CIS: SEBI bars cash transactions

The Securities and Exchange Board of India, on Thursday, made it compulsory for all investments into Collective Investment Scheme (CIS) funds to be made through banking channels, and not in cash, to thwart any money laundering activities through such schemes. Besides, the new norms would help improve transparency in fund-garnering activities through CIS activities and would make it easier to identify the source of funds and real investors involved in such schemes. — PTI