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A chit fund comprises a group of members, called subscribers. An organizer, a company or a trusted relative or neighbor, brings the group together and administers the activities of the group. For their efforts, the organizer is either compensated each month or at withdrawal time. (The fee may be omitted in informal situations.)
Saradha media group. The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1][2][3] in Eastern India. [4]
Chit funds operate along similar principles, and the chit-fund association of India has estimated there are thousands of Indian companies that include management of kitty party funds as part of their services, although these companies tend to be interested only in higher value kitty party funds.
The unravelling of this case started in 2010 and it is still in process in the Supreme Court of India as of 2016. [10] [11] [12] [13]November 2010 - Securities and Exchange Board of India barred Sahara India Pariwar chief Subrata Roy and two of its companies – Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) - from raising money from the public as they had ...
Non-Banking Financial Company (NBFC) is [1] a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods (other than ...
The International Financial Services Centres Authority (IFSCA) is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India. [ 3 ] It was established in 2020, under the International ...
Website. cersai.org.in. Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) is a central online security interest registry of India. It was primarily created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks. [1]
1977. 16. Caltex (Acquisition of Shares of Caltex Oil Refining (India) Limited and of the Undertakings in India of Caltex (India) Limited) Act. 1977. 17. Salary and Allowances of Leaders of Opposition in Parliament Act. 1977. 33. Lady Hardinge Medical College and Hospital (Acquisition and Miscellaneous Provisions) Act.