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Indian securities regulator probing 331 suspected shell companies

( August 14, 2017, 04:55 GMT | Insight) -- The Securities and Exchange Board of India has issued showcause notices to 331 listed firms suspected of acting as shell companies, and initiated action against more than 100 listed entities that potentially traded in stocks using illicit funds, Live Mint reports. The Securities and Exchange Board of India, or Sebi, has issued showcause notices to 331 listed firms suspected of acting as shell companies, and initiated action against more than 100 listed entities that potentially traded in stocks using illicit funds, Live Mint reports. Some companies have already approached the Securities Appellate Tribunal and successfully reversed their trading restrictions, but Sebi will continue to investigate those firms and others. Sebi is also examining potential money laundering activity involving several of the suspected firms, most of which were engaged in the plantation, real estate, finance, trade, commodities and entertainment sectors.  ...

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