Sebi plans surprise inspection of 'paper' companies
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MUMBAI: Concerned about gullible investors being defrauded by certain companies existing only on paper, capital markets watchdog Sebi is planning to conduct surprise inspections of such entities to bring them to book.
Securities and Exchange Board of India (Sebi) is working on a comprehensive framework to deal with the listing and trading of only-on-paper companies and tackle this menace, a senior official said.
"The framework would also include an objective selection criterion for selecting companies for inspection, while an indicative questionnaire for surprise inspection of such companies would also be put in place," he added.
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