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Sebi directs KMJ, directors to refund investors money

Markets regulator Sebi today directed Gwalior-based KMJ Land Developers India and its directors to refund within a month the money collected from investors illegally.

In an interim order passed in 2014, the regulator had restrained the firm and its directors from raising funds from investors after finding that money pooling activity by the company was in the nature of “”collective investment scheme (CIS)” and was being run without requisite approval from the regulator.

Source: India Today