Markets regulator, Securities and Exchange Board of India (SEBI) has found 32 companies to be operating unauthorised investment schemes in the garb of real-estate business, parliament was told Tuesday.

 

 

 "During the last three years and current year, SEBI has found that 32 companies were operating CIS (Collective Investment Schemes) under the garb of real estate without obtaining certificate of registration from SEBI as a collective investment management company," Minister of State for Finance Jayant Sinha said in a written reply to the Rajya Sabha.

 

 SEBI received 302 complaints against the 32 real estate companies and has passed orders against  them for running CIS without registration. These account for more than half of the  59 companies that have faced SEBI action for running such unregistered schemes.

 

 "Accordingly, SEBI has passed orders against these 32 companies for carrying out unregistered CIS activities," the minister said.

 

 The capital markets regulator has, in four years, passed orders against 59 companies  for organising CIS activities without obtaining the necessary certificate of registration.