad High Court, Lucknow Bench.
The couple had filed this Petition praying for enquiry into the issuance of Sahara Q shop bonds/advances, where the Court had issued notice to SEBI and Sahara Q Shop limited.
The Counter affidavit filed by Naveen Sharma, AGM, SEBI, Lucknow office says that previously SEBI did not have any power to look into all kinds of money collection activities, but recently the Securities Law (Amendment) Ordinance 2013 has amended section 11AA of the SEBI Act 1992 so that any money collection scheme having corpus of Rs. 100 crore or more and not covered under any given exception shall be deemed as collective investment scheme. Now SEBI has started examining Sahara Q shop schemes.