Securities and Exchange Board of India (Sebi) is investing at least three large global banks (Credit Suisse, UBS, HSBC) and many Indian companies for alleged round tripping of funds in to the stock market. Sebi is also looking at the possible use of protected cell companies (PCCs) from Mauritius, British Virgin Islands, Cayman Islands and Seychelles for alleged round-tripping of funds back into the capital market in the form of foreign institutional investor and overseas venture capital money.
In 2010, Sebi had barred PCCs from investing in Indian markets through foreign institutional investors after it came across instances where these entities were used to route money back into the markets as FII funds.
In 2010, Sebi had barred PCCs from investing in Indian markets through foreign institutional investors after it came across instances where these entities were used to route money back into the markets as FII funds.
#SEBI probes at least 3 global banks on funds round-tripping. (via PTI)
— Bloomberg TV India (@BloombergTVInd) April 16, 2014
