PUBLIC INTEREST DISCLOSURE

MESSAGE TO INVESTORS

It has been observed that SEBI, Bengaluru Local Office is regularly receiving complaints against activities carried on by QNET / Vihaan Direct Selling India Pvt. Ltd. (VDSIL). In this regard, SEBI has noted that activities of QNET /VDSIL against which complaints are being received are akin to Multi Level Marketing (MLM) activities and therefore the same are being forwarded to State Government / EOW, Karnataka having jurisdiction to implement provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 governing MLM activities in the nature of Money Circulation Schemes, for further actions as they deem fit.

The general public are hereby informed that the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Rules made there under empower respective State Governments / local police authorities to take action against MLM activities in the nature of Money Circulation Schemes carried out in their territorial jurisdiction.

The victims /investors of QNET/VDSIL and also investors aggrieved by the MLM activities in the nature of money circulation schemes carried on by other entities are advised to file their complaints with respective state governments / local police authorities having territorial jurisdiction for addressing their complaints.

The message is issued in the interest of investing public.

Place: Mumbai

Date: 23/12/2016

More Under SEBI

Posted Under

Category : SEBI (2722)
Type : News (12470)
Tags : SEBI notifications (2091)

Leave a Reply

Your email address will not be published. Required fields are marked *