PIB- Inter-Ministerial Group on Multi Level Marketing Companies

Posted: 22/12/2012 in News, PIB
Tags: , ,

Department of Financial Services has constituted an Inter-Ministerial Group consisting of the representatives from Department of Financial Services, Ministry of Corporate Affairs, Reserve Bank of India, Securities and Exchange Board of India, Department of Consumers Affairs and Central Economic Intelligence Bureau (CEIB) to draft model Rules on Multi Level Marketing (MLM) Companies and on the prohibited schemes under The Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Giving this information in written reply to a question in the Lok Sabha today, Shri Sachin Pilot, Minister of Corporate Affairs, informed the House that the said Inter-Ministerial Group will also frame clarificatory guidelines on how to distinguish between genuine direct sales from disguised money circulation Schemes.

Source: Press Information Bureau.

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