In­dia's Sebi set to dis­cuss SIT sug­ges­tions

The Pak Banker - - FRONT PAGE -

NEW DELHI: In­dia's mar­ket reg­u­la­tor Sebi has al­ready acted against over 950 do­mes­tic en­ti­ties for sus­pected tax eva­sion through the stock ex­change plat­form, while at least 25 off­shore en­ti­ties are un­der scan­ner.

As it con­tin­ues its fight against sus­pected il­licit funds be­ing routed through stock mar­kets, Sebi has ini­ti­ated an in­ter­nal study of sug­ges­tions made by the Supreme Court-ap­pointed SIT on black money and the mat­ter would be dis­cussed by the reg­u­la­tor's board later this month.

This comes at a time when Sebi has al­ready acted against over 950 do­mes­tic en­ti­ties for sus­pected tax eva­sion through the stock ex­change plat­form, while at least 25 off­shore en­ti­ties are un­der its scan­ner for pro­vid­ing in­vest­ment ser­vices to cor­po­rates and high net worth in­di­vid­u­als (HNIs) here in a clan­des­tine man­ner.

These off­shore units set up in global fi­nan­cial hubs, in­clud­ing those linked to a few large Euro­pean banks as also bou­tique in­vest­ment ser­vice providers run by per­sons of In­dian ori­gins, are of­fer­ing hy­brid fi­nan­cial prod­ucts to their clients in In­dia while avoid­ing any reg­u­la­tory over­sight.

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