Black money: Sebi must have monitoring mechanism to study rise of stocks, says SIT


CashThe Special Investigation Team (SIT) on black money on Friday said that market regulator Sebi must have monitoring mechanism to study rise of stocks.

Submitting its recommendations on black money before the Supreme Court, the SIT said that Sebi India must study P-note misuse for money laundering.

Sebi needs to come up with regulation on participatory notes and if wrongs are established prosecution should be launched under Sebi Act, SIT said.

The SIT further said that SFIO should mine data to find out shell companies and share information with other agencies like CBDT, ED and FIU.

Norms needed to check menace of betting in cricket since huge amount of black money is used and generated in betting, the SIT said.

It also added that donations to educational, religious bodies must be legitimate money and through cheques to check black money menace

The SIT was created by the Supreme Court and notified by the government last year to curb black money instances and heads of senior representatives of 11 premier central probe and enforcement agencies are on its board.