Having slapped orders against Sumangal Industries for running illicit money-pooling schemes, markets regulator Sebi today cautioned general public against any collective investment schemes run by the company and entities associated with it.
In a 'caution notice' issued today, Sebi said that it had passed an order in July 2013 against Sumangal Industries, wherein, the firm, its promoters/directors were directed to wind up the existing Collective Investment Schemes (CIS) and refund the money to investors within three months.