Market regulator Securities and Exchange Board of India, SEBI, has said that it is working hard to ensure that small investors’ savings are not put to risk. Amid lakhs of investors believed to have been defrauded by Ponzi schemes in West Bengal, SEBI Chairman U K sinha today said in New Delhi that the government is seriously considering strengthening of laws to regulate all kind of collective investment schemes (CIS).He pointed out that SEBI has some legal limitations and he would not be able to comment on specific issues concerning specific companies as there have been some court and quasi-judicial orders as well in certain cases.He was replying to queries about an alleged fraud by Kolkata-based Saradha group through its investment schemes.

Sebi has already passed an order against Saradha Realty India to close all its collective schemes and refund the money collected from investors within three months.The capital market regulator has also barred Saradha Realty India and its Managing Director Sudipta Sen from the

securities markets till the time it winds up all its CIS and refunds the entire money to investors.