SEBI bans firms for tax evasion

News4u-News Desk- Bullish on a vibrant startup ecosystem in India, regulator SEBI has said many new-age companies have initiated plans to get listed and the final rules for their listing would be notified within 7-10 days.

Promising an easier set of compliance requirements and other regulations for startups to get listed on a new platform, SEBI Chairman U K Sinha said such companies might lack a profitability track-record, but many of them have huge potential to become highly profitable.

The relaxations would include removal of caps on the money spent by such companies on publicity and advertisements as they need to spend much more for such purposes.

Suspecting tax evasion of at least Rs 5,000-6,000 crore, regulator Sebi has clamped down on a large number of organised syndicates who had set up ‘shops’ to convert black money into legitimate-looking funds through the stock market platform.

While more than 900 entities have been banned from capital markets by the Securities and Exchange Board of India (Sebi), it has also referred these cases to the Income Tax Department for further investigations.

SEBI

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