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ShareMarket regulator Securities and Exchange Board of India (Sebi) has directed all stock exchanges and other securities intermediaries to keep a strict watch on UN-listed terror funding entities, including gangster Dawood Ibrahim.
Sebi has asked the securities intermediaries to inform the Union home ministry within 24 hours if they find any client whose particulars match those of the entries listed by the UN. As per the Sebi directive, should any customer details match the particulars of designated individuals or entities in the list "beyond doubt", the securities intermediaries "would prevent designated persons from conducting financial transactions", under intimation to the home ministry.
On confirmation that the properties are owned by or held for the benefit of the designated individuals/entities, an order to freeze the assets would be issued within 24 hours without prior notice to the entity concerned, Sebi said. In case a client is not a designated person, he would have to apply for unfreezing of funds with requisite evidence on which the home ministry would initiate a verification and order for unfreezing within 15 working days.
With terrorists and underworld outfits having infiltrated even the stock markets to fund their activities, how safe is it for citizens to invest their hard-earned savings in shares and other instruments?
