Sebi to exclude class action suits from legal aid fund Maharashtra : The Securities and Exchange Board of India (Sebi) has decided to stop providing financial assistance to class action suits.From now on, investor associations wishing to file class suites should approach the Centre through the Ministry of Corporate Affairs (MCA), according to the minutes of the Sebi board meeting on February 13.Some have commented that since the class action suits would be supported by MCA as well, it may result in misuse of funds. Therefore, Sebi may refrain from introducing such a provision,” said the minutes of the board meeting.
Posted on: Tue, 04 Mar 2014 05:51:43 +0000