New Delhi: In a major crackdown on illegal money pooling schemes, capital markets regulator Sebi banned Madhya Pradesh-based Skylark Land Developers and its directors and asked the entities to refund the money collected from investors. According to the Securities and Exchange Board of India, the company was raising money from thousands of investors in the state through collective investment schemes without taking any approval from the regulator. Last month, the regulator had slapped a fine of Rs 5 crore on the firm and its directors for not providing information for the probe of complaints against it.
The company and its directors — Dilip Kumar Jain, Ram Shankar Yadav, Durga Prasad Yadav, Jaihind Kumar, Anand Kumar Gupta and Santosh Kumar Pandey — have been banned from the securities market for four years.
