New Delhi: In recent time many multi-level marketing companies have mushroomed all over India and few have even duped gullible people with millions of rupees. Recently in a Sebi board meeting where the ministry of corporate affairs and finance, and the Reserve Bank of India (RBI) participated.
During the meeting, they discussed how they should monitor such MLM ponzi schemes. The need of regulation for MLM companies has become urgent after big scams like Speak Asia, Stock Guru India, Gurudev Travel Connection, City Limousine , Kanakdhara Gold and Pinnacle Education and Opportunity Ltd.
Currently MLM does not fall under the regulation of any department or regulator which in return has helped ponzi schemes loot people.
It is expected that soon either MLM regulation will be controlled by RBI or Securities and Exchange Board of India.
There should be some regulatory authority life IRDA FOR INSURANCE, for all MLM ACTIVITIES in INDIA. Now I am very happy that such thing is happining. thanks for your information. MAHADI RAM PRASAD, BANGALORE CITY.
Now I’m proud to b an Indian.. Even though its too late.. but there are poors who r still being looted.. i’m happy now with these regulatory body taking authority over such scams.. Poors will not b looted.