New Delhi: The Supreme Court today issued notice to the Centre, RBI and SEBI seeking their response on a PIL for putting in place a proper mechanism to regulate functioning of chit funds in the country.
A bench headed by Chief Justice P Sathasivam asked the government and the institutions to file their response within four weeks on a plea filed by an NGO.
Advocate Prashant Bhushan, appearing for NGO ‘Humanity Salt Lake', submitted that there has been inaction on the part of the government in regulating chit funds resulting in multiple scams across the country.
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