SEBI directs Green Ray International to wind up CIS

SEBI asks Green Ray to windup its investment scheme and refund investor’s money SEBI has asked Green Ray International and its directors to wind up their existing collective investment schemes-CIS and refund collected money to the investors along with offered returns Market regulator Securities and Exchange Board of India (SEBI) in its order dated 3 February 2014, asked Green Ray International Limited and its directors to wind up their collective investment schemes (CIS). SEBI also directed the company to refund all the money collected from investors under the CIS along with offered returns and dues of investors within three months. Green Ray International raised Rs45.500000000 as on 31 March 2011, through illegal collection by running a CIS without obtaining a certificate of registration from SEBI. During investigation, SEBI found that, Green Ray International has collected money under six investment plans namely; Real Gold Plan, Ever Green Plan, Marriage Plan, Tycoon Plan, Happy Nation Plan and Green Line Plan. The company was engaged in fund mobilising activity from the public, by floating, sponsoring and launching CIS. SEBI barred Green Ray International, its managing director, Mir Shahiruddin and its directors, Mir Tahiruddin, Ayub Saha and Khalik Saha from collecting money from investors and launch any collective investment schemes under sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 with regulation 65 of the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999. SEBI also restrained the company and its directors from accessing the securities market and prohibited them from buying, selling or dealing in securities market till all the collective investment schemes are wound up by the company and all the money mobilised through such schemes are refunded to its investors with returns which are due to them.