Securities and Exchange Board of India (Sebi) plans to put in place revised norms for recovering investors’ money in cases of illegal collective investment schemes, wherein a registered insolvency professional will be appointed as administrator to undertake sale of assets.
A senior official said the regulator is looking to revise the procedures to be followed after passing of orders in cases related to unregistered collective investment schemes. In case an entity is not traceable or is not complying with Sebi directions, the recovery officer can appoint an administrator for the purpose of selling the properties attached.
