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Shares Bazaar AIF barred from raising funds

Business Standard  

The Securities and Exchange Board of India (Sebi) has barred Shares Bazaar Alternative Investment Fund (AIF) from accepting fresh investments. It said the asset manager secured registration without disclosing regulatory action against sponsor Shares Bazaar (SBPL), which was found to be operating a Ponzi and multi-level marketing (MLM) scheme.In 2022, an investigation by the National Stock Exchange (NSE) found that SBPL made false and misleading representations to investors that their funds were being invested in the securities market but they were allegedly put in a Ponzi/MLM scheme.