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Corporate Ministry to Start Collecting Data from Investors to Curb Illegal Fundraising Activities
April 25, 2019
According to a government official, the Ministry of Corporate Affairs is looking to start collecting “primary data” from individuals who have invested their money in deposit-taking schemes and chit funds. They said that information shall be sought from investors including their ID details, proof of investment, etc. in a bid to stop unlawful fundraising activities.
The official said that the Investor Education and Protection Fund (IEPF) Authority that comes under the corporate affairs ministry will bear the responsibility of collecting the information. It has the power to gather information from companies and even take appropriate action if necessary.
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