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The rise in illegal savings and money collection schemes in the Eastern and North Eastern States was a matter of concern, U.K. Sinha, Chairman, the Securities and Exchange Board of India, said at a meeting with the members of the Indian Chamber of Commerce (ICC) here on Thursday.
According to a release issued by the Chamber, Sinha, expressing concern, pointed out that mushrooming of such savings schemes comes in conflict with the general belief about people in the region being inclined towards savings. As a possible solution, mutual fund companies were being urged to extend their financial inclusion to the “bottom of the pyramid”. ICC was also asked to pursue the matter.
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