SEBI bans more than 900 firms suspected to be platforms for tax evasion
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Suspecting tax evasion of at least 5,000 to 6,000 crore rupees, Securities and Exchange Board of India (SEBI) has clamped down on a large number of organised syndicates who had set up shops to convert black money into legitimate-looking funds through the stock market platform.
Sebi Chairman UK Sinha said in Mumbai yesterday that the regulator has banned more than 900 firms from capital markets and also referred these cases to the Central Board of Direct Taxes under the Income Tax Department for further investigation. Talking about the menace of money laundering and other market-related manipulations, Mr Sinha said, the regulator is trying to curb such cases one-by-one very successfully.
Sebi Chairman UK Sinha said in Mumbai yesterday that the regulator has banned more than 900 firms from capital markets and also referred these cases to the Central Board of Direct Taxes under the Income Tax Department for further investigation. Talking about the menace of money laundering and other market-related manipulations, Mr Sinha said, the regulator is trying to curb such cases one-by-one very successfully.
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